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Canada: Contractor dies at Pembina facility

pembina pipeline logo

Calgary-based Pembina Pipeline Corporation said Thursday that a contractor was killed in an incident at a company operated facility in Alberta. Pembina said that the unnamed contractor died at the Williams’ Redwater Olefinic Fractionator located in Redwater, Alberta around 1:40 p.m. local time on April 27. The company said further details about the incident will not be provided at this time “out of respect for ...

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Double the Debt: ExxonMobil loses S&P AAA credit rating

standard and poor's logo

Standard and Poor’s cut ExxonMobil’s rating on Tuesday in response to low oil prices and high dividend payments. The rating agency lowered Exxon’s corporate credit and long-term debt ratings to AA+ from AAA. S&P also removed the ratings from CreditWatch where they had been placed with negative implications on February 2. The company’s short-term corporate credit remains A-1+ with a stable outlook. S&P ...

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Ferrostaal worker taken hostage in Libya

Image courtesy of 	TUBS/Wikimedia Commons.

A Serbian worker for service firm Ferrostaal was kidnapped in Libya over the weekend. According to Radio Free Europe Radio Liberty, Serbia’s Foreign Ministry confirmed that the worker was taken hostage on April 23 or April 24. The Libya Herald said that the man who was abducted is Miroslav Tomic, a 36-year-old pipeline engineering with Germany-based Ferrostaal. Tomic was reportedly kidnapped from the Messla oilfield located about 341 miles south-east of Benghazi. ...

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Could Chevron be headed for a cash crunch?

dollar bills

Chevron could be headed for a cash crunch after years of big spending when oil prices were high are now catching up with the firm. According to Seeking Alpha, Chevron’s dividend currently costs about $8.1 billion per year but available cash has declined from about $20 billion in 2012 to just over $11 billion currently. Chevron reported  a loss of $588 million fourth quarter ...

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Is Aramco worth $2 trillion? Prince Mohammed thinks so

Saudi Arabia's Deputy Crown Prince  Mohammed bin Salman. Image courtesy of Ash Carter/Flickr.

Saudi Arabian Deputy Crown Prince Mohammed bin Salman said Monday that Saudi Aramco will offer a small minority stake through an initial public offering. According to Reuters, Prince Mohammed said in a television interview that Saudi Aramco may offer a less than 5 percent stake through an IPO and added that the firm is currently valued at more than $2 trillion. “If 1 percent of Aramco ...

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BP sinks to $583 million Q1 loss

Image courtesy of BP/Flickr.

BP reported a $583 million loss in the first quarter as low oil prices continued to squeeze upstream profits. The company reported a $583 million loss in the first quarter compared to a $2.60 billion profit a year ago and a replacement cost (RC) loss of $485 million, down from a RC profit of $2.10 billion in the first quarter of 2015. RC loss ...

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ExxonMobil starts production in Alaska’s North Slope

The  Point Thomson project. Image courtesy of ExxonMobil.

ExxonMobil said Friday that it has started production at its Point Thomson project in Alaska’s North Slope. The project is Exxon’s first operated project on Alaska’s North Slope. Point Thomson is located on state acreage along the Beaufort Sea, 60 miles east of Prudhoe Bay and 60 miles west of the village of Kaktovik. Central pad facilities are designed to initially ...

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UK cuts: Shell closing BG Group head office

Image courtesy of Royal Dutch Shell.

Royal Dutch Shell is planning to close several UK offices following its successful merger with BG Group. According to Marketwatch, Shell has proposed plans to consolidate its London operations and close its Thames Valley Park campus by the end of 2016. The company is planning to close BG’s head office in Reading by the end of the year as part of the plan. ...

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Scotland: Worker dies after accident on Technip ship

The Technip Deep Blue. Image courtesy of Technip.

UK investigators are probing an accident that killed a worker aboard a Technip vessel berthed in Scotland. According to Energy Voice, police and officials from the UK Health and Safety Executive are investigating the death of a crew member that occurred on Friday morning aboard the Technip operated Deep Energy. Police officials confirmed to the Offshore Post that one man ...

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National Oilwell Varco cuts 520 Norway jobs

Image courtesy of NOV/Facebook.

National Oilwell Varco (NOV) is preparing to cut just over 500 positions in Norway as the services and equipment sector continues to struggle with falling oil and gas spends. According to Reuters, the Houston-based firm will eliminate 520 permanent jobs in Norway as low oil prices impact the numbers of orders the company is receiving. Further details about the cuts have not been ...

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