Sinopec Posts 1Q Earnings Rise, Outperforming PetroChina

HONG KONG - China Petroleum & Chemical Corp., or Sinopec, Thursday posted a 25% increase in first-quarter net profit, outperforming larger rival PetroChina Co.

Strong domestic fuel consumption in China boosted profits at Beijing-based Sinopec, the largest refiner in Asia by capacity. Sinopec's extensive gasoline station network gives it an edge over PetroChina, which ranks second in Chinese service stations. Lower fuel costs also help Sinopec outrun PetroChina in terms of earnings, although part of the benefit is offset by lower contribution from exploration and production.

Sinopec's net profit for the three months ended March 31 rose to 16.7 billion yuan ($2.7 billion) from 13.4 billion yuan a year earlier. PetroChina, the largest listed Chinese oil company by capacity, reported a 8% decline in net profit to 36.0 billion yuan from 39.2 billion yuan for the period.

In the first three months this year, Sinopec refined 58.7 million metric tons, or 5.9% more than a year earlier. PetroChina processed 253.5 million barrels of oil, which was 1.4% decline than a year earlier.

Analysts said lower oil prices, coupled with a recent adjustment in refined product mechanism, will benefit Sinopec and PetroChina in the second quarter, even though the Chinese government is maintaining tight control over domestic fuel prices.

China cut domestic gasoline and diesel prices Thursday, the first time it has adjusted prices since reforming its fuel price system in March. Under China's new oil product pricing system, domestic fuel prices may be adjusted when the moving average of a basket of international crude oils over a period of 10 working days reflects a change of more than CNY50 a ton for diesel and gasoline prices.

"We continue to believe that the new refining mechanism reduces the regulatory risk of Sinopec's refining business and thus should lead to higher valuations for Sinopec over time," Citigroup analyst Graham Cunningham said Thursday.

Last month, Sinopec agreed to buy $1.5 billion of its parent's approximately $40 billion of overseas oil and gas assets as part of a plan to increase its global exploration and production.

The new assets--including projects in Kazakhstan, Colombia and Russia--would increase Sinopec's overseas proved reserves by 359% to 330.2 million barrels of oil equivalent from 72.0 million BOE as the end of last year. Its overseas production will increase by 171% to 58.7 million BOE in 2012 from 21.7 million BOE.

The acquisitions are aimed at putting Sinopec on par with integrated global energy majors such as Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell PLC.

To fund its acquisition of parent assets, Sinopec last week issued a $3.5 billion U.S. dollar bond--the largest dollar-denominated bond out of Asia excluding Japan in a decade. The bond issue came weeks after it raised $3.1 billion in February through a private placement, Asia's largest placement this year.

Copyright (c) 2013 Dow Jones & Company, Inc.

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Macondo Hits Halliburton Earnings

Halliburton Co. reported a $13 million loss Monday for continuing operations for first quarter 2013 after its quarterly income of $624 million was offset by a $637 million after-tax charge related to Halliburton raising its reserve for Deepwater Horizon litigation.

Income for first quarter 2013 was also down from income from continuing operations for first quarter 2012 of $826 million. First quarter 2012 income included a $191 million after-tax charge for a reserve also related to Macondo litigation.

The company is in advanced stages of court-facilitated settlement discussions to resolve a substantial portion of private claims related to the Macondo incident, but has not yet reached a settlement.

"We are pursuing these settlement discussions because we believe than an early and reasonably-valued resolution is in the best interests of our shareholders," said Halliburton Chairman, President and CEO Dave Lesar in a statement.

The most recent offer includes stock and cash, with the cash components payable over an extended period of time. Discussions are in an advanced stage, but a settlement has not yet been reached.

Despite the Macondo-related charges, Lesar said in a statement he was pleased with the company's operational results as total company revenue reached a record $7 billion.

Lesar noted that the decline in the North America rig count and pricing headwinds were more than offset by Halliburton's expanding international business. North American sequential revenue declined 1 percent and operating income grew 30 percent, compared to a 3 percent decline in the U.S. rig count.

