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Jul 02, 2020
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SES- W&T hits 100 ft of net oil pay at East Cameron 338/349 - July 2, 2020
W&T Offshore struck oil with its only well drilled during Q1, located at East Cameron 338/349 field in the shallow-water Gulf of Mexico. The Cota well was drilled to 6,000 ft in 290 ft of water and encountered 100 ft of net oil pay. W&T anticipates the well will be brought online in 1H21. The company currently holds 20% in the well, with that stake increasing to 38.4% when the well is turned to sales and performance thresholds are met. This was the only well W&T drilled in Q1. All D&C activity...
Jul 02, 2020
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SES - LLOG sanctions Taggart as tieback to Devils Tower spar - July 2, 2020
Privately held LLOG Exploration sanctioned its Taggart discovery on Mississippi Canyon block 816. The development will consist of two wells that will be tied back to the Williams-operated Devils Tower spar in nearby Mississippi Canyon block 773, with first production expected in 2022. An agreement has been signed with Williams to provide production handling. Williams will utilize its Mountaineer and Canyon Chief pipeline systems, delivering volumes to its Mobile Bay processing plant. NGLs...
Jul 02, 2020
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SES - Contango Oil & Gas Highlights - July 2, 2020
In Grand Isle block 45, Contango Oil & Gas’ Iron Flea exploration well was unsuccessful. The prospect, drilled in 12,500 ft of water at an estimated dry hole cost of over $7 million, had targeted 21 MMboe in reserve potential. Contango drilled the well in a joint development agreement with Juneau Oil & Gas. Contango would have acquired 85-90% in the well in the case of a...
Jul 02, 2020
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SES - Chesapeake Energy Highlights - July 2, 2020
On June 28, Chesapeake Energy filed voluntary petitions for reorganization under the Chapter 11 bankruptcy code. Concurrently, the company entered into a restructuring support agreement with 100% of the lenders under its revolving credit facility, holders of about 87% of the obligations under its term loan agreement, 60% of its senior secured second-lien notes due 2025, and 27% of its senior unsecured notes, pursuant to which Chesapeake will implement a plan to eliminate about $7 billion of...
Jul 02, 2020
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SES - Kosmos Energy Highlights - July 2, 2020
Kosmos Energy entered a crude oil prepayment agreement with Trafigura Trading LLC. The agreement provides up to $200 million of crude oil sales primarily related to a portion of the company's 2022 and 2023 Gulf of Mexico production, with $150 million committed by Trafigura. Kosmos expected to execute $50 million of advance crude oil sales in June. Later this year, following the completion of the prepayment agreement conditions, an additional $100-150 million of advance crude oil sales is...
Jul 02, 2020
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SES - Talos Energy Highlights - July 2, 2020
Following a $640 million acquisition completed in February, Talos Energy announced a $65 million cashand-stock deal to acquire additional stakes in 16 of its new properties, including operatorship of 11. The definitive agreement was signed with an affiliate of Riverstone portfolio company Castex Energy, one of three sellers in the previous deal. The new assets from Castex Energy 2005, all located on the GOM shelf, have estimated proved reserves of 17.6 MMboe (66% PD) and production of 38.4...
Jul 01, 2020
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OFS - Fed: 16% of execs believe US activity will never fully recover - July 2020
Oilfield services companies paid the highest price of a historic Q2 downturn, according to results from the Federal Reserve Bank of Dallas quarterly survey. Respondents also indicated that they don’t expect the oilpatch downturn to be a short one. In fact, one out of six predicted US drilling and completions activity will never return to where it was before the coronavirus pandemic. The business activity index for oilfield services firms plunged to -73.5 in Q2 from -46.3 in Q1. The...
Jul 01, 2020
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OFS - Covia enters bankruptcy with rival Hi-Crush likely to follow - July 2020
Covia filed for Chapter 11 bankruptcy reorganization on June 29, the latest of several dark days for the depressed proppant sector. Hi-Crush Inc., an early mover into mining West Texas for frac sand, expects to enter bankruptcy after defaulting on its asset-based loan facility. Another frac sand provider, Vista Proppants and Logistics, entered Chapter 11 in early June (PG.9). Covia, which is based in Independence, Ohio, said it has reached a prepackaged deal that will reduce debt and...
