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Don't have an account? Click here to register.Amid Moratorium, Allis-Chalmers Looks for Other Business
Tue, 29th Jun 2010 12:36
(This article was originally published Monday.) By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--As uncertainty about the direction of offshore drilling in the U.S. persists following a BP PLC (BP, BP.LN) oil spill, companies like Allis-Chalmers Energy Inc. (ALY) provide clues about the response by U.S. business. The Houston oil- and gas-services company rents pipe for drilling in coastal waters. It also says that it rents blowout preventers--the equipment that is supposed to shut off undersea wells as a last resort in the event of a catastrophic blowout. Following a deepwater-drilling moratorium imposed by the Obama administration after gas surged through a BP well in the Gulf of Mexico, sinking the Deepwater Horizon drilling rig and killing 11 workers, Allis-Chalmers has taken a hit to a business that accounts for just shy of 5% of revenues, according to chief financial officer Victor Perez. "We do expect that our business in the offshore is going to suffer," Perez said in an interview. "We have begun to see some delays in projects that were expected to go out as people try to get clarification on where things stand." Allis-Chalmers says that about 60% of revenue comes from abroad while about 40% of revenue comes from the U.S. Amid the six-month moratorium on new oil- and gas- exploration, the company has begun focusing more heavily on a growth area in the U.S.: drilling for gas locked into the rock--or shale--regions of the U.S. "We do feel like we will be mitigating some of the impact because of our additional business onshore and focusing on increasing our penetration in the international markets," Perez said. "If you talk about the rental business, we've shifted our focus to that kind of pipe that is in demand in the domestic land market: the non-conventional shale gas in Pennsylvania and in South Texas." The technique for accessing shale gas, known as hydraulic fracturing, is coming under its own scrutiny. The U.S. Environmental Protection Agency has announced a proposal to study the effects of the drilling technique on drinking water. It is also planning a series of public meetings, beginning with a July 8 meeting in Fort Worth, Texas. The deepwater-drilling moratorium, which is tangled up in court, has been in place since late May, when President Barack Obama announced that he wanted a ban on new exploratory wells while a presidential commission studied how to ensure that offshore drilling could be made safer. The six-month ban had the effect of suspending activity at all 33 rigs developing exploratory wells in deep water. It also posed new hardships for the hundreds of oil-services companies, already hurt by an economic recession, that supply the steel tubing, engineering services, drilling crews and marine-supply boats critical to offshore exploration. U.S. Interior Secretary Ken Salazar has told lawmakers Wednesday that he is considering issuing a new, scaled-back moratorium that would replace a moratorium that was struck down last week by Judge Martin Feldman. The Justice Department has appealed the judge's decision, asking a court to allow the ban to remain in place during a legal challenge. -By Siobhan Hughes; Dow Jones Newswires; (202) 862-6654; siobhan.hughes@dowjones.com (END) Dow Jones Newswires June 29, 2010 07:36 ET (11:36 GMT)
More News
25 Mar 2024 16:51
LONDON MARKET CLOSE: Renewed global tensions put pressure on stocks
(Alliance News) - Stock prices in London started the week in bad shape and closed lower on Monday, as investors sat on their hands amid rising global tensions.
Read more21 Mar 2024 15:00
UK dividends calendar - next 7 days
| Friday 22 March | |
| easyJet PLC | dividend payment date |
| FRP Advisory Group PLC | dividend payment date |
| Gulf Investment Fund PLC | dividend payment date |
| Henderson Opportunities Trust PLC | dividend payment date |
| Hercules Site Services PLC | dividend payment date |
| Impax Asset Management Group PLC | dividend payment date |
| JLEN Environmental Assets Group Ltd | dividend payment date |
| JPMorgan Multi-Asset Growth & Income PLC | dividend payment date |
| Mattioli Woods PLC | dividend payment date |
| Mobeus Income & Growth 2 VCT PLC | dividend payment date |
| Mobeus Income & Growth 4 VCT PLC | dividend payment date |
| Ramsdens Holdings PLC | dividend payment date |
| Riverstone Credit Opportunities Income PLC | dividend payment date |
| Ruffer Investment Co Ltd | dividend payment date |
| Samuel Heath & Sons PLC | dividend payment date |
| Troy Income & Growth Trust PLC | dividend payment date |
| Unilever PLC | dividend payment date |
| Monday 25 March | |
| AstraZeneca PLC | dividend payment date |
| Endeavour Mining PLC | dividend payment date |
| Mountview Estates PLC | dividend payment date |
| Shell PLC | dividend payment date |
| Tuesday 26 March | |