The company's Sperry Drilling, Multi-Chem and Baroid produce lines achieved record quarterly revenues, with Baroid and Drill Bits setting quarterly operating income records.

Margins improved approximately 400 basis points as the company started to benefit from lower cost guar, increased customer activity, internal cost efficiencies and higher service intensity.

"For these reasons, we expect margins to continue to expand over the course of the year, and we believe we may see modest pricing increases as customers adopt new technology to improve well production," Lesar commented.

International revenues rose 21 percent in first quarter 2013 compared to first quarter 2012. Significant improvement in the Australia, China and Saudi Arabia markets boosted the company's Middle East/Asia revenue and operating income by 25 percent and 51 percent respectively versus the prior year first quarter.

Higher activity levels in Eurasia, Nigeria and Central Africa boosted Halliburton's Europe/Africa/CIS revenue and operating income by 17 percent and 25 percent relative to first quarter 2012. Halliburton's Latin America revenue was up 21 percent from the same quarter in 2012, but operating income was down 11 percent due to severance costs in Argentina, mobilization costs on contracts in Brazil, and a reduction in the rig count on the company's Mexico projects as Halliburton waits on contracts to be retendered.

Halliburton's North America and international operations beat the expectations of analysts at Tudor, Pickering and Holt research.  In an April 22 research note, analysts noted that the larger than expected Macondo charge will draw questions, but Halliburton's operations should ultimately win out over the higher than expected Macondo resolution price tag.

Analysts said it was unclear how much of the offer would be recovered through the approximately $440 million of insurance that was still unused as of year-end 2012. However, Halliburton's liquidity and balance sheet do not pose concerns.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

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Macondo Hits Halliburton Earnings

Halliburton Co. reported a $13 million loss Monday for continuing operations for first quarter 2013 after its quarterly income of $624 million was offset by a $637 million after-tax charge related to Halliburton raising its reserve for Deepwater Horizon litigation.

Income for first quarter 2013 was also down from income from continuing operations for first quarter 2012 of $826 million. First quarter 2012 income included a $191 million after-tax charge for a reserve also related to Macondo litigation.

The company is in advanced stages of court-facilitated settlement discussions to resolve a substantial portion of private claims related to the Macondo incident, but has not yet reached a settlement.

"We are pursuing these settlement discussions because we believe than an early and reasonably-valued resolution is in the best interests of our shareholders," said Halliburton Chairman, President and CEO Dave Lesar in a statement.

The most recent offer includes stock and cash, with the cash components payable over an extended period of time. Discussions are in an advanced stage, but a settlement has not yet been reached.

Despite the Macondo-related charges, Lesar said in a statement he was pleased with the company's operational results as total company revenue reached a record $7 billion.

Lesar noted that the decline in the North America rig count and pricing headwinds were more than offset by Halliburton's expanding international business. North American sequential revenue declined 1 percent and operating income grew 30 percent, compared to a 3 percent decline in the U.S. rig count.

The company's Sperry Drilling, Multi-Chem and Baroid produce lines achieved record quarterly revenues, with Baroid and Drill Bits setting quarterly operating income records.

Margins improved approximately 400 basis points as the company started to benefit from lower cost guar, increased customer activity, internal cost efficiencies and higher service intensity.

"For these reasons, we expect margins to continue to expand over the course of the year, and we believe we may see modest pricing increases as customers adopt new technology to improve well production," Lesar commented.

International revenues rose 21 percent in first quarter 2013 compared to first quarter 2012. Significant improvement in the Australia, China and Saudi Arabia markets boosted the company's Middle East/Asia revenue and operating income by 25 percent and 51 percent respectively versus the prior year first quarter.

Higher activity levels in Eurasia, Nigeria and Central Africa boosted Halliburton's Europe/Africa/CIS revenue and operating income by 17 percent and 25 percent relative to first quarter 2012. Halliburton's Latin America revenue was up 21 percent from the same quarter in 2012, but operating income was down 11 percent due to severance costs in Argentina, mobilization costs on contracts in Brazil, and a reduction in the rig count on the company's Mexico projects as Halliburton waits on contracts to be retendered.

