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Tag Archives: Oil industry bankruptcy

Let’s Hire Laid-Off Oil and Gas Workers to Fight Climate Change – Michael Bloomberg

Abandoned oil well.

BLOOMBERG, AUGUST 3, 2020 Two tough policy challenges. One elegant solution. By Michael R. Bloomberg – As Congress debates how to address the economic calamity we are facing, we have an unprecedented opportunity to put people to work addressing the climate crisis — and we should start by hiring laid-off oil and gas workers to help lead the way. The fact …

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Houston oil services firm Schlumberger Cutting 21,000 Jobs

Blue sign. Schlumberger

PortandTerminal.com, July 24, 2020 Schlumberger, the world’s largest oil-field services company, is cutting about 21,000 jobs as oil producers slash spending in response to a historic drop in prices amid the coronavirus pandemic. HOUSTON – Houston-based oil services firm Schlumberger is cutting 21,000 jobs as it implements a reorganization in response to one of its worst quarters in decades.  The …

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The World’s Oil Refining Industry Is in Pain Like Never Before – Bloomberg

Oil refinery. Chain link fence. Smoke stacks

BLOOMBERG, JULY 6, 2020 OPEC+ production cuts have driven up crude oil prices | End-user demand for transport fuels remains very subdued By Barbara J Powell and Jack Wittels for Bloomberg – Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And …

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Mexico Oil Giant PEMEX Suspends Service Contracts, Sparking Job Losses

Oil rig with gas flare burning

BLOOMBERG, JUNE 11, 2020 Amy Stillman and Peter Millard for Bloomberg News — Mexico’s state oil giant is suspending contracts with service providers and suppliers, triggering thousands of job losses, people with direct knowledge of the situation said. Over the past several weeks, Petroleos Mexicanos has suspended contracts with at least eight local and international oil-service providers and suppliers to …

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The Next Chapter of the Oil Crisis: The Industry Shuts Down – Bloomberg

Oil barrels. Refinery

BLOOMBERG, APRIL 26, 2020 U.S. output set to drop significantly after negative prices | Oil refiners to curtail processing as fuel demand remains weak By Javier Blas for Bloomberg – Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum …

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Almost 40% of drillers may be wiped out if oil rout persists – Kansas City Fed.

Two oil workers working on pipes

BLOOMBERG, APRIL 7, 2020 Oil companies warn Kansas City Fed of widespread insolvencies | Bank survey finds deep pessimism among industry respondents By Rachel Adams-Heard and Catarina Saraiva for Bloomberg – Almost 40% of oil and natural gas producers face insolvency within the year if crude prices remain near $30 a barrel, according to a new survey by the Federal Reserve Bank of Kansas City. …

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