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U.S. Shale has Peaked says Halliburton CEO; Company takes $2.2B charge to Earnings

  • 2 days ago
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The worlds second largest oilfield service company closed 2019 with a $1.7B loss and disclosed this week it had a $2.2B charge to 2019 earnings. Houston based Halliburton attributed the bulk of its end of year loss to writing down pressure pumping and legacy drilling equipment, in addition to employee severance packages and other costs. These write downs were to service the U.S. shale industry - one that the company's CEO says is facing its greatest challenge since the 2015 downturn. Hallib...

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State board approves Keystone XL water permits: Construction Expected to Begin

  • 2 days ago
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Eariler this week, the South Dakota Water Management Board approved 5 water permit applications for Keystone XL pipeline construction. The highly conentious hearing stretched some 12 days and spanned the course of 4 months, with arguments posed by enviornmental groups and American Indigenous. Following a brief period for public comment Tuesday, the board met in a closed executive session before ultimately voting to approve the permits, but added requirements for real-time monitoring alon...

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McDermott Preparing for Bankruptcy as 'Soon as Next Week' w/$4Billion Debtload

  • 6 days ago
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According to a story by Bloomberg, McDermott International is preparing to file for bankruptcy - possibly as soon as next week in order to address its debt load in excess of $4 billion. McDermott, based in Houston builds oil platforms and gas export plants for energy producers. It is now negotiating a restructuring plan that could see its debt converted to equity with existing term-loan lenders getting the majority of the share, said 'people with knowledge of the matter', according to the arti...

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Court Approves Encana Reorganization & Move to U.S, Now Ovintiv Inc.

  • 6 days ago
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Encana Corporation yesterday announced that the Court of Queen's Bench of Alberta granted a final order approving the oil and gas company’s reorganization that will see them move their headquarters from Calgary to Denver. They will also change their name to Ovintiv Inc. Encana announced the changes in October, and in their Dec 11th proxy statement shared their 3 initiatives: 1. To establish the Company's corporate domicile in the U.S. The migration to the U.S. from Canada is expect...

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Supreme Court of Canada dismisses B.C.’s Trans Mountain pipeline appeal

  • 1 week ago
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The Supreme Court of Canada has unanimously rejected British Columbia’s move to regular what can flow through the expanded Trans Mountain pipeline following all-day hearings on Thursday. The British Columbia government wanted required provincial permits before heavy oil could be transported through the pipeline, arguing that they have jurisdiction to protect the environment. The province claimed that in the event of a potential spill, they would be the ones most impacted. The federal gov...

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