Halliburton's North America and international operations beat the expectations of analysts at Tudor, Pickering and Holt research.  In an April 22 research note, analysts noted that the larger than expected Macondo charge will draw questions, but Halliburton's operations should ultimately win out over the higher than expected Macondo resolution price tag.

Analysts said it was unclear how much of the offer would be recovered through the approximately $440 million of insurance that was still unused as of year-end 2012. However, Halliburton's liquidity and balance sheet do not pose concerns.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Union Drilling Announces 2011 Third Quarter Earnings Release and Conference Call Schedule

Posted on Wednesday, September 28th, 2011 at 11:21 pm

FORT WORTH, Texas, Sept. 28, 2011 /PRNewswire/ — Union Drilling, Inc. (NASDAQ: UDRL) announced today that it will release its 2011 third quarter results at 6:00 a.m. Eastern time on Monday, October 31, 2011. In conjunction with the release, the Company has scheduled a conference call which will be broadcast live over the Internet that same day at 11:00 a.m. Eastern time.

What:

Union Drilling Third Quarter 2011 Earnings Conference Call

When:

Monday, October 31, 2011 at 11:00 a.m. Eastern time

How:

Live via phone — By dialing 480-629-9692 or live over the Internet by logging onto the web at the address below

Where:

www.uniondrilling.com, in the “Investor Relations” section of the Company’s website

For those who cannot listen to the live call, a telephonic replay will be available through November 7, 2011 and may be accessed by calling 303-590-3030 and using the pass code 4474892. Also, an archive of the webcast will be available shortly after the call on the “Investor Relations” section of the Company’s website.

About Union Drilling

Union Drilling, Inc., headquartered in Fort Worth, Texas, provides contract land drilling services and equipment to oil and natural gas producers in the United States. Union Drilling currently owns and markets 70 rigs and specializes in unconventional drilling techniques.

UDRL-E

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Swiber Achieves Record Earnings on South American, Asian Contract Wins

Singapore-listed Swiber reported Wednesday that it has achieved a record for both revenue and profit for the financial year ended Dec. 31, 2012, the highest since its listing in 2006.

Net profit surged 48.3 percent from $42.2 million year-on-year, while revenue increased 45.5 percent to $952.2 million for the same period.

Offshore construction contract wins secured in the South American and Southeast Asian regions contributed significantly to the company’s topline, Swiber said in a statement.

"We continue to be bullish about Asia, in particular Southeast Asia, a region that Swiber has a deep knowledge of, coupled with a proven track record. As of February this year, Swiber's order book stands at around $1.35 billion, with a significant portion to be carried out in Asia," Swiber's CEO and President, Francis Wong, noted in the company’s earnings statement.

"For 2013, Swiber will continue to strategically bid for work in [Southeast Asia], in addition to other regions such as South Asia, South America and the Middle East," Wong added.

In a separate statement, Swiber revealed Wednesday its first offshore contract wins for this year. The contracts – which add up to $153 million – involve the transportation and installation of pipelines and offshore structures in Southeast Asia. 

Swiber made mention of the B-193 Field Development project, its first floatover operation successfully executed and completed with India’s state-backed Oil and Natural Gas Corporation.

"Capabilities wise, the completion of works on the B-193 Field Development project marks the first time that any company has used floatover methods for offshore field development in India. With its success, we are primed to further capabilities on the upswings in the offshore oil and gas industry in India and beyond," Wong said.

Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.

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Earnings Rise, Oil Production Declines for ExxonMobil

ExxonMobil recorded higher fourth quarter and full year 2012 earnings, but saw its upstream earnings and oil production decline as it ramped up 2012 capital and exploration expenditures to a record level.

The Irving, Texas-based oil major recorded fourth quarter 2012 earnings of more than $9.9 billion, up 6 percent from the fourth quarter of 2011, and full year 2012 earnings of $44.9 billion, up 9 percent from 2011, and record earnings per share of $9.70.

The company spent a record $39.8 billion on expenditures as it pursues opportunities to find and produce new supplies of oil and natural gas to meet global energy demand.

