Latest news with #shale
Yahoo
37 minutes ago
- Business
- Yahoo
US oil producer Continental Resources drops fraud lawsuit against rival Hess
HOUSTON (Reuters) -U.S. shale producer Continental Resources has dropped a lawsuit it filed against rival Hess Corp in May, which alleged it was defrauded out of up to $69 million through a series of deals the well operator conducted with its subsidiaries. Continental said that Hess, which operates hundreds of wells in North Dakota, artificially inflated midstream service fees by entering into agreements with its own subsidiaries. Continental, Hess and Chevron, which closed its acquisition of Hess last week, did not respond to requests for comment.
Bloomberg
4 hours ago
- Business
- Bloomberg
Halliburton's Decision to Idle Fracking Gear Confirms US Shale Slowdown
By Welcome to our guide to the commodities markets powering the global economy. Today, Today, reporter Emma Sanchez explores what Halliburton's decision to take fracking equipment out of service says about the US shale patch. Halliburton Co., the world's biggest fracking company, just brushed aside any doubts about whether growth is slowing in the US shale patch.
Bloomberg
a day ago
- Business
- Bloomberg
Halliburton to Retire Some Gear Amid Weakening Oilfield Demand
Halliburton Co. is idling some oilfield equipment in response to deteriorating demand among shale companies. The world's largest provider of hydraulic fracturing is forecasting shrinking margins in its biggest business line as weakening demand weighs on the prices it can charge, Chief Executive Officer Jeff Miller said Tuesday. The company plans to idle or retire some equipment.
Bloomberg
5 days ago
- Business
- Bloomberg
Pioneer Founder Sheffield No Longer Wants to Join Exxon Board After FTC Ruling
Longtime shale boss Scott Sheffield said he's no longer interested in joining Exxon Mobil Corp.'s board after the US Federal Trade Commission set aside orders barring the founder of Pioneer Natural Resources Co. from the oil giant. The agency, which on Thursday also cleared the way for Hess Corp. Chief Executive Officer John Hess to join Chevron Corp.'s board, had blocked both executives saying they sought to communicate with OPEC about oil pricing and output.
Bloomberg
7 days ago
- Business
- Bloomberg
Oil Prices in Mid-$60s Is Profit Red Zone, Quantum Capital Says
Activity is slowing in US oil fields as drillers remain in the crude-price danger zone for profits, according to one of the biggest investors of private operators in the shale patch. 'In the mid-$60s, you get dangerously close to where oil prices don't really drive appropriate returns for new drilling,' Dwight Scott, who joined Quantum Capital Group at the start of this month as executive vice chairman, said on Bloomberg TV Wednesday. 'So, activity in the oil field is slowing; I think that's a temporary thing.'
