David Wethe

Business, Equipment, Fuel

Shale Loses Another Global Giant After Schlumberger’s Frack Sale

Schlumberger is abandoning its frack work in North America. (Bloomberg News)

Schlumberger has become the biggest oil service industry player yet to abandon frack work in North America, a sign that activity in the U.S. shale patch may never revisit previous highs.

David Wethe | Bloomberg News
September 1, 2020
Business, Fuel, Top 100

Schlumberger Shrinks Staff to Lowest Since Pre-Shale Era

Oil pumpjacks stand outside Odessa, Texas. Oil pumpjacks stand outside Odessa, Texas. (Sergio Flores/Bloomberg News)

Schlumberger Ltd. posted its weakest sales in 14 years and is cutting one-fifth of its workforce while warning that new waves of COVID-19 could derail the nascent recovery in global energy demand.

David Wethe | Bloomberg News
July 24, 2020
Government, Business, Fuel, Logistics, Top 100

Baker Hughes Bracing for Second Wave of COVID-19 Lockdowns

An oil drilling rig stands in Midland, Texas. (Matthew Busch/Bloomberg News)

Baker Hughes Co. is bracing for a second wave of pandemic-induced lockdowns after the virus crippled economic activity around the world and compounded a historic oil bust.

David Wethe | Bloomberg News
July 22, 2020
Business, Fuel, Top 100

Halliburton Rises on ‘Outstanding’ Cuts After Frack Slump

Halliburton signage is displayed alongside storage tanks in Port Fourchon, La., on June 11. Halliburton signage is displayed alongside storage tanks in Port Fourchon, La., on June 11. (Luke Sharrett/Bloomberg News)

Halliburton Co. impressed investors by slashing costs more than expected as the fracking behemoth works its way through an historic shale bust. The shares surged more than 8%.

David Wethe | Bloomberg News
July 20, 2020
Business, Fuel

Tens of Thousands Are Getting Laid Off in US Shale Patch

A derrickman secures a length of drill pipe at a rig near Montrose, Pa. A derrickman secures a length of drill pipe at a rig near Montrose, Pa. (Daniel Acker/Bloomberg News)

The spread of the coronavirus coupled with an oil-price war between Russia and Saudi Arabia threatens to devastate the oil services industry and its workers.

David Wethe | Bloomberg News
March 23, 2020
Business

Chevron Sees ‘Boom Boom Boom’ Permian Despite Signs of Slowdown

Chevron Corporation Richard Drew/Associated Press

Chevron Corp. sees a “boom boom boom kind of economy” in West Texas, shrugging off signs of a Permian Basin slowdown showing up in everything from jobs to hotel rooms.

David Wethe | Bloomberg News
October 22, 2019
Business

Halliburton Cuts Fracking Jobs, Gear in US, Canada

Halliburton Co. is shifting strategy in its largest region to deal with subdued customer spending by trimming 8% of its North American workforce and shelving unused frack gear.

David Wethe | Bloomberg News
July 22, 2019
Government, Business, Fuel

Oil-Services Investors Unmoved by Latest US Sanctions on Russia

Siberia Oil Field Andrey Rudakov/Bloomberg Finance

Investors of the world’s biggest oil-servicer providers are so far looking past the most punitive round of U.S. sanctions on Russia.

David Wethe | Bloomberg News
April 9, 2018
Business

US Oil Rebound Hits Roadblock, Lack of Truckers

Daniel Acker/Bloomberg News

Five years ago, the thought of $55-a-barrel oil would have given Piotr Galitzine heartburn. Now it’s keeping one of his steel-pipe shops in Houston open 24/7 and fueling a flurry of orders.

David Wethe | Bloomberg News
March 7, 2017
Business

Schlumberger to Buy Cameron in $14.8 Billion Oil Services Deal

By Kosuke Okahara/Bloomberg News

Schlumberger Ltd., No. 10 on the Transport Topics Top 100 list of private carriers in North America, agreed to buy Cameron International Corp. for $14.8 billion, allowing the world’s largest oil field-services provider to bundle its offerings and gear more effectively.

David Wethe | Bloomberg News
August 26, 2015