"Energy is fundamental to economic growth and improved living standards," said Chairman Rex W. Tillerson in a statement Friday. "ExxonMobil's strong financial performance enables continued investment in new energy supplies, which creates jobs and supports economic expansion."

While ExxonMobil's fourth quarter earnings were up, the company's upstream earnings for fourth quarter 2012 were approximately $7.7 billion, down approximately $1.1 billion from fourth quarter 2011. Fourth quarter earnings were impacted by lower liquids realizations partially offset by improved natural gas realizations, production volume and mix and lower gains from asset sales.

U.S. upstream earnings for fourth quarter 2012 rose $420 million from fourth quarter 2011 to $1.6 billion, while non-upstream earnings declined approximately $1.5 billion from the previous year to $6.1 billion.

Fourth quarter downstream earnings were approximately $1.8 billion, up $1.3 billion from the same quarter a year ago, on stronger refining margins. U.S. downstream earnings rose $667 million to $697 million, while non-U.S. downstream earnings rose $676 million to approximately $1.1 billion.

ExxonMobil's full year 2012 earnings included $9.9 billion of divestment and restructuring gains, mainly from restricting of its Japan-based operations, with $6.5 billion. But the company's upstream earnings for 2012 of $29.8 billion were down $4.5 billion from 2011 due to a number of factors, including lower liquids realizations, production volume and mix effects, higher operating expenses, lower asset sale gains, unfavorable tax items and negative foreign exchange effects.

ExxonMobil saw its full year 2012 upstream earnings decline by $4.5 billion from 2011 to approximately $29.9 billion. The company recorded U.S. upstream operation earnings of $3.9 billion, down approximately $1.2 billion from 2011, and earnings outside the U.S. of $25.9 billion, down $3.3 billion.

The company's U.S. and international downstream businesses recorded higher earnings due to stronger refining-driven margins and the $5.3 billion gain associated with ExxonMobil's restructuring in Japan and other divestment gains. Downstream earnings grew approximately $8.7 billion from 2011 to $13.2 billion in 2012, with U.S. downstream earnings of approximately $3.5 billion, up $1.3 billion from 2011, and non-U.S. downstream earnings of $9.6 billion, up $7.4 billion from 2011.

Excluding entitlement volumes, OPEC quota effects and divestments, ExxonMobil's fourth quarter 2012 production declined by 2.1 percent from fourth quarter 2011. Fourth quarter gas production was down 2.8 percent, excluding entitlement volumes and divestments, as field decline was partially offset by higher demand and lower downtime.

The company's 2012 full year oil and gas production was also down by 1.7 percent and 1.9 percent respectively.

Despite lower oil production, ExxonMobil noted that its participated in three major liquids project start-ups in West Africa last year with capacity of 350,000 gross barrels of oil per day.

The company also announced early January that it would move forward with the Hebron oil field development projects offshore eastern Canada. ExxonMobil will spend as estimated $14 billion on the project, which will involve constructing a gravity-based structure to recover more than 700 million barrels of oil.

ExxonMobil also started operations at one of the world's largest ethylene steam crackers, the centerpiece of the company's multi-billion dollar expansion at its Singapore petrochemical complex. The expansion will add 2.6 million tonnes per year of new finished product capacity.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Earnings Rise, Oil Production Declines for ExxonMobil

ExxonMobil recorded higher fourth quarter and full year 2012 earnings, but saw its upstream earnings and oil production decline as it ramped up 2012 capital and exploration expenditures to a record level.

The Irving, Texas-based oil major recorded fourth quarter 2012 earnings of more than $9.9 billion, up 6 percent from the fourth quarter of 2011, and full year 2012 earnings of $44.9 billion, up 9 percent from 2011, and record earnings per share of $9.70.

The company spent a record $39.8 billion on expenditures as it pursues opportunities to find and produce new supplies of oil and natural gas to meet global energy demand.

"Energy is fundamental to economic growth and improved living standards," said Chairman Rex W. Tillerson in a statement Friday. "ExxonMobil's strong financial performance enables continued investment in new energy supplies, which creates jobs and supports economic expansion."

