Archives for 2020
Diamond Offshore files for bankruptcy amid historic crude crash
Diamond Offshore Drilling, the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea. eConditions worsened “precipitously in recent months,” the...
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U.S. oil and gas rig count below 500, continues plunge as oilfield activity nosedives
The number of operating U.S. oil and gas rigs continued its steep declines this week, plunging by 64. Source: FuelFix
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Oil extends recovery from selloff but concern over glut lingers
Oil extended its recovery from Monday’s plunge below zero, but trading remains volatile with the market under intense pressure from a swelling global glut. Source: FuelFix
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Petroleum inventories jump again as demand plummets
Demand for gasoline fell more than 40 percent from a year ago. Source: FuelFix
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TechnipFMC posts $3.3 billion loss on falling value of underwater equipment
Houston and Paris-based oilfield service company TechnipFMC posted a $3.3 billion loss, mostly on the falling value of its equipment for underwater projects as offshore activity declines. Source: FuelFix
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