oilfield services
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US oil and gas job losses due to pandemic-related demand destruction amount to 84,000—that’s 105,000 jobs year to date. -
Two intelligence groups share similar views on how the fallout from the COVID-19 pandemic has impacted OFS companies’ valuations and operations.
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More than 200 companies could become insolvent in the UK and Norway. This number may be larger when including the rest of Europe.
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The shale industry could shoulder 65% of $100-billion 2020 global E&P spending cut. Can oilfield services providers afford to cut their fees further to prop up hard-hit operators?
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Reduced investment in US shale will continue to weigh down the global oilfield services market through 2020.
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The company said it will avoid the pumping business's “structurally disadvantaged position” and instead focus on well servicing and water logistics.
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The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.
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Service firms are diversifying their portfolios, in part driven by large-scale budget cuts among operators since the industrywide downturn.
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Expected to close 31 October, the deal will create one of the largest pressure pumpers in the US.
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The two largest oilfield services firms grapple with a worsening North American land market.
