BP PLC has had to make some “very tough choices” and let some “very good people” go in Houston and elsewhere amid an environment that has changed “quite dramatically for all of us” over the last few years, a company executive told attendees May 2 at an opening session of the Offshore Technology Conference in […]
Ultra Petroleum seeks bankruptcy protection
Unable to reach a debt-restructuring deal for its $3.9 billion in unsecured debt, Ultra Petroleum Corp. filed for Chapter 11 bankruptcy protection on Apr. 29 in Houston. Source: News
Shell cancels FLNG orders for Browse development
Royal Dutch Shell PLC has cancelled a $4.6-billion contract with South Korean shipbuilder Samsung Heavy Industries Co. Ltd. for three floating LNG vessels. Source: News
Midstates Petroleum files bankruptcy
Midstates Petroleum Co. Inc. and Midstates Petroleum LLC, Tulsa, have filed for voluntary bankruptcy and will reorganize under a prearranged financial restructuring. Source: News
Halliburton, Baker Hughes end merger plans
Halliburton Co. and Baker Hughes Inc. have ended their plan to merge. Source: News
MARKET WATCH: NYMEX crude oil price back under $46/bbl
Light, sweet crude prices for June delivery varied widely on the New York market during Apr. 29 trading, closing at $45.92/bbl after swinging from a daily high of $46.78 and a low of $45.24. Source: News
Six years after Macondo
Apr. 20 was the sixth anniversary of the Macondo deepwater well blowout and oil spill. The Center for Biological Diversity marked the occasion by suing the US Department of the Interior for allegedly failing to meaningfully revise procedures for authorizing offshore oil and gas activity, including outright elimination of categorical exclusions. Source: News
Independents see problems in BLM venting, flaring proposal
The Independent Petroleum Association of America and three other associations representing US independent oil and gas producers jointly urged the US Bureau of Land Management to withdraw its proposed venting and flaring rule. Source: News
NATO developing energy security role
The North Atlantic Treaty Organization (NATO) has begun establishing a separate mechanism for addressing the energy security of its European members. Source: News
Affordability matters
Canadians soon will learn something Europeans already know and Americans should heed: Once they’re imposed, the costs of climate precaution only rise. Source: News