Ring Energy relocates headquarters to Houston—closing Tulsa office
Permian driller Ring Energy has decided it no longer wants to be headquartered in Midland, Texas. It’s...
Permian driller Ring Energy has decided it no longer wants to be headquartered in Midland, Texas. It’s moving the corporate headquarters to Houston and also closing an office located in Tulsa, Oklahoma.
The move was actually effective on Jan. 19 when the company operations were based out of The Woodlands, Texas, a suburb of Houston.
Additionally, Ring has closed its Andrews, Texas field office, downsized its Midland office and will be closing its Tulsa office at the end of the first quarter of 2021. The company said the moves will result in annual cost savings. It did not indicate whether any employees will lose their jobs in the moves.
Monday: Oil prices steady as lockdowns curb U.S. stimulus optimism
LONDON (Reuters) Oil prices were steady on Monday as support from U.S. stimulus plans and jitters about...
LONDON (Reuters) Oil prices were steady on Monday as support from U.S. stimulus plans and jitters about supplies competed with worries about demand due to renewed lockdowns to prevent the coronavirus from spreading.
China reported a climb in new Covid-19 cases on Monday, casting a pall over demand prospects in the world’s largest energy consumer, the main pillar of strength for global oil consumption.
Brent crude futures for March rose 7 cents, or 0.1%, to $55.48 a barrel by 1210 GMT. U.S. West Texas Intermediate crude for March was up 5 cents, or 0.1%, at $52.32.
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year,...
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.
OPEC’s second-biggest producer will pump around 3.6 million barrels daily for the two months, according to Ali Nizar, the deputy head of SOMO. That would be the lowest level since early 2015 and compares with around 3.85 million in December, according to data compiled by Bloomberg.
On Thursday, Elon Musk announced in under 140 characters his intention to donate $100 million...
On Thursday, Elon Musk announced in under 140 characters his intention to donate $100 million to the “best” carbon capture technology, chosen through a competition whose details and judging criteria are yet to be announced (he promised further details this week).
The difficulty with carbon capture is that few people want CO2, with the predominant usage today in enhanced oil recovery. Separating carbon dioxide from the emissions of power plants or industrial facilities, such as was done at Petra Nova in Texas, doesn’t happen spontaneously: it takes energy.
Schlumberger Echoes Rivals’ Oil Recovery Predictions after Results Beat
Schlumberger NV on Jan. 22 joined rivals in predicting a steady recovery in the oil industry this year...
Schlumberger NV on Jan. 22 joined rivals in predicting a steady recovery in the oil industry this year after the world’s top oilfield services provider’s fourth-quarter results beat estimates, aided partly by growing drilling demand.
The easing of COVID-19 related restrictions has propelled oil demand and prices, which remain steady since a late-2020 rebound from historic lows. Brent crude, which averaged at $45 per barrel in the last quarter of 2020, hovered around $55 on Jan. 22.
Schlumberger CEO Olivier Le Peuch said he was optimistic about demand recovery through this year, as rivals Halliburton Co. and Baker Hughes Co. have noted, giving investors hope the oil downturn is nearing an end. The stage is set “for oil demand to recover to 2019 levels no later than 2023, or earlier as per recent industry analysts’ reports,” Le Peuch said.
In light of the demand recovery, the company forecast capital investments this year of between $1.5 billion and $1.7 billion, a slight improvement at the midpoint of the range from last year’s $1.5 billion.