While ExxonMobil's fourth quarter earnings were up, the company's upstream earnings for fourth quarter 2012 were approximately $7.7 billion, down approximately $1.1 billion from fourth quarter 2011. Fourth quarter earnings were impacted by lower liquids realizations partially offset by improved natural gas realizations, production volume and mix and lower gains from asset sales.

U.S. upstream earnings for fourth quarter 2012 rose $420 million from fourth quarter 2011 to $1.6 billion, while non-upstream earnings declined approximately $1.5 billion from the previous year to $6.1 billion.

Fourth quarter downstream earnings were approximately $1.8 billion, up $1.3 billion from the same quarter a year ago, on stronger refining margins. U.S. downstream earnings rose $667 million to $697 million, while non-U.S. downstream earnings rose $676 million to approximately $1.1 billion.

ExxonMobil's full year 2012 earnings included $9.9 billion of divestment and restructuring gains, mainly from restricting of its Japan-based operations, with $6.5 billion. But the company's upstream earnings for 2012 of $29.8 billion were down $4.5 billion from 2011 due to a number of factors, including lower liquids realizations, production volume and mix effects, higher operating expenses, lower asset sale gains, unfavorable tax items and negative foreign exchange effects.

ExxonMobil saw its full year 2012 upstream earnings decline by $4.5 billion from 2011 to approximately $29.9 billion. The company recorded U.S. upstream operation earnings of $3.9 billion, down approximately $1.2 billion from 2011, and earnings outside the U.S. of $25.9 billion, down $3.3 billion.

The company's U.S. and international downstream businesses recorded higher earnings due to stronger refining-driven margins and the $5.3 billion gain associated with ExxonMobil's restructuring in Japan and other divestment gains. Downstream earnings grew approximately $8.7 billion from 2011 to $13.2 billion in 2012, with U.S. downstream earnings of approximately $3.5 billion, up $1.3 billion from 2011, and non-U.S. downstream earnings of $9.6 billion, up $7.4 billion from 2011.

Excluding entitlement volumes, OPEC quota effects and divestments, ExxonMobil's fourth quarter 2012 production declined by 2.1 percent from fourth quarter 2011. Fourth quarter gas production was down 2.8 percent, excluding entitlement volumes and divestments, as field decline was partially offset by higher demand and lower downtime.

The company's 2012 full year oil and gas production was also down by 1.7 percent and 1.9 percent respectively.

Despite lower oil production, ExxonMobil noted that its participated in three major liquids project start-ups in West Africa last year with capacity of 350,000 gross barrels of oil per day.

The company also announced early January that it would move forward with the Hebron oil field development projects offshore eastern Canada. ExxonMobil will spend as estimated $14 billion on the project, which will involve constructing a gravity-based structure to recover more than 700 million barrels of oil.

ExxonMobil also started operations at one of the world's largest ethylene steam crackers, the centerpiece of the company's multi-billion dollar expansion at its Singapore petrochemical complex. The expansion will add 2.6 million tonnes per year of new finished product capacity.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Earnings Rise, Oil Production Declines for ExxonMobil

ExxonMobil recorded higher fourth quarter and full year 2012 earnings, but saw its upstream earnings and oil production decline as it ramped up 2012 capital and exploration expenditures to a record level.

The Irving, Texas-based oil major recorded fourth quarter 2012 earnings of more than $9.9 billion, up 6 percent from the fourth quarter of 2011, and full year 2012 earnings of $44.9 billion, up 9 percent from 2011, and record earnings per share of $9.70.

The company spent a record $39.8 billion on expenditures as it pursues opportunities to find and produce new supplies of oil and natural gas to meet global energy demand.

"Energy is fundamental to economic growth and improved living standards," said Chairman Rex W. Tillerson in a statement Friday. "ExxonMobil's strong financial performance enables continued investment in new energy supplies, which creates jobs and supports economic expansion."

While ExxonMobil's fourth quarter earnings were up, the company's upstream earnings for fourth quarter 2012 were approximately $7.7 billion, down approximately $1.1 billion from fourth quarter 2011. Fourth quarter earnings were impacted by lower liquids realizations partially offset by improved natural gas realizations, production volume and mix and lower gains from asset sales.

