The desire to maintain market share in the long run and avoid losing business when the market recovers likely means proppant companies will not force customers to live up to their contracts.
Norwegian energy powerhouse’s plan while commodity price woes persist is to prudently seek opportunities to reinforce its upstream-oriented global position.
The transaction has an effective date of Jan. 1, 2015, and is expected to complete in third-quarter 2015, the release said.
The revenue slump was expected as the explorer based its annual plan on a price of $60/bbl, CFO Zhong Hua said April 24 in a conference call.
U.S. Interior Secretary Sally Jewell said Arctic drilling mishaps taught Shell better management of companies handling its critical offshore aspects, Bloomberg said. Interior Department recently confirmed Shell’s Alaska exploration lease.
Halliburton reported a loss of $643 million, or 76 cents a share, after posting a profit of $622 million, or 73 cents a share, a year earlier, the Houston-based company said in a statement on Businesswire on Monday.
The latest announced reductions bring the company’s total to 20,000, making its workforce about 15% smaller than it was during third-quarter 2014.
The transaction is expected to close mid-year 2015 and is subject to necessary government and regulatory approvals and customary post-closing adjustments.
With Petrobras engulfed in Brazil’s largest ever corruption scandal, Shell’s increasing influence in the country would help the state-run company develop its giant offshore oil reserves beneath a layer of salt, analysts said.
The merger would unite the U.K.’s first- and third-largest natural gas producers, Bloomberg said. The companies are still in talks, and the matter is private.
Houston-based Oceaneering will absorb 550 C&C personnel.
Though several projects are headed for startup, the downturn may challenge players in the region to change their strategies and look for new opportunities.