U.S. fracking giants prepare for repeat of 2016 collapse, expect little help from Wall Street

first_imgU.S. fracking giants prepare for repeat of 2016 collapse, expect little help from Wall Street FacebookTwitterLinkedInEmailPrint分享Bloomberg:Two of the world’s biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago.While the decline in North American drilling rigs could approach the lows seen in 2016, the drop could be much faster this time around, Schlumberger Ltd. told analysts and investors Tuesday on a webcast hosted by Scotia Howard Weil. And as the most financially troubled oilfield service providers seek to stay afloat, there’s not much help this time around, Halliburton Co. said on the same webcast.“Wall Street is shut to the industry,” Lance Loeffler, chief financial officer at Houston-based Halliburton, said during the webcast. “There is no more lifeline. Financial markets aren’t lending their support.”Halliburton, which generates most of its business in the U.S. and Canada and leads the world in fracking, is planning for the possibility that nearly two thirds of rigs in the region could be shut down by the final three months of the year. Schlumberger, the world’s biggest overall oilfield services provider, said it’s slashing its own spending by as much as 30% in 2020.While changes to rig activity generally lag the movement of oil prices by several months, shale explorers have wasted no time cutting where they can. Oil drilling in the Permian Basin of West Texas and New Mexico, home to the world’s biggest shale patch, plunged to its lowest level since the nadir of the last crude-market slump in early 2016.At its worst, the U.S. rig count could see a 70% drop over a six-month period, eclipsing the greater than 60% cut in 1986, according to Raymond James.[David Wethe]More: Fracking giants warn shale crash will be faster this timelast_img read more

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GSCL Inc. Republic Cup 4… Success stun Regal Allstars to claim open title

first_img… Savage, Mike’s Wellman share Masters crownSUCCESS produced a stunning performance to clinch the Open title over Regal Allstars in the Georgetown Softball Cricket League Inc. Republic Cup 4 final on Sunday.Playing at the Everest Cricket Club ground, Regal Allstars were bowled out for a paltry 67 in 10 overs.Richard Latif who hit one four and two sixes was the only batsman to offer any resistance, with a fighting 28.Puran John and Stephan Felix picked up four wickets each for the eventual winners.Success in reply reached 68 without loss, with three overs to spare.Surujpaul Deosarran top-scored, with 23, while Dindyal Lakhan made 19. Extras contributed 27 to the winning total.Meanwhile, Mike’s Wellman and Savage Masters shared the Masters title, after they played to a tie in the final.Batting first in the Masters final, Savage Masters posted 154-4 in 12 overs.Ricky Deonarain fashioned a brilliant 53. He clobbered seven sixes in his robust innings.Unnis Yusuf and Patrick Khan supported with 39 and 20 respectively.In the run chase, Nandram Samlall and Greg DeFranca added 37 for the first wicket, but the dismissal of Samlall (18), saw Mike’s Wellman reduced to 74-4.Lloyd Rooplall and Wayne Jones then steadied the chase nicely, with a stand of 48. Rooplall smashed one four and five sixes before he departed for 40.Following his demise, Mike’s Wellman lost a few more wickets, but Jones kept them in the hunt, with ten runs required in the final over.Jones and Hardat Heeranandan scored nine runs from the first five balls, but Heeranandan lost his concentration, and was bowled off the final ball of the innings, Mike’s Wellman finished on 154-8.Jones, who hit two fours and a similar number of sixes, remained unbeaten on 36.Zameer Hassan (2-3) and Navindra Pooran (2-29) were the successful bowlers in a losing cause.Earlier in the day, Success beat Farm by 65 runs, and Regal Allstars overcame Farm by 38 runs.Mike’s Wellman beat Ariel Masters by six wickets in their semifinal match, while Savage got the better of Regal Masters by seven wickets in the other semi-final game.In the other game played, Ariel Masters beat Success Masters by 39 runs.last_img read more

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PM Expresses Support for Chess in Jamaica

first_imgStory Highlights Mr. Holness expressed hope that the Jamaica International Chess Festival will spark a general interest among the population to raise up the next generation of great players. Addressing the official launch of the three-day Jamaica International Chess Festival, at a cocktail reception held at the Jamaica Pegasus Hotel, in New Kingston on October 13, Mr. Holness noted that chess “ (can be) an alternative pathway to success that Jamaicans can venture into”. Prime Minister, the Most Hon. Andrew Holness has declared his full support for chess in Jamaica because of its role in the development of the mind and the encouragement of strategic thinking. Prime Minister, the Most Hon. Andrew Holness has declared his full support for chess in Jamaica because of its role in the development of the mind and the encouragement of strategic thinking.Addressing the official launch of the three-day Jamaica International Chess Festival, at a cocktail reception held at the Jamaica Pegasus Hotel, in New Kingston on October 13, Mr. Holness noted that chess “ (can be) an alternative pathway to success that Jamaicans can venture into”.“It is a great game to teach patience and respect. Chess is a catalyst for social development in communities that are underserved. We need to give these alternative pathways to the youngsters in our communities so that they know there are other ways to success,” he said.Mr. Holness expressed hope that the Jamaica International Chess Festival will spark a general interest among the population to raise up the next generation of great players.The Prime Minister, who once coached and played chess while at his alma mater, St. Catherine High School, also expressed gratitude to and pleasure at the young and international chess grandmasters for travelling to Jamaica to teach the sport to other children.He hailed, Ambassador Dr. Nigel Clarke and Grandmaster Maurice Ashley, Co-chairs and Executive Producers of the Inaugural Jamaica International Chess Festival for their role in staging the event.In his remarks, Ambassador, Dr. Nigel Clarke said chess “is a tool of solid upliftment that can be used to make good decisions”.He said the three-day event, which culminates today (October 15) is aimed at catalysing interest in the game among young Jamaicans, as well as broadening the reach of chess in the country.Additionally, he said it will “motivate and stimulate” existing local players to higher levels of achievement.Grandmaster, Maurice Ashley, who is Jamaican born, expressed gratitude to the Prime Minister for his support of the game, declaring that “Jamaica can be great at chess”.Woman Grandmaster and Canadian Women’s Champion, 17-year-old Qiyu Zhou said she wants to inspire the children of Jamaica to play chess and “start or continue to pursue whatever they want to achieve”.For his part, Attorney-at-Law and President of the Jamaica Chess Federation, Ian Wilkinson said the staging of the international festival is a culmination of a dream. He On the final day (October 15), at the Spanish Court Hotel in New Kingston, teams battled for supremacy in a four round rapid game.The teams consisted of the Woman Grandmaster and Woman International Master as well as the country’s National Age Group and CARIFTA Champions.last_img read more

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