U.S. upstream earnings for fourth quarter 2012 rose $420 million from fourth quarter 2011 to $1.6 billion, while non-upstream earnings declined approximately $1.5 billion from the previous year to $6.1 billion.

Fourth quarter downstream earnings were approximately $1.8 billion, up $1.3 billion from the same quarter a year ago, on stronger refining margins. U.S. downstream earnings rose $667 million to $697 million, while non-U.S. downstream earnings rose $676 million to approximately $1.1 billion.

ExxonMobil's full year 2012 earnings included $9.9 billion of divestment and restructuring gains, mainly from restricting of its Japan-based operations, with $6.5 billion. But the company's upstream earnings for 2012 of $29.8 billion were down $4.5 billion from 2011 due to a number of factors, including lower liquids realizations, production volume and mix effects, higher operating expenses, lower asset sale gains, unfavorable tax items and negative foreign exchange effects.

ExxonMobil saw its full year 2012 upstream earnings decline by $4.5 billion from 2011 to approximately $29.9 billion. The company recorded U.S. upstream operation earnings of $3.9 billion, down approximately $1.2 billion from 2011, and earnings outside the U.S. of $25.9 billion, down $3.3 billion.

The company's U.S. and international downstream businesses recorded higher earnings due to stronger refining-driven margins and the $5.3 billion gain associated with ExxonMobil's restructuring in Japan and other divestment gains. Downstream earnings grew approximately $8.7 billion from 2011 to $13.2 billion in 2012, with U.S. downstream earnings of approximately $3.5 billion, up $1.3 billion from 2011, and non-U.S. downstream earnings of $9.6 billion, up $7.4 billion from 2011.

Excluding entitlement volumes, OPEC quota effects and divestments, ExxonMobil's fourth quarter 2012 production declined by 2.1 percent from fourth quarter 2011. Fourth quarter gas production was down 2.8 percent, excluding entitlement volumes and divestments, as field decline was partially offset by higher demand and lower downtime.

The company's 2012 full year oil and gas production was also down by 1.7 percent and 1.9 percent respectively.

Despite lower oil production, ExxonMobil noted that its participated in three major liquids project start-ups in West Africa last year with capacity of 350,000 gross barrels of oil per day.

The company also announced early January that it would move forward with the Hebron oil field development projects offshore eastern Canada. ExxonMobil will spend as estimated $14 billion on the project, which will involve constructing a gravity-based structure to recover more than 700 million barrels of oil.

ExxonMobil also started operations at one of the world's largest ethylene steam crackers, the centerpiece of the company's multi-billion dollar expansion at its Singapore petrochemical complex. The expansion will add 2.6 million tonnes per year of new finished product capacity.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Union Drilling Announces 2011 Third Quarter Earnings Release and Conference Call Schedule

Posted on Wednesday, September 28th, 2011 at 11:21 pm

FORT WORTH, Texas, Sept. 28, 2011 /PRNewswire/ — Union Drilling, Inc. (NASDAQ: UDRL) announced today that it will release its 2011 third quarter results at 6:00 a.m. Eastern time on Monday, October 31, 2011. In conjunction with the release, the Company has scheduled a conference call which will be broadcast live over the Internet that same day at 11:00 a.m. Eastern time.

What:

Union Drilling Third Quarter 2011 Earnings Conference Call

When:

Monday, October 31, 2011 at 11:00 a.m. Eastern time

How:

Live via phone — By dialing 480-629-9692 or live over the Internet by logging onto the web at the address below

Where:

www.uniondrilling.com, in the “Investor Relations” section of the Company’s website

For those who cannot listen to the live call, a telephonic replay will be available through November 7, 2011 and may be accessed by calling 303-590-3030 and using the pass code 4474892. Also, an archive of the webcast will be available shortly after the call on the “Investor Relations” section of the Company’s website.

About Union Drilling

Union Drilling, Inc., headquartered in Fort Worth, Texas, provides contract land drilling services and equipment to oil and natural gas producers in the United States. Union Drilling currently owns and markets 70 rigs and specializes in unconventional drilling techniques.

UDRL-E

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