Posted on 05/19/2015 9:10:37 AM PDT by thackney
Offshore driller Transocean has idled three more deep water rigs, bringing its number of out-of-work units to 15, it said Monday, as the oil slump continued to hammer the drilling market.
The Swiss rig contractor with corporate offices in Houston has idled 10 rigs and stacked five others, and it has said it plans to sell 19 units for scrap. Idle rigs are between contracts; stacked machines are shut down for longer periods, and scrapped rigs are torn apart for their steel hides. Transocean owns or has a stake in 65 offshore rigs around the world.
The three Transocean rigs that went idle after their contracts expired in mid-April were working off the coasts of South Africa, Angola and Malaysia. But the contractor also said it was signed on for $52 million in new contracts. Still, there’s little room for hope in the drilling market.
“We are now expecting less rigs than we did three or four months ago to get re-contracted this year,” Transocean chief financial officer Esa Ikäheimonen said during a conference call with investors earlier this month. The company estimates that of the 270 active floaters around the world this year, roughly 220 to 230 will still be drilling in 2016, executives said.
91311
3.77
ARCO
20455 Devonshire St & Mason Ave
Chatsworth, CA
Yah, your belief is to be more trusted than the SEC reported numbers.
Your problem has been identified.
Having state government mandated gasoline formulation that cannot be shared with other locations raises the prices any time their is any disruption.
Elect a sane legislature governor, then you can enjoy the lower prices of the rest of the nation fueled by the same "big oil" companies you blame.
Gasoline prices have risen across California, but the jump has been steeper in the L.A. area because refinery issues have been centered here, said Brian L. Milne, an energy editor with Schneider Electric.
After a February explosion, production is still reduced at ExxonMobil Corp.’s Torrance refinery, he said, magnifying any hiccup at the few refineries that produce the state's cleaner-burning gasoline. In recent weeks, other California refineries have trimmed output for planned maintenance and unplanned repairs, he said.
That includes planned and unplanned maintenance by Chevron in El Segundo and unplanned work at Tesoro’s Los Angeles refinery, Milne said. Phillips 66 also announced this week that its Los Angeles refinery was undergoing scheduled maintenance, Mac said.
The current amount of planned maintenance is unusual, because such work usually occurs in January and February when demand is low, Mac said. “I am pretty shocked” to see so much work, she said.
Experts say California drivers are highly susceptible to disruptions because the state is a relative island when it comes to gasoline production. California's special cleaner-burning blend is expensive for outsiders to make and deliver, which is why most production occurs within the state.
Elect a sane legislature governor.
Not in this state it’s a democrat state.
And the SEC did such a great job with Madoff.
Just understand what you call gouging is not caused by the oil companies, but by your government.
Those same oil companies provide gasoline today to outside the CA borders at lower prices.
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