Crude Oil Dives on Output Cut Worries
Oil sank to the weakest level since the start of the month.
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Demand for Gasoline Is Plummeting Globally
US gasoline demand has collapsed as stay-at-home orders keep drivers off the road.
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Gulf of Mexico Rig Crews Fight Virus to Keep Oil Flowing
Oil wells in the Gulf of Mexico supply about 2 million barrels of oil a day, or 15 percent of US production.
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Parsley Says a Texas Output Cut May Not Be Enough
CEO Matt Gallagher said he'd reduce his company's oil output by 20 percent if others agree to the same deal.
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Exxon's $10B Spending Cut Won't Block Shale Growth
Its production in North America's biggest shale region is still forecast to rise.
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Shelf Rig Contract to End Early
The contract end date for the Shelf Drilling Mentor jack-up rig has been moved up from January 2022 to October 2020.
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Independence Contract Drilling Shrinks Staff, Salaries
For the executive team, salary cuts range between 40 and 55 percent of cash compensation.
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Well Completions Firm NCS Trims Workforce
NCS expects these steps to yield an annualized cost savings of over $12 million.
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Aibel Reports Successful Heavy Lift for Equinor Module
This photo shows Heerema's Sleipnir crane vessel lifting the SEP module at Aibel's North Sea Hall in Haugesund, Norway. Photo by Øyvind Sætre, Aibel.
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Cactus Carves Out $35MM in Cost Savings
Net spend is now expected to be in the range of $20- to $30 million in 2020, or 50 percent less than 2019.