CM - Prices plunge, and then along comes earnings… - May 2020First-quarter earnings have been mostly painful with the writedowns of billions in impaired oil and gas assets. Exxon Mobil Corp. incurred its first quarterly loss in 32 years (PG.1), ConocoPhillips reported a $1.7 billion loss (PG.12), Hess Corp. a $2.4 billion loss (PG.12), Diamondback Energy Inc. lost $272 million (PG.14) and Concho Resources Inc. has reported quarterly losses in five out of the last 10 quarters but never even close to the almost $9.3 billion (PG.13) it lost in Q1. Reliable...
May 15, 2020
CM - People & Companies - May 31, 2019Abraxas Petroleum Corp.
announced that Angela A. Meyer was
elected director at the company’s May 7
annual meeting of stockholders. Adams Resources & Energy, Inc.
announced that John O. Niemann, Jr. was
elected a director effective May 20. He
will serve on the audit and compensation
committees. Niemann has been managing
director of Andersen Tax since 2013 and
has been the president of COO of Arthur
Andersen LLP since 2003. Chesapeake Energy Corp.’s
shareholders elected...
May 31, 2019
CM - People & Companies - March 07, 2019Directors who have announced
they do not intend to stand for re-election
at their company’s next annual meeting
of shareholders: Mark C. McKinley
from Anadarko Petroleum, George
D. Lawrence from Apache, Martin S.
Craighead, vice chairman, from Baker
Hughes, a GE company, Charles
L. Fabrikant from Diamond Offshore
Drilling, Inc., B.Z. (Bill) Parker from
Laredo Petroleum, Inc., Gary L. Warren
from Newpark Resources, Inc. Berry Petroleum Corp. elected
Donald L. Paul to its board of...
Mar 07, 2019
People & Companies - April 19, 2018Alta Mesa Resources appointed Kimberly Warnica VP, general
counsel, chief compliance officer, and
corporate secretary, reporting to President
and CEO Hal Chappelle. American Midstream Partners,
LP announced that Karen S. Acree has
joined the partnership as VP and Chief
Accounting Officer. Acree has over 35
years of accounting, financial reporting
and tax experience and was formerly
CAO of Jones Energy, Inc. Apache Corp. named Ben C.
Rodgers VP, Treasury, effective April 16.
He...
Apr 19, 2018
People & Companies - December 06, 2017Les Austin has been named SVP and CFO of Unit Corp. effective immediately. David Merrill, the prior CFO, was promoted to COO in August. Austin has more than 23 years of energy finance and leadership experience, most recently serving as SVP and CFO of Cypress Energy Partners.Kelly Youngblood will join BJ services as EVP and CFO. He has 29 years of experience, having most recently served as the SVP and CFO of Diamond Offshore. Youngblood also previously held a variety of executive...
Dec 06, 2017
Seaport, Morgan Stanley downgrade OFSMorgan Stanley and Seaport Global went on an oilfield services downgrading spree on June 21, saying the risk of a downturn in the industry had increased. Seaport’s especially dire forecast has crude hitting $20s/bbl in early 2018 and averaging $35/bbl in 1H18.“We believe the industry’s current trajectory, if left unchecked, will result in an oil market that is as much as 2.2 MMbo/d oversupplied in 2018 and only getting worse through 2020. Something has to give, and first and...
Jun 23, 2017
Atwood shareholders to get 33% premium in Ensco dealShareholders of Houston-based Atwood Oceanics, Inc. will receive 1.6 common shares of Ensco plc for each of their common shares per a buyout agreement worth $839 million that will give Atwood owners an aggregate 31% of Ensco. The payout of $10.72 per share is a 33% premium above Atwood’s closing price of $8.08 on May 26, the day before the agreement was signed. Atwood closed at $9.01 a share on June 16.The takeover is the second largest deal in the oilfield services sector to be...
Jun 23, 2017
Hercules confirms an August Chapter 11 protection filingWith $1.35 billion in current liabilities against $266 million in current assets, Hercules Offshore Inc. confirmed it would move ahead in August with Chapter 11 plans in its 10Q covering Q2 filed July 23. The report showed an $88.3 million net loss on revenue of $79.2 million compared with net income of $6.6 million on $201.8 million in revenue a year ago. The company pre-negotiated Chapter 11 protection with holders of more than two-thirds of its debt, a move that will speed up the...
