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2019-04-10 10:40:00

U.S. SHALE OIL JOBS CUTS

U.S. SHALE OIL JOBS CUTS

REUTERS - Having slashed spending plans and run out of willing buyers for assets, some U.S. shale producers are turning to workforce cuts as investors step up demands for returns.

Pioneer Natural Resources Co, one of the largest producers in the Permian Basin of West Texas and New Mexico, and Laredo Petroleum Inc another Permian producer, this week disclosed plans to shed workers.

Irving, Texas-based Pioneer declined to say how many of its about 3,200 employees would be cut. The company has not had a layoff since 1998.

Severance packages will be offered and the company said it expects to dismiss workers by June. Pioneer has been trying to sell assets in South Texas to concentrate on the Permian for more than a year.

In February, it released fourth-quarter financial results that fell short of Wall Street expectations and that same month Chief Executive Tim Dove agreed to retire.

Shale firms have pushed U.S. oil output to record levels. But years of heavy spending led to investor pressure to reduce spending and use the cash to provide payouts, rather than produce more oil.

Pioneer employees told a Midland, Texas, TV station that the company wanted to cut about 300 workers, or about 10 percent of its workforce.

Tulsa, Oklahoma-based Laredo Petroleum said on Tuesday it cut about 20 percent of its 340 employees, which would save the firm around $30 million per year. It also replaced its finance chief.

Laredo had to make the staff cuts to "focus on increasing corporate-level returns and growing within cash flow from operations," CEO Randy A. Foutch said in a statement.

Cash-strapped shale companies can expect increasing pressure from shareholders, analysts at Tudor, Pickering, Holt & Co said in a note to clients Tuesday. It forecast more industry job cuts "over the coming quarters as companies address right-sizing the corporate cost structure."

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Earlier:

U.S. SHALE OIL JOBS CUTS
2019, April, 8, 11:05:00

U.S. UNEMPLOYMENT 3.8%

U.S. Total nonfarm payroll employment increased by 196,000 in March, and the unemployment rate was unchanged at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and in professional and technical services.

U.S. SHALE OIL JOBS CUTS
2019, April, 8, 11:00:00

U.S. RIGS UP 19 TO 1,025

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2019, March, 27, 11:55:00

U.S. ENERGY CONSUMPTION UP

U.S. primary energy consumption totaled 101 quadrillion British thermal units (Btu). This total was the highest since at least 1949, the earliest year for which EIA has data.

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2019, March, 22, 10:25:00

U.S. OIL PRODUCTION 12.1 MBD

U.S set a new record for oil production at 12.1 million barrels a day (mb/d) in February, continuing America’s position as the world’s leading oil producer.

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2019, March, 22, 10:20:00

U.S. OIL INVENTORIES DOWN 9.6 MB

US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.

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2019, March, 20, 11:05:00

U.S. OIL WILL UP

IEA - The United States will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets

U.S. SHALE OIL JOBS CUTS
2019, March, 20, 11:00:00

U.S. PRODUCTION: OIL + 85 TBD, GAS + 883 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 85,000 b/d month-over-month in April from 8,507 to 8,592 thousand barrels/day , gas production to increase 883 million cubic feet/day from 78,137 to 79,020 million cubic feet/day .

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Tags: USA, SHALE, OIL, JOB

Chronicle:

U.S. SHALE OIL JOBS CUTS
2019, April, 19, 09:15:00

S.KOREA RENEWABLE ENERGY

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2019, April, 19, 09:10:00

UAE GDP WILL UP 4.7%

The International Monetary Fund (IMF), has forecast the UAE’s nominal Gross Domestic Product (GDP) to grow 4.7 percent to AED1.673 trillion in 2019, compared to AED1.589 trillion a year ago.

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U.S. TRADE DEFICIT $49.4 BLN

the goods and services deficit was $49.4 billion in February, down $1.8 billion from $51.1 billion in January,

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U.S. RIGS DOWN 10 TO 1,012

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