Press Release From Offshore Engineer Magazine, 5/19/2020: Hornbeck Offshore Files for Chapter 11 Bankruptcy

Hornbeck Offshore Services has filed for chapter 11 to implement a prepackaged reorganization plan, according to a court filing in the U.S. Bankruptcy Court in Houston. The U.S.-based offshore vessel owner with more than $1 billion in long-term debt announed in March that it was negotiating wth lenders a restructuring support agreement and said it…

PPP Loan Checker: DMC Global

DMC received $405 million in PPP Loans.  They are a multinational conglomerate that does work in many business sectors, one of which being the energy sector.  Of all the companies that I have checked, this company is actually making money.  I guess that is a good thing.  Here are their net income financials. In thousands…

Press Release: ABB to install control solution for the automation of Lhyfe’s first green hydrogen clean energy production project

AIX LES BAINS, France, 18 MAY 2020 Lhyfe, the French producer and supplier of green hydrogen, has chosen ABB, the world leader in control systems and advanced technologies, to implement an automation solution at its first green hydrogen production site. ABB supports a wide range of industries in their digital transformation and will supply the…

Commentary: Senator Richard Burr

I know that everyone has heard about Senator Burr being placed in the cross-hairs of the FBI for some dubious stock trades that the Senator made right before this whole COVID-19 thing got rolling.  The entire affair will probably end up being back page news.  However, it is a bit unsettling that this is happening…

PPP Loan Checker: ENGlobal

As you know, I have been republishing the financial data for many of the companies operating in the energy sector.  I was surprised to see that all the companies that I researched published a loss for the 1st Qtr of 2020. So, I decided to do the same thing for companies who received PPP loans. …

By The Numbers, 5/13/2020

The EIA published its Weekly Petroleum Status Report.  Here are some highlights.  All items are in millions of barrels per day except inventories, which is billions total.  Dates are defined as week ending averages, except utilization rate which is a four week ending average.  The full report can be found here. Item 5/8/20 5/1/20 Refinery…