MRC Global is the largest distributor of pipes, valves, fittings, and related products and services to the energy industry. The company was founded in 1921 as McJunkin Supply Company and grew organically and through acquisitions over the years. In January
In recent days, we have posted a number of articles regarding the oil industry with a focus on the implications of the Deepwater Horizon disaster. The Financial Times published a graphic that illustrates current activity in the Gulf of Mexico along with the impact of the drilling moratorium in terms of costs, employment, and the domestic supply of oil. The graphic appears in this article.
Recent events in the Gulf of Mexico have increased awareness of the risks facing oil exploration companies operating in very deep waters. Drilling for oil beneath five thousand feet of water entails challenges that test the abilities of exploration companies under the best of circumstances. We are now witnessing the impotence of industry or government to deal with a well that has been gushing out of control for over a month. The current moratorium on deepwater drilling in the United States could be adopted by other countries as well and we cannot predict the duration of the moratorium. In this environment, is any investment in oil exploration or ancillary products and services worthy of consideration? This article examines National Oilwell Varco, one of the firms in the oil supplies and services industry.
As oil prices escalated to nearly $150 one year ago, T. Boone Pickens appeared on CNBC to explain his proposals for energy independence. At the time, Mr. Pickens certainly did not predict the huge collapse in oil prices in the ensuing months, but appears adamant that his plan is still viable today. Let’s listen to what Mr.Pickens had to say in an interview today on CNBC.