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  • LOS ANGELES— A California official outlined a plan Thursday to cap a massive Los Angeles- area gas leak by the end of next week. The final phase to intercept the ruptured Southern California Gas Co. well is expected to begin Monday, said Wade Crowfoot, an adviser to Gov. The well has been leaking for 15 weeks and has been a major disruption for the upscale Porter Ranch...

  • LOS ANGELES— A California official outlined a plan Thursday to cap the massive Los Angeles- area gas leak by the end of next week. Jerry Brown, told residents of Porter Ranch that the final phase to intercept the ruptured well should start Monday. It is then expected to take another five days to permanently seal the Southern California Gas Co. well that began...

  • HOUSTON, Feb 3- The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow further as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only National Oilwell Varco but dozens of others...

  • Weatherford reports 4Q loss Wednesday, 3 Feb 2016 | 6:01 PM ET

    BAAR, Switzerland _ Weatherford International Ltd. on Wednesday reported a loss of $1.21 billion in its fourth quarter. The average estimate of 15 analysts surveyed by Zacks Investment Research was for a loss of 19 cents per share. Nine analysts surveyed by Zacks expected $2.02 billion.

  • Feb 3- Weatherford International Plc said it would cut about 6,000 jobs in the first half of 2016 as a steep drop in oil prices hurts drilling and exploration activity. The oilfield services provider, which had about 56,000 employees at the end of 2014, cut about 14,000 jobs in 2015.. The company also set a capital expenditure target of $300 million for this year,...

  • HOUSTON, Feb 3- The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow more as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only NOV but dozens of others throughout North...

  • LOS ANGELES— Top prosecutors in Los Angeles County and the state of California are the latest to make moves against a utility for a massive and still-flowing gas leak, joining a growing group that now includes several levels of government along with parts of the private sector. LA County's District Attorney Jackie Lacey filed misdemeanor criminal charges...

  • ABB profit drops 70% Wednesday, 3 Feb 2016 | 3:38 AM ET
    ABB profit drops 70%

    Ulrich Spiesshofer, CEO of ABB, says his company needs to readjust its efforts, especially in China where sluggish demand hit profits.

  • MILAN, Feb 2- Italian oil services group Saipem said on Tuesday it would appeal an Algerian court ruling ordering one of its units to pay a 34,000 euro fine for allegedly inflating prices on contracts to build a gas pipeline. The company, which is jointly controlled by oil major Eni and state lender fund FSI, is also in the midst of a highly-dilutive 3.5 billion euro...

  • LOS ANGELES— Los Angeles prosecutors filed misdemeanor criminal charges Tuesday against a utility for failing to immediately report a natural gas leak that has been gushing nonstop nearly 15 weeks. District Attorney Jackie Lacey said the charges aren't a solution to the problem, but Southern California Gas Co. needs to be held responsible for the leak that...

  • LOS ANGELES— Exxon Mobil Corp. won approval Monday for its plan to use trucks to move more than 17 million gallons of oil stranded in storage tanks after a California pipeline break in May. Eight months ago, the ruptured pipeline created the largest coastal oil spill in California in 25 years, fouling beaches near Santa Barbara and spreading goo as far as 100 miles.

  • Feb 1- CenterPoint Energy Inc said on Monday it was considering strategic options for its investment in natural gas pipeline company Enable Midstream Partners LP, including a sale or a spinoff. The move follows CenterPoint's $363 million investment in Enable Midstream's preferred securities on Friday. CenterPoint owns a 50 percent general partner...

  • Money managers, including hedge funds and other big speculators, raised their combined futures and options position in New York and London by 15,717 contracts to 68,053 in the week to Jan. 26, the U.S. Commodity Futures Trading Commission said. "It looked as if up to last Tuesday, you had a big influx of money-manager longs- that would explain why up until Tuesday last...

  • *Iran won't join immediate OPEC production cut- report. *Iran oil exports set to rise in January, February. The oil market rallied for four straight sessions this week after the Organization of the Petroleum Exporting Countries renewed calls for rival producers to cut supply alongside its members that triggered a volley of comments from Russia on a deal with...

  • Drillers removed 12 oil rigs in the week ended Jan. 29, bringing the rig count down to 498, the least since March 2010, oil services company Baker Hughes Inc said. Three major U.S. shale oil companies this week slashed their 2016 capital spending plans more than expected in a bid to survive $30 a barrel oil prices, with Continental Resources saying prices would need...

  • CRUDE OIL FUTURES PARE GAINS AFTER BAKER HUGHES REPORT SHOWING OIL DRILLERS CUT RIGS FOR SIXTH STRAIGHT WEEK.

  • U.S. OIL DRILLERS CUT RIGS FOR SIXTH STRAIGHT WEEK -BAKER HUGHES.

  • WASHINGTON, Jan 28- New orders for long-lasting U.S. manufactured goods in December recorded their biggest drop in 16 months as lower oil prices and a strong dollar pressured factories, the latest indication that economic growth braked sharply at the end of 2015.. "U.S. companies are cutting investment sharply, and the key worry is that it seems to be spreading...

  • Jan 28- Oilfield services provider Baker Hughes Inc, which is being acquired by larger rival Halliburton Inc, said it expected global rig count to decline by as much as 30 percent in 2016, as the slump in oil prices shows no signs of abating. Net loss attributable to Baker Hughes was $1.03 billion, or $2.35 per share, in the three months ended Dec. 31, compared with a...

  • Baker Hughes reports 4Q loss Thursday, 28 Jan 2016 | 8:21 AM ET

    HOUSTON _ Baker Hughes Inc. on Thursday reported a fourth-quarter loss of $1.03 billion, after reporting a profit in the same period a year earlier. The average estimate of 15 analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share. Baker Hughes shares have fallen 12 percent since the beginning of the year, while the Standard& Poor's 500...