Jordan Blum | Houston Business Journal
Oil prices are still up and down, but nowhere near where the energy industry wants them. And so, the job cuts keep on coming.
Here are five things to know in Texas energy this week:
— Most notably, Houston-based oilfield services giant Schlumberger Ltd. (NYSE: SLB) is axing a massive 9,000 jobs worldwide — out of 120,000 total workers — while citing low oil prices and an “uncertain environment.” On smaller scales, Houston-based Apache Corp. is cutting 200 or so jobs, while U.K. employees of ConocoPhillips (NYSE: COP) and BP PLC (NYSE: BP) are taking a big hit as well.
— If you build it, tar sands oil will come. Canada-based Enbridge Inc. (NYSE: ENB) and Houston-based Enterprise Products Partners LP (NYSE: EPD) celebrated about 250,000 barrels a day of Canadian crude oil flowing to Freeport, Texas for Gulf Coast refining and more now that their massive pipeline system from Alberta to Wisconsin to Illinois to Oklahoma to the Houston area is complete.
— Texas rig counts continue to decline as expected, but all is not lost. Lower oil prices and temporarily reduced U.S. production are expected to help stabilize the global market,according to industry reports.