In case you missed them, here are the top headlines from Bakken.com for the week of September 19th through the 25th. Enjoy!
5. Oil services firms face end-2016 order vacuum as clients axe projects
LONDON – Peter Rose’s problem of uncertainty is typical for the oil and gas services industry at the moment. New orders have dried up and he has no idea how profitable his firm will be next year and beyond.
The outlook for companies such as Hunting, where Rose is finance director, seems grim as clients in the energy industry have already canceled $200 billion in investments due to weak oil prices, and more cuts are likely.
There are exceptions among the businesses that supply oil and gas projects with anything from anti-corrosion paint to computer software that simulates pipeline installation. To read the full article, click here.
4. Analyst: Oil prices have hit bottom, but tough times remain
Oil prices have likely already hit bottom, but it will take a year or more before they hit a comfortable range of $65 to $85 a barrel, a leading energy analyst said Tuesday in Billings.
St. Louis-based Brian Youngberg of Edward Jones said production in the Bakken shale centered in North Dakota will likely remain low for the near future, and the region still faces challenges of safely transporting oil by rail, a lack of pipelines and uncertainty from investors.
Before prices flatten out, investors should prepare for a bumpy ride, he cautioned. To read the full article, click here.
3. In midst of oil price drop, pipe insulator makes big investment in Billings
Canadian Brian Impey spent $2.2 million to relocate his company’s U.S. headquarters to Billings, and he admits to biting his fingernails, worrying if he made the right move.
Impey’s Insulation Snakes makes products used in the oil fields, and business has taken a hit since oil prices fell off a cliff last fall. The natural response would be to hunker down and wait it out, but Impey needed to act because his lease was expiring in Casper, Wyo.
The options: renew the current space, buy it, buy something else in town or change zip codes. All carried risks, he said. To read the full article, click here.
2. Halliburton cuts jobs in Williston, North Dakota
Halliburton Co, the world’s No. 2 oilfield services provider, said on Monday it has laid off staff in Williston, North Dakota, blaming plunging crude oil prices.
The company provided no details on the number of employees affected. To read the full article, click here.
1. Bakken boomtown: Tales from a strip club cocktail waitress
“At 9 p.m. on that August night, when I arrived for my first shift as a cocktail waitress at Whispers, one of the two strip clubs in downtown Williston, I didn’t expect a 25-year-old man to get beaten to death outside the joint,” writes Laura Gottesdiener in an article titled ‘I Worked in a Strip Club in a North Dakota Fracking Boomtown.’
In her account, which first appeared on TomDispatch.com, she recalls her time in North Dakota’s Bakken oil patch, the people she met and the stories they told her. “I hadn’t driven nearly 2,000 miles from Brooklyn to work as a cocktail waitress in a strip club. (That only happened after I ran out of money.),” writes Gottesdiener. To read the full article, click here.