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Rising energy prices and geopolitical instability could force more nations to explore shale gas reserves, leading to wider opportunities for fracking.
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The government's self-employed income support scheme is set to end over the weekend, leaving millions facing uncertain incomes.
A Wall Street analyst raising his price target can do wonders for a stock price, especially when there's high short interest.
Halliburton (HAL) closed the most recent trading day at $12.11, moving -0.66% from the previous trading session.
Speakers look at how COVID-19 has sharpened our focus on physical and mental health and brought this to the top of the agenda.
GBP/USD is attempting to recover higher this week on the back of a weaker dollar, however, expectations of further monetary policy easing are weighing on the pair.
A survey by the Office for National Statistics found almost half of businesses still don't know when they'll reopen.
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
Before the crisis the UK was issuing more than 258,000 visas a month for travel, work and study in Britain.
EasyJet said it would also reduce its fleet as it battles to survive the collapse in demand triggered by the pandemic.
One in four firms say they can't afford to pay even part of furloughed staff wages as the government prepares to ask them to help foot the bill.
(Bloomberg) -- Even if the economy continues to recover and a second wave of the pandemic is less damaging than the first, U.S. shale drillers may still take at least a year before moving rigs back into the field, according to the leader of an oilfield-services company.Precision Drilling Corp. Chief Executive Officer Kevin Neveu said activity in U.S. shale basins is in for a “prolonged downturn,” with drilling not rebounding until late in the second quarter of 2021 at the earliest, or the end of next year at the latest. That projection assumes governments respond to secondary Covid-19 outbreaks with less drastic measures than they used in recent months.And if history is any guide, the eventual recovery will be abrupt as drillers respond to a shortage of supply and rising prices, he said.“By the time our customers get a signal that they need more oil, it’s almost too late,” Neveu said in an interview. “We’ll have to ramp up very quickly and very abruptly. I wouldn’t expect anything different this time.”Precision Drilling, based in Calgary, has 236 rigs worldwide, with about 110 in Canada, 110 in the U.S. and the balance in other international locations. Currently, only 10 of the company’s Canadian rigs and 26 of its U.S. rigs are operating.During the last oil-price crash that started in 2014, the U.S. rig count tumbled for almost two years, bottoming out at 316 in May 2016. As prices rebounded, the tally more than doubled within a year and continued climbing to 887 in November 2018.Since that peak, drilling activity waned as investors pushed producers to focus on profitability over output gains, then fell off a cliff starting in February as the twin shocks of the Covid-19 pandemic and the Saudi-Russian price skirmish sent oil prices to record lows. Last week, the number of oil rigs at work in the U.S. slipped to the lowest since 2009.U.S. shale fields will lead the drilling recovery because they can bring production back quickly, with oil flowing in about three months from the time a rig is deployed, Neveu said.‘On the Chin’“They’re taking it on the chin right now, and certainly production is slowing down and activity is slowing down, but it’s so quick and so easy to get that production flowing again that I think it will be one of the first places the E&P companies go,” he said.The next rebound in output also could be sharper than previous ones because digitization and automation on rigs allows crews to get the machines back to maximum efficiency in one to two months, about half the time it took before, Neveu said.Depending on how severe the supply shortage gets, the U.S. could see activity bounce back to levels it hasn’t seen since last year, he said.“Getting back to 800 rigs in the U.S. is plausible,” Neveu said. “If oil prices were in the $60 to $70 range, it could back to where it was pre Covid-19 and pre-Russia-Saudi price war.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
National Oilwell Varco (NOV) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
David Frost told MPs the EU's negotiating position was 'not a mandate that is likely to produce an agreement that can be agreed with us'.
The British pound rolled over a bit during the trading session on Wednesday, from the highs of the trading session on Tuesday.
Halliburton (HAL) told investors it is cutting its dividend by 75%, while National Oilwell Varco (NOV) board suspended the quarterly payout indefinitely to retain cash in the business.
National Oilwell Varco Inc (NOV) has had a rough few years: Since 2017, the Houston company, whose drilling equipment is in major oilfields worldwide, has lost two-thirds of its value, costing shareholders a combined $9 billion. Despite that performance, Chief Executive Clay Williams pocketed $3.3 million in stock in late February, solely because his company's total shareholder return over the three years ending in 2019 was not as bad as most of his beleaguered peers. U.S. energy executives have retained such lavish payouts even as they have struggled for years to deliver shareholder returns - despite massive growth in domestic shale oil production.
GBP/USD made a notable bullish break on Tuesday which signals further upside potential over the near-term.
Business chiefs and MPs say self-employed support should be extended like the furlough scheme, but the Treasury says it is 'under review.'
GBP/USD moved above 1.2250 but met significant resistance at 1.2350.
The British pound continues to go back and forth during the trading session on Thursday, as the pair has a lot of noise in this general vicinity.