Service & Supply
Meanwhile, natural gas prices made a spectacular climb plus OPEC considers production cuts, TransCanada reviews Keystone XL decision and Weatherford stock drops below $1.
Bryan Gaudin, CEO of Holland Services who helped lead the Fort Worth, Texas-based land services firm’s aggressive and successful growth strategy, is today’s Forty Under 40 honoree.
The stock, which peaked at almost $50 in 2008, has fallen sharply since oil prices crashed in late 2014, leading to a string of losses at Weatherford since the third quarter that year.
The sale of the company’s pressure pumping business to ProPetro will bring Pioneer Natural Resources’ divestiture proceeds for the year to roughly $900 million.
GE, which bought Baker Hughes in July 2017, has been selling off assets and cutting costs to lower its debt and focus on its core businesses of jet engines, power plants and renewable energy.
China has overtaken Japan to become the world's top importer of natural gas, as Beijing's crackdown on pollution boosts its demand for the more environmentally friendly fuel, while the restart of nuclear reactors in Japan reduces its LNG imports.
The partnership with Chesapeake Energy follows the acquisition by Park Energy Services of Midcon Compression, a division of Chesapeake, for an undisclosed amount.
Rice Investment Group recently closed on an investment in Cold Bore Technology, a fracking software company the brothers behind Rice Energy see electrifying the oil field.
Shares of U.S. oilfield services provider Weatherford International fell sharply after the company's free cash flow and fourth-quarter guidance fell below analysts' expectations.
Premium Oilfield Technologies said it completed the acquisition of Cutter Drilling Systems, which provides rotary control head diverter service in the heart of the Permian Basin in West Texas.