Jul 01, 2020
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OFS - ProPetro wraps up audit & finalizes 2019 earnings report - July 2020
ProPetro is looking to put its accounting mess behind it, issuing final earnings reports for 2Q19, 3Q19 and FY19 after completing an audit that led to the recent exit of its CEO. Despite all the turmoil, the Midland-based fracker managed to post its first year with $2 billion revenue and remained in the black in 2019. ProPetro also said that it saw no reason to restate 2018 or 1Q19 results. The audit committee review, which lasted about a year, found that ProPetro’s management at the...
Jul 01, 2020
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OFS - Streamlining effort will cost $1.2-1.4B, Schlumberger says - July 2020
Schlumberger expects efforts to trim down its organization and headcount will cost $1.2-1.4 billion. While noting that Q2 decline was steeper than expected, CEO Olivier Le Peuch said the reorganization is an act of looking beyond the downturn. The core of the reorganization was announced to employees in May. Schlumberger’s current system of “GeoMarkets and sub-GeoMarkets teams” will be replaced with five “basins” groups: Americas land; offshore Atlantic; Middle East and North Africa;...
Jul 01, 2020
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OFS - Dril-Quip outsources subsea control development to Proserv - July 2020
Dril-Quip will rely upon Proserv Group to develop and manufacture its subsea control systems under a new supply agreement. Houston-based Dril-Quip decided earlier to consolidate the supply and development of its control systems with a dedicated subsea controls provider. Aberdeen, Scotland-based Proserv established the focused division Proserv Controls last year as part of a corporate restructuring. Dril-Quip will continue to support its existing subsea controls customers with the...
Jul 01, 2020
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OFS - BHP selects trio to provide pre-FEED of Trion field FSO unit - July 2020
Altera Infrastructure, BW Offshore and SBM Offshore have been selected by BHP to deliver a pre-FEED study for a floating storage and offloading unit for the Trion field in the deepwater Gulf of Mexico off Mexico. Financial terms were not disclosed. “By engaging with the selected contractors now, we’re better enabled to optimize the design, and contracting and execution strategies for the FSO delivery,” BHP petroleum operations president Geraldine Slattery said. The studies were awarded...
Jul 01, 2020
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OFS - TechnipFMC lines up $190MM in work off Norway for Equinor - July 2020
TechnipFMC received two contracts and an LOI for pipelaying and subsea installation from Equinor for three projects in the Norwegian North Sea. The total value of the three assignments, including the option, is about NOK 1.8 billion ($190 million). The contracts cover the Breidablikk discovery and the gas import system for the Snorre expansion project. The LOI covers Askeladd Vest, a gas project in Snøhvit field. The Breidablikk contract has subsea installation as an option. The...
Jul 01, 2020
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OFS - Good riddance to Q2, but will US activity ever be the same? - July 2020
A quarter no one in the services sector will forget—no matter how much they want to—has come to an end. What’s left is the cleanup—brutal earnings reports, bankruptcies, depressed activity and day rates. A significant number of executives think this downturn will never be entirely over. The Dallas Fed’s quarterly energy survey found 16% believe US drilling and completions activity will never fully rebound to pre-coronavirus levels. Another 39% said it will happen in 2022 or later...
Jul 01, 2020
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OFS - McDermott finishes structures & pipelines project off Malaysia - July 2020
McDermott International completed the Pan Malaysia transportation and installation projects located off Miri, Malaysia, for Sarawak Shell Berhad and SapuraOMV. Awarded in November 2018, the projects included the transport and installation of jackets, topsides and pipelines for the Gorek, Larak and Bakong gas fields. McDermott’s vessel, the Derrick Barge 30, was used to install the structures and pipelines, including the longest corrosion-resistant alloy pipeline in Malaysia....