| no events scheduled | |
| Wednesday 27 March | |
| abrdn Diversified Income & Growth PLC | dividend payment date |
| Thursday 28 March | |
| Alliance Trust PLC | dividend payment date |
| Balanced Commercial Property Trust Ltd | dividend payment date |
| Berkeley Group Holdings PLC | dividend payment date |
| BHP Group Ltd | dividend payment date |
| BlackRock Energy & Resources Inc Trust PLC | ex-dividend payment date |
| BlackRock Sustainable American Income Trust PLC | ex-dividend payment date |
| BlackRock Throgmorton Trust PLC | dividend payment date |
| BP PLC | dividend payment date |
| City of London Investment Group PLC | dividend payment date |
| Crown Place VCT PLC | dividend payment date |
| CT UK Capital & Income Investment Trust PLC | dividend payment date |
| Develop North PLC | dividend payment date |
| Diversified Energy Co PLC | dividend payment date |
| Downing Renewables & Infrastructure Trust PLC | dividend payment date |
| Gateley Holdings PLC | dividend payment date |
| Genus PLC | dividend payment date |
| Hargreaves Lansdown PLC | dividend payment date |
| HICL Infrastructure PLC | dividend payment date |
| Idox PLC | ex-dividend payment date |
| Imperial Brands PLC | dividend payment date |
| Melrose Industries PLC | ex-dividend payment date |
| Mid Wynd International Investment Trust PLC | dividend payment date |
| Moneysupermarket.com Group PLC | ex-dividend payment date |
| NextEnergy Solar Fund Ltd | dividend payment date |
| North Atlantic Smaller Cos Investment Trust PLC | dividend payment date |
| Personal Group Holdings PLC | ex-dividend payment date |
| Premier Miton Global Renewables Trust PLC | dividend payment date |
| Quartix Technologies PLC | ex-dividend payment date |
| Renewables Infrastructure Group Ltd | dividend payment date |
| Schroder Real Estate Investment Trust Ltd | dividend payment date |
| SDCL Energy Efficiency Income Trust PLC | dividend payment date |
| Smith & Nephew PLC | ex-dividend payment date |
| Taylor Wimpey PLC | ex-dividend payment date |
| Thames Ventures VCT 2 DSO 1 D PLC | dividend payment date |
| Travis Perkins PLC | ex-dividend payment date |
| Utilico Emerging Markets Trust PLC | dividend payment date |
| Vaalco Energy Inc | dividend payment date |
| Value & Indexed Property Income Trust PLC | ex-dividend payment date |
| VH Global Sustainable Energy Opportunities PLC | dividend payment date |
| Volution Group PLC | ex-dividend payment date |
| Wynnstay Group PLC | ex-dividend payment date |
| Comments and questions to newsroom@alliancenews.com | |
| A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional. | |
| Copyright 2024 Alliance News Ltd. All Rights Reserved. | |
19 Mar 2024 16:57
LONDON MARKET CLOSE: European large-caps rise on eve of Fed decision
(Alliance News) - Blue-chip stock prices in Europe closed higher on Tuesday, showing little signs of nerves ahead of Wednesday's Federal Reserve decision and UK inflation reading.
Read more19 Mar 2024 11:52
LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE
(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.
Read more18 Mar 2024 11:49
LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves
(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.
Read more15 Mar 2024 13:07
IN BRIEF: Costain wins place on GBP4 billion carbon capture project
Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.
Read more15 Mar 2024 12:11
LONDON MARKET MIDDAY: FTSE 100 underperforms despite mining, oil boost
(Alliance News) - London's FTSE 100 overcame a muted morning to head into Friday afternoon on the up, though its progress was shy of the loftier gains seen by mainland European peers, as investors showed some signs of trepidation ahead of a pair of interest rate decisions next week.
Read more14 Mar 2024 11:54
BP details green credentials in similar push towards net zero as Shell
(Alliance News) - BP PLC on Thursday outlined similar targets to cut emissions as peer Shell PLC, as both oil and gas majors strive to become net zero for carbon emissions by 2050.
Read more14 Mar 2024 10:19
BP picks up Ashford site to boost electric charging scope for trucks
(Alliance News) - BP PLC on Thursday stepped up plans to increase its electric charging capacity for heavy goods vehicles by buying one of the largest truck stops in Europe.
Read more8 Mar 2024 13:42
BP appoints Aviva boss Amanda Blanc as senior independent director
(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.
Read more8 Mar 2024 12:20
IN BRIEF: BP promotes Aviva chief executive officer to senior director
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Read more8 Mar 2024 10:33
BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney
(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.
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London close: Stocks languish ahead of Wednesday's Budget
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Jefferies upgrades BP to 'buy'
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