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Tuesday, October 27, 2020

Crude Oil Prices News

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'This could be the one that gets me,' Says Oilfield Service Veteran

for job cuts this quarter. Oil major BP plans to cut half its senior managers in coming months.Since March, some 66,300 oilfield jobs, or 8.5% of the sector's workforce disappeared, according to an analysis by trade group Petroleum Equipment and Services Association. For all of 2016, when crude oil prices slumped amid a supply glut, employment in the sector fell 17.4%."Losing talented people is a concern," said Kevin Broom, a PESA director who did the analysis. "We're going to need that knowledge and expertise when demand returns."Harris has cut his oil ties, moving to

Photo: Chevron Corp

Chevron Suffers Loss, Plans Job Cuts

projected a loss of 20 cents on $21.43 billion in revenue, according to Thomson Reuters.   "First quarter results declined from a year ago," John Watson, Chevron's chairman and CEO, said in a statement. "Our Upstream business was impacted by a more than 35 percent decline in crude oil prices. Our Downstream operations continued to perform well, although overall industry conditions and margins this quarter were weaker than a year ago."   Chevron's $54 billion Gorgon LNG project in Australia shut down earlier this month after mechanical problems, just weeks after it first

UK's Oil Services Firms to Cut Jobs to Ride Out Price Slump

Amec Foster Wheeler Plc and Petrofac Ltd on Tuesday joined a growing list of London-listed oil and gas support services companies planning to cut jobs in response to the tumble in oil prices.   Benchmark Brent crude oil prices have nearly halved in the first quarter, prompting large production and exploration firms to slash their spending budgets by an average 10-15 percent and renegotiate contracts with the service providers.   Amec, which employs 40,000 people, said it was in consultation with 149 Aberdeen-based employees and that about 64 roles could potentially be affected. The

Talisman Energy to Cut up to 15% of Head Office Jobs

Talisman Energy Inc, the Canadian oil and gas company being acquired Spain's Repsol SA, plans to cut as much as 15 percent of staff at its Calgary head office as a result of collapsing crude oil prices, a company spokesman said.   Around 150 to 200 employees and contractors will be laid off, Talisman spokesman Brent Anderson said, and employees will be notified beginning this week.   Other Canadian producers that have already announced job cuts include CNOOC-owned Nexen Energy, Suncor Energy Inc and Royal Dutch Shell.   "With low oil prices we have reduced our 2015 capital

Photo: Maersk Drilling

Maersk Offshore Service Units to Cut Head Office Jobs

A.P. Moller-Maersk's oil industry service companies Maersk Drilling and Maersk Supply Services, are to cut staffing at their Danish head offices due to the slump in oil prices.   Oil companies and as a result the firms servicing them, have slashed spending and cut jobs since crude oil prices have fallen by over 50 percent since July last year.   Maersk Drilling said on Wednesday it would cut 90 positions, 20 percent of the workforce at its main office, while sister company Maersk Supply Services will cut 30 jobs at its head office, where it employs some 200 people.   Both are

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