Jul 01, 2020
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OFS - Energy Recovery breaks up with SLB, will grow VorTeq by itsel - July 2020
Five years into a 15-year agreement, Energy Recovery’s licensing deal for Schlumberger’s exclusive use of the VorTeq hydraulic pumping system has ended. The breakup leaves Energy Recovery fully responsible for global commercialization of the VorTeq technology. “At this time, the two parties have different strategic perspectives as to the path to VorTeq commercialization,” Energy Recovery CEO Robert Mao said in a June 29 press release. VorTeq is designed to extend the pump life by diverting...
Jul 01, 2020
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OFS - Sembmarine looks to raise $1.5B as it exits Sembcorp Industries - July 2020
Singapore-based Sembcorp Marine, also known as Sembmarine, proposed a S$2.1 billion ($1.5 billion) renounceable rights issue in an effort to recapitalize amid the downturn. The transaction will be a demerger, separating Sembmarine from Sembcorp Industries. Sembcorp Industries will purchase 70% of the rights with investment firm Temasek Holdings agreeing to sub-underwrite the remainder. After the offering closes, Sembcorp Industries will distribute the new rights and the 60% stake it...
Jul 01, 2020
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OFS - New Bristow born out of merger of helicopter companies - July 2020
Era Group and Bristow Group completed their all-stock merger, creating a larger and more diversified helicopter company. The Houston-based combined company’s common stock began trading on the NYSE on June 12 with the VTOL ticker symbol. When announced in January, the combined company was looking at $1.5 billion in pro forma revenue, 75% from oil and gas customers. The merger strengthens Bristow’s global leadership position, with significant operations throughout the Americas, Nigeria,...
Jul 01, 2020
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OFS - Core expects to beat $46MM cost-cutting target by one-third - July 2020
Core Laboratories exceeded its cost-cutting target by nearly $15 million by the end of Q2. The reservoir and production enhancement company also negotiated an amendment to its revolving credit facility, getting an increased maximum leverage ratio in exchange for a lower borrowing cap. In response to the coronavirus pandemic, Core announced in April an effort to reduce corporate and operating costs by $46.1 million in an annualized basis. On June 23, the company said it added a second...
Jul 01, 2020
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OFS - Oil States agrees to smaller revolver for covenant waiver - July 2020
Oil States International lenders reduced their commitments under the revolving credit facility to $200 million. In exchange, the revolver’s existing financial covenants will be suspended from July 1 through March 30, 2021. While Oil States expected it would have sufficient liquidity to meet its liabilities over the next 12 months, its leverage ratio covenant would be breached in Q3, the company warned in its Q1 earnings report filed May 1. The revolver officially had $350 million in...
Jul 01, 2020
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OFS - Vista Proppants files for Chapter 11 reorganization - July 2020
Vista Proppants and Logistics filed for Chapter 11 bankruptcy on June 9, overwhelmed by collapsing activity in the already oversupplied in-basin frac sand market because of the downturn. The Fort Worth, Texas-based company will continue limited operations after lining up $11 million in financing from senior lenders and expects to leave reorganization in 120 days. The company has roughly $400 million in assets and about $500 million in secured debt, including a $370 million secured term...
Jul 01, 2020
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OFS - Hornbeck Offshore receives court approval of bankruptcy plan - July 2020
Hornbeck Offshore Services received the approval of the US District Court for the Southern District of Texas for its pre-packaged Chapter 11 bankruptcy plan. The company’s plan still needs various governmental approvals, which it expects to occur within the coming few months. The confirmed plan achieved the support of 100% of voting first-lien claims, 99.9% of voting second-lien claims and 99.8% of voting unsecured notes claims. The Covington, Louisiana-based company, which owns and...
