Latest News Updates From David Wethe

Exxon Mobil Corp. is betting that a better way to frack will double the amount of oil it can pump from shale fields.

President Joe Biden’s plan to suspend the federal gasoline tax would only make things worse for U.S. drivers, one industry CEO said ahead of a meeting in Washington between oil executives and administration officials.

Shale oil companies are using almost all of the fracking equipment and crews available as exploration expands, accelerating cost inflation and pointing to worsening supply chain disruptions across the industry.

Another disappointment to jolt the oil services sector: Baker Hughes Co. reported a third-quarter earnings stumble that included pain from Hurricane Ida and a warning of hampered growth for oil demand.

Shale investors have been demanding more consolidation in the U.S. oil patch. But not exactly a deal like this one.

Halliburton Co. expects the rout in North American shale to peter out after history’s worst crude crash decimated many of its customers.

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.

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.

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.

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%.