IADD Articles List

179 Articles Found

Baker Hughes BHGE, -0.46% on Friday reported that the number of active U.S. rigs drilling for oil fell by 5 to 763 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also declined by 3 to 946, according to Baker Hughes.

I am chronicling my thoughts on the Oil and Gas economic downtown for a few reasons. I think it is important for us to capture what it was like to allow us to not only move past it, but to remember what it was like, how far we have come and for how long we struggled. I believe it is also important for us not to forget how difficult things become, so that next time, when we are riding the success of yet another boom, we keep front and center in our thoughts and decisions just how quickly things can go south. To reward how hard everyone worked to build the company up during the boom and ensure that they can be protected from the inevitable storm. Perhaps I am writing this to celebrate with our employees, our friends, our ...

here is something special about drilling technology for me. It is a unique challenge that requires knowledge, talent, and trial and error. I often say that in Oil and Gas we have all of the requirements and expectations of sending a satellite into space, but just a tiny fraction of the budget given to NASA and nowhere near as many human resources. It is hard to explain the feeling when you successfully design a new drilling tool, we get to control and drive some of the biggest and coolest machines in the world. Often, the process of creating the technology is so difficult and draining that when you finally see your creation come alive and work, you are too exhausted to even celebrate. It is often months or years later when you are reflecting on your experiences that you look ...

Major US operators entered 2017 with increased capital budgets and plans to ramp up drilling in the Lower 48’s most promising regions, namely the Permian basin and Sooner Trend Anadarko basin Canadian and Kingfisher counties (STACK) play. The rig count rebound that began in late spring 2016 continued into midyear 2017, gaining 554 units to a recent high of 958 rigs working during the week ended July 28, according to the Baker Hughes data. However, growth has slowed over the past couple of months, and prolonged oil market volatility has caused a midyear curtailment in exploration and production spending among several firms, with Anadarko Petroleum Corp., ConocoPhillips, and Hess Corp. first to report cuts and Marathon Oil Corp., Pioneer Natural Resources Co., Devon Energy Corp., and Continental Resources Inc. following suit in the subsequent weeks. Some firms as a result ...

Nabors Industries said Monday it will buy Houston-based Tesco Corp. for more than $215 million in a bid to enhance its strengths in drilling and well construction. The all-stock deal buys Tesco at a 19 percent premium from its closing share price Friday, which was less than half of its value at the beginning of 2017. The deal combines two oilfield services companies that operate out of Houston, although Nabors is formally domiciled in Bermuda for tax purposes. Tesco was founded in Calgary, but moved its headquarters to Houston a decade ago, although much of its manufacturing remains in Canada. "The addition of Tesco to our company represents another step forward for both our rig equipment and Nabors Drilling Solutions business. Tesco is respected for the quality of their product offerings and aftermarket service levels," said Nabors Chairman and CEO ...

The Houston oilfield services provider said three oil rigs came online, while the natural gas rig count decreased by eight. U.S. oil and natural gas producers took offline five drilling rigs over the past week, Baker Hughes, a GE Co. BHGE, reported Friday, Aug. 11, bringing the Houston oilfield services provider's active count to 949. The drop in rigs extends a brief period of tepid drilling activity in a U.S. shale sector that saw a rapid production boost in the first half of 2017. Overall, the count of oil-directed rigs climbed by three to 768, but the natural gas rig count dropped by eight to 181. Meanwhile, the U.S. offshore rig count is up one this week and up one rig year over year, Baker Hughes reported. West Texas' Permian Basin and South Texas' Eagle Ford Shale saw the greatest ...

Behind every driller drilling a horizontal well is a directional driller. And increasingly, there is a screen in front of the driller showing what to do next. “It is like a navigation system for drilling,” said Ginger Hildebrand, operational efficiency manager for North America land drilling at Schlumberger. Based on surface and downhole data, it delivers “step-by-step directions, shows you where you are and how well you are performing.” In other words, the directional drilling advisory software (directional advisor) is designed to do what a directional driller does for a living. The goal of algorithm-driven decision making is to “industrialize directional drilling operations.” That means more consistent, efficient drilling, as measured by the time it takes, the ability to consistently deliver complex well designs, the quality of the borehole, and facilitating decisions that determine the long-term value of the well. ...

U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago. Drillers have added rigs in 55 of the past 62 weeks since the start of June 2016. The rig count is an early indicator of future output. U.S. crude production in May hit a 16-month high on gains in Texas and offshore in the Gulf of Mexico, according to federal energy data this week. Those ...

The shale surge that’s tied down global oil prices shows no signs of abating, as four of the biggest U.S. drillers said they’re not backing away from lofty production targets for 2017. In second-quarter earnings reports, EOG Resources Inc., Devon Energy Corp., Newfield Exploration Co. and Diamondback Energy Inc. all outlined goals on Tuesday that would help push U.S. output toward a record 10 million barrels a day next year. Even Pioneer Natural Resources Co., which trimmed the top end of its forecast due to delays in the Permian shale basin, still expects to increase oil and natural gas volumes by 16 percent at year’s end. The reports suggest staying power for a supply glut that’s kept world oil prices on a roller-coaster ride this year, even as OPEC nations vowed to reduce output. The optimism from the U.S. shale ...

The Baker-Hughes Rig Count for North America is up 22 rigs to 1,178 for the week ending July 28, continuing to climb higher for 12 of 13 weeks. The U.S. count, up 8 rigs to 958, also continued on its upward trajectory after a rare decline last week. It is now up nearly double (495 rigs) from last year at this time. Rigs classified as drilling for oil are up 2 to 766 and gas rigs are up 6 to 192. The Canadian rig count led the way up 14 rigs to 220, and is now up 101 rigs from last year. Oil rigs classified are up 11 to 129 and gas rigs are up 3 to 91.