Jul 01, 2020
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OFS - Calfrac delays interest payment as it tackles balance sheet - July 2020
Calfrac Well Services deferred a June 15 interest payment on its C$613 million ($448 million) in 8.5% senior unsecured notes due 2028 and is negotiating with its lenders to improve its balance sheet. The completions company also said it is preparing for increased US activity in H2. The notes give it a 30-day grace period before a default. Calfrac said it has drawn $170 million against its $375 million revolving term loan facility and C$170 million in second lien-notes due 2026,...
Jul 01, 2020
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OFS - Average drilling day rate posts largest monthly drop in five years - July 2020
The average drilling day rate over all US onshore regions slipped in May to $16,752, according to the Enverus Day Rate Report. The decline represents the first time since October 2018 that the day rate has fallen below $17,000. While some macro elements in oil and gas started to show improvements in late May, the day rate plummet accelerated. The $533 decline from April was the largest in five years. Since February, average day rates have fallen $1,202, the number of active operators...
Jul 01, 2020
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OFS - US set output record in 2019 despite relatively modest rig count - July 2020
US crude and gas production set records of 12.2 MMbbl/d and 111.5 Bcf/d in 2019, despite the number of active rigs and wells drilled being at the lower end of the range during the past 45 years, the EIA reported on June 25. The increased productivity of wells with longer horizontal lengths has more than offset the effects of rigs drilling fewer wells, the agency said. The EIA said the average active rig count per month was 943, and the average count of new wells drilled per month was...
Jul 01, 2020
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OFS - Q2 GOM well starts, rig counts lagged behind Q1 amid oil bust - July 2020
The number of rigs drilling for hydrocarbons in the Gulf of Mexico averaged 33 during Q2, showing a nine-rig, or 21%, drop compared to the Q1 average, according to Enverus Rig Analytics. This was the lowest level of GOM rig activity in Enverus’ data, which goes back to 2Q14. After bottoming at a quarterly average of 34 in 4Q16 following the last oil bust, the count has remained in a tight range around 40. This compares to a peak of 72 in 4Q14. As of June 11, there had been 20 well...
Jul 01, 2020
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OFS - Contracts & Projects Briefs - July 1, 2020
Allseas’ heavy lift vessel Pioneering Spirit completed its first decommissioning job of this summer, the single-lift removal of Shell’s Brent Alpha platform from the North Sea. Several years of planning and 15 months of offshore preparation culminated in the nine-second “fast lift” of the 17,000-tonne topsides on June 21. Pioneering Spirit will deliver the 44-year old structure to Able UK Ltd.’s Teesside decommissioning yard in England for dismantling and recycling. This summer, Pioneering...
Jul 01, 2020
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OFS - News Briefs - July 1, 2020
Danos will provide a workforce across Shell production assets in the Gulf of Mexico under a new contract win. The projects include Appomattox, Auger, Enchilada, Salsa, Mars, Ursa, Olympus, Perdido and Stones. The three-year contract, which began on May 1 but was announced on June 25, will employ 144 Danos personnel. Positions include crane operations, control room and process operators, electricians, electronic technicians, instrument technicians, logistics and onsite supervisors. A...
Jul 01, 2020
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OFS - Finance Briefs - July 1, 2020
Petroteq Energy will swap 3,333,333 common shares to satisfy $100,000 owed to a creditor as it saves cash for use on its extraction technology in Asphalt Ridge, Utah. The company also amended three convertible debentures and three warrants issued between July 2019 and October 2019. The conversion price applicable to the $650,000 purchase price of $780,000 in convertible debentures went from $0.17, $0.19 and $0.21 to $0.037. The exercise price of three warrants for up to 3,444,639 common shares...
Jul 01, 2020
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OFS - Developments & Trends Briefs - July 1, 2020
Another environmental group stepped up to try to get an anti-drilling measure on Colorado’s 2020 ballot. Safe & Healthy Colorado will need to collect roughly 125,000 signatures by Aug. 3 to place on the November ballot an initiative requiring 2,500 ft between new wells and public spaces. The current rule is 500 ft for homes and 1,000 ft for high-occupancy buildings. Colorado Rising led the effort that got a similar measure on the 2018 ballot. It lost 57%-43%, and the group said in early...
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