Jul 23, 2015
Who's Hot, Who's Not (pg.20) - October 10, 2014Upgrades:• Continental Resources Inc. (CLR/$61.50/$50.12/$80.91/$22.21B) from Neutral to Buy by Global Hunter Securities.• ConocoPhillips (COP/$74.51/$62.74/$87.09/$89.23B) from Sell to Neutral by UBS.• China Petroleum & Chemical Corp. (SNP/$87.79/$73.99/$105.88/$99.91B) from Hold to Buy by TheStreet Ratings.• Enerplus Corp. (ERF/$16.50/$15.53/$25.37/$3.29B) from Sector Perform to Outperform by RBC Capital Mkts.• Key Energy Services Inc....
Oct 10, 2014
Who's Hot/Who's Not - October 01, 2014Upgrades:• Helmerich & Payne Inc. (HP/$98.80/$67.95/$118.95/$10.71B) from Hold to Buy by Argus.• Schlumberger (SLB/$103.29/$84.91/$118.76/$132.52B) from Market Perform to Outperform by Iberia.New Coverage:• Atwood Oceanics Inc. (ATW/$44.21/$42.55/$58.46/$2.83B) at Market Perform by Wells Fargo.• Baker Hughes Inc. (BHI/$66.16/$48.37/$75.64/$28.90B) at Outperform by Wells Fargo.• Basic Energy Services Inc.(BAS/$22.71/$11.85/$29.84/$968.56M) at...
Oct 01, 2014
Who's Hot, Who's Not - April 28, 2014Upgrades:• Anadarko (APC/$100.19/$73.60/$103.50/$50.01B) from Underweight to Overweight by J.P. Morgan.• Baker Hughes Incorporated (BHI/$69.77/$43.34/$70.91/$30.36B) from Neutralto Buy by Global Hunter.• Basic Energy (BAS/$27.93/$11.06/$29.61/$1.08B) from Sell to Hold by Wunderlich.• Cabot Oil & Gas (COG/$37.97/$31.79/$41.78/$15.94B) from Hold to Buy by Societe Generale.• Carbo Ceramics (CRR/$136.66/$62.11/$144.35/$3.12B) from Neutral to Buy by DA...
Apr 28, 2014
OFS - Earnings Briefs - October 2019Caterpillar Inc.’s oil and gas sales declined by 5% sequentially and 9% YOY to $1.25 billion in Q3. Lower demand in well servicing applications for the company’s reciprocating engines in North America was tagged as the primary source for the decline. Overall, it reported $12.8 billion in revenue in Q3, down from $14.4 billion in Q2 and $13.5 billion in 3Q18. Q3 net income was $1.49 billion, down from Q2’s $1.62 billion and 3Q18’s $1.71 billion. Diamond Offshore posted sequentially...
Oct 29, 2019
CM - Oilfield Services Briefs - February 14, 2019Emerge Energy Services LP, its
subsidiaries and lenders all entered into
a forbearance agreement related to the
partnership’s $75 million revolving credit
facility on Jan. 31. Under a
second amendment to the
facility, lenders will temporarily
forbear from exercising certain rights and
remedies against Emerge, which defaulted
on the terms of certain covenants under its
second-lien note purchase agreement, into
which it entered Jan. 5. Hornbeck Offshore Services, Inc.
said that it issued...
Feb 14, 2019
OFS - People Briefs - October 02, 2018Calgary-based Precision Drilling
Corp. added David Williams to its board
of directors. Williams served as CEO
of Noble Corp. from January 2008 to
January 2018. Prior to joining Noble in
2006, Williams served as EVP of Diamond
Offshore Drilling. Gulf Island Fabrication appointed
Westley Stockton as EVP, CFO, treasurer
and secretary. Stockton served in
various senior financial roles at Chicago
Bridge & Iron for more than 15 years,
most recently served as SVP and chief
accounting...
Oct 02, 2018
People Briefs - June 30, 2014• Bristow Group appointed John Briscoe as SVP and CFO effective June 9. Most recently, Briscoe served as SVP and CFO of Weatherford International.• Cal Dive International announced Brent Smith resigned as CFO effective June 13 to pursue other opportunities. Until a new CFO is named, Quinn Hébert, company chairman, president and CEO, will assume additional responsibilities of CFO.• Canadian Oilfield Solutions announced Kenneth Bagan, Ken Berg, Scott Berry, Martin Hall and...
Jun 30, 2014