In this week's news update, an oilfield services company cuts 18 percent of its workforce and oil production in the Bakken and Eagle Ford plays rises slightly
Oil production from the Bakken and Eagle Ford shale plays increased by 17,000 barrels per day (b/d), or 1 percent, in March versus February, according to analytics and forecasting company Bantek Energy.
Crude oil production in the Bakken Shale formation averaged 1.2 million b/d in March, which is 215,000 b/d higher than a year ago.
In the Eagle Ford Shale formation, crude oil production averaged 1.6 million b/d in March, an increase of 344,000 b/d from a year ago.
Bantek says that from March 2014 to March 2015, total crude oil production in the U.S. has increased by 1.3 million b/d.
Oilfield Services Company Cuts Nearly 5,500 Jobs
Oilfield services company Nabors Industries cut nearly 5,500 jobs since the end of 2014, according to the company’s first-quarter earnings report.
Nabors, which is based in Bermuda, but has operations in Houston, had 29,000 employees worldwide as of Dec. 31. Since then it has reduced its global workforce by more than 18 percent.
That drop also includes a 41 percent reduction in the company’s U.S. drilling segment and 26 percent reduction in its Canadian segment.