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Tag Archives: oilfield services companies

Basin producers cut 49 rigs

derrick

The Permian Basin’s oil producers continued to pull back this week, releasing 49 drilling rigs in the region as they seek to wait out oil prices hovering below $50 per barrel. The drop accounted for half the land drilling rigs shed nationwide. The Permian Basin now has 368 rigs running after several weeks of dramatic cuts. The regional benchmark Plains-West ...

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Lower oil price to hit U.S. oil and gas lending: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON, Feb 12 – “Excessive oil and gas loan concentrations have been a key factor in the failure of some banks during periods of steep price declines,” the Office of the Comptroller of the Currency (OCC) notes with bureaucratic understatement in its handbook for U.S. bank examiners. ...

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