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3 Posts authored by: ally.ninjaneer Champion

 

Barry WorthingtonAnd if you look at that being $50 per barrel, that's still a lot of money – I think $150 million a day – leaving the United States.”
— Barry Worthington, U.S. Energy Association

WASHINGTON, D.C., USA, February 16, 2017 /EINPresswire.com/ -- A quiet, green awakening has taken place in energy companies, according to Barry K. Worthington, executive director, U.S. Energy Association (USEA). The companies are much more sensitive to climate issues than they were a generation ago. This has been brought about by young engineers and managers inside the companies, rather than by outside pressure.

 

Worthington speaks to host Llewellyn King on “White House Chronicle,” the weekly news and public affairs program on PBS, scheduled to air on television and radio beginning this weekend.

 

The program devotes an entire episode to USEA's 13th Annual State of the Energy Industry Forum. Speakers from major energy trade associations presented a picture of bouyant industries becoming even more so.

 

Worthington marvels that in the 28 years he has headed USEA, the nation has gone from a scarcity in energy supply to an abundance. In fact, he added, “even an overabundance.”

 

However, Worthington cautions, “We still import more oil than we should – 3 million barrels per day from Saudi Arabia and Venezuela. And if you look at that being $50 per barrel, that's still a lot of money – I think $150 million a day – leaving the United States.”

 

To stem this outflow of dollars, Worthington says there should be “increased domestic production all across the board -- every fuel, every technology.”

 

The program features remarks from top energy trade association executives. They are: Thomas R. Kuhn, president, Edison Electric Institute; Jack N. Gerard, president and CEO, American Petroleum Institute; Dave McCurdy, president and CEO, American Gas Association; and Hal Quinn, president and CEO, National Mining Association.

 

Come see and hear from Barry Worthington at HERWorld17 on March 8 where we'll talk about the energy transition.

 

Oilfield services company Baker Hughes is implementing a pay cut to its employees as the industry continues to adjust to the low oil price environment.

In an emailed statement to Rigzone, company spokesperson Melanie Kania confirmed that in response to challenging industry conditions, Baker Hughes implemented “a temporary 5 percent pay reduction for certain U.S. employees during the last 14 weeks of 2016.”

Affected employees will receive four additional paid holidays. Baker Hughes did not disclose which departments would be affected.

The pay cuts were implemented as a way to prevent further layoffs.  

Baker Hughes laid off 18,000 workers last year and 2,000 employees in 1Q 2016. The company reported revenue of $2.4 billion, according to its second quarter earnings report, down $1.6 billion (39 percent) compared to 2Q 2015.

In a post-earnings conference call July 28, Baker Hughes CEO Martin Craighead said he “didn’t subscribe to the hopeful commentary,” Reuters reported. Craighead also said he believed oil prices needed to be a minimum of the upper $50s per barrel for a sustainable recovery in North America. 

-Valerie Jones with  NEWS |  Rigzone 

Photo: Shutterstock

MOSCOW —The world’s two largest oil producers, Russia and Saudi Arabia, on Monday agreed to act together to stabilize global oil output, though it’s unclear what that might entail.

Energy ministers Alexander Novak and Minister Khalid al-Falih met Monday on the sidelines of the Group of 20 nations’ summit in China. A joint statement released by Russia said both ministers “recognized the need to restrain an excessive volatility of the oil market” and agreed to act together “in order to stabilize the oil market.”

Novak and al-Fatih said they would chair the first Russia-Saudi task force on oil and gas in October.

Russia, which is not a member of the oil producing nations’ group OPEC, this year supported calls to freeze production, but the efforts fell through after OPEC member Iran opposed the plan.

It was not clear from the joint statement what exactly Russia and Saudi Arabia would be prepared to do to help prop up the markets but the Russian minister mentioned a production freeze.

“We believe that the market right now is taking too long to balance out, it’s been two years, and joint steps which were considered earlier this year including a production freeze could be a great help in helping to balance the markets as soon as possible,” Russian news agencies quoted Novak as saying.

Speaking to reporters after the meeting, al-Falih, the Saudi minister, said in comments carried by the Interfax news agency that the freeze “is not the only solution” but refused to elaborate.

The price of oil jumped on the countries’ statement. The U.S. contract rose 2.2 percent, or 99 cents, to $45.43 a barrel in electronic trading on the New York Mercantile Exchange.

Associated Press

Image: Creative Commons