Earnings , Subsea

TechnipFMC Cuts Executive Pay, Dividend as Pandemic Fallout Bites

Oil services company TechnipFMC said on April 22 it would slash the salaries of executives and retainers paid to company directors by 30%, after cutting its dividend by 75% in search of savings to cushion the impact of the novel coronavirus outbreak.

April 23, 2020

Public Capital , Earnings , Midstream

Kinder Morgan Cuts 2020 Core Profit Outlook, Spending

Kinder Morgan also took a non-cash impairment charge of $950 million in the first quarter related to certain oil and gas producing assets in its CO₂ unit.

April 23, 2020

Public Capital , Earnings

US Energy Companies’ Quarterly Reports to Show Depths of Slump

Results so far bear out that the season will be grim for energy. On April 20, U.S. oilfield services giant Halliburton Co. reported a $1 billion first-quarter loss on charges.

April 23, 2020

Earnings , Technology

Baker Hughes Reports $10 Billion Loss, Revenue Miss, as Demand Sinks

Oilfield firm Baker Hughes Co. reported a $10 billion loss and lower-than-expected revenue in the first quarter on April 22 as an 80% plunge in oil prices crushed demand for services and equipment.

April 22, 2020

Public Capital , Earnings , Acquisitions & Divestitures

Analysts Skeptical Exxon Mobil Can Perform as Promised

Credit analysts increasingly cite Exxon Mobil’s cash flow challenges as an area of concern.

April 17, 2020

Earnings , Exploration & Production , Technology

Baker Hughes Taking $1.5 Billion Charge on Drop in Oil Services

Baker Hughes said falling customer demand had led it to reduce its view of the long-term prospects for its oilfield services and equipment unit, resulting in a $15 billion goodwill impairment charge.

April 14, 2020

Earnings , Pressure Pumping

ProPetro Plans up to 20% Cut to Executive Pay as Oil Slumps

ProPetro Holding Corp. said on April 9 it will reduce compensation at different levels by up to 20%, the latest oilfield services provider looking to rein in costs to weather a steep drop in oil prices.

April 9, 2020

Investment , Earnings

Exxon Mobil Chops Spending by 30%

Exxon Mobil Corp. on April 7 throttled back a multiyear investment in shale, LNG and deepwater oil production and will cut planned capital spending by 30% this year as the coronavirus pandemic saps energy demand and oil prices.

April 7, 2020

Earnings , Digital Oilfield , Pressure Pumping

Schlumberger Cuts Executive Salaries, Reduces Workforce Amid Oil Price Crash

Oilfield services provider Schlumberger on March 31 said it will implement widespread salary and job cuts as it grapples with a sharp decline in revenue from the oil price collapse.

April 1, 2020

Earnings , Pressure Pumping

U.S. Silica to Idle Northern White Frac Sand Mine

U.S. Silica Holdings Inc. on March 24 revealed annualized SG&A cost reductions of approximately $20 million in response to the recent drop in oil prices and the expected decline in drilling and completion activity in North American shale over the coming quarters.

March 25, 2020