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Offshore drillers less than optimistic
After idling some rigs in an effort to cut costs during the second quarter, Diamond Offshore said its optimism about a market recovery was somewhat low. The rig company, which has headquarters in Houston, reported a net loss for the second quarter of $589.9 million, against a profit last year of $87.4 million. So far this year, the company said it sidelined or scrapped at least three of its deepwater rigs in an effort to cut costs at least through the second half of 2016. Last week, oilfield services companies Schlumberger and Weatherford International said in separate statements that, from their perspective, the market, particularly in North America, hit the bottom at some point during the second quarter. Continuing a […]
After idling some rigs in an effort to cut costs during the second quarter, Diamond Offshore said its optimism about a market recovery was somewhat low. The rig company, which has headquarters in Houston, reported a net loss for the second quarter of $589.9 million, against a profit last year of $87.4 million. So far this year, the company said it sidelined or scrapped at least three of its deepwater rigs in an effort to cut costs at least through the second half of 2016. Last week, oilfield services companies Schlumberger and Weatherford International said in separate statements that, from their perspective, the market, particularly in North America, hit the bottom at some point during the second quarter. Continuing a […]
Guerrilla Pipeline Attack Forces Colombia to Shut In Oilfields
Attack affects about 6 percent of the country’s crude output Repairs on pipeline may be concluded by tomorrow: union Colombia, South America’s third-largest oil exporter, shut in production in at least three oilfields after attacks by Marxist guerrillas blew up one of the country’s main outlets to export crude. The attack on the Cano Limon-Covenas pipeline, which transports oil to Colombia’s Caribbean coast for export, forced production to be shut at the Cano Limon, Chipiron and Caricare oilfields, according to Humberto Alvarez, an oil workers’ union official who also works in one of the fields. The fields were producing a combined 56,000 barrels daily, or about 6 percent of the country’s output. Colombia’s second-largest pipeline was attacked in early July and repairs have been dragging on for almost a month because of bad weather and because the Armed Forces need to guarantee security of personnel working on the repairs, […]
Attack affects about 6 percent of the country’s crude output Repairs on pipeline may be concluded by tomorrow: union Colombia, South America’s third-largest oil exporter, shut in production in at least three oilfields after attacks by Marxist guerrillas blew up one of the country’s main outlets to export crude. The attack on the Cano Limon-Covenas pipeline, which transports oil to Colombia’s Caribbean coast for export, forced production to be shut at the Cano Limon, Chipiron and Caricare oilfields, according to Humberto Alvarez, an oil workers’ union official who also works in one of the fields. The fields were producing a combined 56,000 barrels daily, or about 6 percent of the country’s output. Colombia’s second-largest pipeline was attacked in early July and repairs have been dragging on for almost a month because of bad weather and because the Armed Forces need to guarantee security of personnel working on the repairs, […]
Pemex loses U.S. appeal of $465 million arbitration judgment
A U.S. appeals court on Tuesday upheld a decision confirming a $465 million judgment won through arbitration by a unit of KBR Inc in a contract dispute with Mexico’s national oil company, Pemex [PEMX.UL]. The 2nd U.S. Circuit Court of Appeals in New York let stand a decision confirming a $300 million arbitration award for KBR’s COMMISA unit in Mexico even though a Mexican court had nullified it, and upheld a lower court ruling that added $106 million to the judgment. The judgment also includes $59 million of interest, court papers show. It is unclear whether Pemex plans to make a further appeal. The company did not immediately respond to requests for comment. KBR Chief Executive Stuart Bradie in a statement said the engineering and construction company is pleased with the […]
A U.S. appeals court on Tuesday upheld a decision confirming a $465 million judgment won through arbitration by a unit of KBR Inc in a contract dispute with Mexico’s national oil company, Pemex [PEMX.UL]. The 2nd U.S. Circuit Court of Appeals in New York let stand a decision confirming a $300 million arbitration award for KBR’s COMMISA unit in Mexico even though a Mexican court had nullified it, and upheld a lower court ruling that added $106 million to the judgment. The judgment also includes $59 million of interest, court papers show. It is unclear whether Pemex plans to make a further appeal. The company did not immediately respond to requests for comment. KBR Chief Executive Stuart Bradie in a statement said the engineering and construction company is pleased with the […]
An oil boom made it the most expensive city in the world. Now it’s in crisis.
A girl stands beside a laundry line in a poor neighborhood overlooking Cabinda, a heavily guarded territory that accounts for half of Angola’s oil output. (Nichole Sobecki/For The Washington Post) LUANDA, Angola — As the price of oil rose earlier this decade, this capital city did as well. Glass skyscrapers soared above the rubble of a 27-year civil war. American pop stars such as Mariah Carey were flown in to play private concerts. Luanda would become, its government announced, “a new Dubai.” But as oil prices have crashed, the impact on one of Africa’s richest and most unequal countries has been devastating. The same officials who boasted of Luanda’s sparkling ascent are asking for billions of dollars in loans. Thousands of people are dying of preventable illnesses , and the nation’s hospitals are out of medicine. A bag of rice can now cost five times what it did a […]
A girl stands beside a laundry line in a poor neighborhood overlooking Cabinda, a heavily guarded territory that accounts for half of Angola’s oil output. (Nichole Sobecki/For The Washington Post) LUANDA, Angola — As the price of oil rose earlier this decade, this capital city did as well. Glass skyscrapers soared above the rubble of a 27-year civil war. American pop stars such as Mariah Carey were flown in to play private concerts. Luanda would become, its government announced, “a new Dubai.” But as oil prices have crashed, the impact on one of Africa’s richest and most unequal countries has been devastating. The same officials who boasted of Luanda’s sparkling ascent are asking for billions of dollars in loans. Thousands of people are dying of preventable illnesses , and the nation’s hospitals are out of medicine. A bag of rice can now cost five times what it did a […]
UPS hits target of 1 billion alternative-fueled miles one year early
UPS has achieved its goal of driving 1 billion miles in its alternative fuel and advanced technology fleet one year earlier than planned, and marked more than 10 years of learning from its “Rolling Laboratory” of now more than 7,200 alternative fuel vehicles. UPS’ long-term commitment to sustainability is transforming commercial transportation and logistics, spurring growth in the clean fuels market and enabling critical engineering advances. The company’s wider sustainability progress is detailed in the newly released 14 th annual Sustainability Report . We had a big sustainability goal as we set out to make the most of our rolling laboratory by driving 1 billion clean miles in alternative fuel vehicles – that’s the equivalent of well over 4,000 trips to the moon,. While attaining this goal is new, our […]
