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Oil and Gas Energy Equipment and Services

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  • NEW YORK— Energy company ConocoPhillips, which has already cut 1,000 jobs this year, says it will eliminate around 1,810 more positions following a plunge that took oil prices to their lowest levels in years. ConocoPhillips plans to eliminate more than 500 jobs in Houston, where it is based. ConocoPhillips had 18,100 employees on June 30.

  • HOUSTON, Sept 1- Demand for crude storage in the Caribbean, one of the world's most important oil hubs, is rising as producers and traders try to ride out the worst price crash in six years by holding onto more barrels or making blends that can be sold for premiums. Midstream players Buckeye Partners LP and NuStar Energy LP say they have basically run out of space.

  • Correction: Transocean-Dividend story Wednesday, 26 Aug 2015 | 1:31 PM ET

    NEW YORK— In a story Aug. 25 about Transocean Ltd., The Associated Press erroneously reported the date of the company's special meeting. Transocean moves to pause dividends, expects $2 B in charges. NEW YORK— With the price of oil at its lowest levels in more than six years, oil rig drilling company Transocean said Tuesday it wants to cancel two quarterly dividend...

  • Schlumberger buying Cameron International in $12.71B deal Wednesday, 26 Aug 2015 | 6:45 AM ET

    HOUSTON— Schlumberger is buying Cameron in a cash-and-stock deal valued at about $12.71 billion that would create an oilfield equipment and service powerhouse. Schlumberger and Cameron put the acquisition's total value at $14.8 billion. "We believe that the next industry technical breakthrough will be achieved through integration of Schlumberger's...

  • NEW YORK— With the price of oil at its lowest levels in more than six years, oil rig drilling company Transocean said Tuesday it wants to cancel two quarterly dividend payments and also said it could take $2 billion in new impairment charges. Transocean stock has plunged 67 percent over the last year as the price of oil and gas tumbled and companies cut back on...

  • Encana selling Louisiana assets for $850 million Tuesday, 25 Aug 2015 | 8:34 AM ET

    NEW YORK— Energy company Encana Corp. is selling its Haynesville natural gas assets in Louisiana in northern Louisiana to GEP Haynesville LLC for $850 million. Encana will use the proceeds from the sale to reduce debt. Canadian-based Encana also said it will reduce its gathering and midstream commitments, which will be substantially complete through 2020,...

  • Aug 24- Pipeline company Energy Transfer Equity LP is bidding for Magnum Hunter Resources Corp's stake in natural gas gathering unit Eureka Hunter Holdings, Bloomberg reported, citing people familiar with the matter. Magnum Hunter began working with the Bank of Montreal to auction its stake in Eureka Hunter after Energy Transfer made an unsolicited bid for...

  • CAIRO, Aug 23- A state oil firm loyal to Libya's official government based in the east of the country has invited foreign oil firms to discuss existing oil purchase contracts at a conference in Dubai next month, it said in a statement. The move is a fresh attempt by Libya's internationally recognised government to control state oil firm NOC, which is at the centre of...

  • ANALYSIS-Get used to cheap oil, derivatives markets say Wednesday, 19 Aug 2015 | 7:18 AM ET

    *Five-year spreads below $20; near $30 in 2008/ 9. Contracts for delivery of crude oil in the future on the big commodities markets such as the New York Mercantile Exchange and the InterContinental Exchange show the price of oil in five years' time has collapsed in recent months. U.S. crude now costs around $42 a barrel for delivery next month, and only about $20 more...

  • LONDON, Aug 17- Hedge funds remained unusually bearish on U.S. oil prices last week even as the cost of WTI tumbled towards the lowest level since 2009.. Hedge funds and other money managers held short positions in WTI-linked futures and options equivalent to more than 193 million barrels of oil, according to the U.S. Commodity Futures Trading Commission.

  • *Iran seeks to upgrade derelict refining, petchem sector. *Oil services executives visit Iran on tour of sites. Officials from Iran's oil refining company NIORDC, its National Petrochemical Company and the privately owned Persian Oil and Gas are holding talks with services firms to clinch projects to repair Iran's derelict refining and petrochemical sector.

  • Reflecting plans announced in May and June, when U.S. crude futures averaged $60 a barrel, drillers added two oil rigs in the week ended Aug. 14, bringing the total count up to 672, the highest since early May, oil services company Baker Hughes Inc said in its closely followed report. Drillers added oil rigs in two of the four major U.S. shale oil basins, with five in the...

  • OIL DRILLERS ADD RIGS, EVEN AS PRICE DIVE ANEW- BAKER HUGHES.

  • Shale is more expensive to produce than oil from the giant conventional fields of the Middle East but cheaper than deepwater megaprojects and competes directly against the North Sea and Canada's oil sands. Megaprojects developed by the major international companies must now be benchmarked at prices of just $70 or even $50 a barrel rather than the $80- $100...

  • *Iraq to export near record volumes of Basra crude. *China's economy expected to weaken further. Benchmark North Sea Brent crude oil was up 60 cents at $50.26 a barrel by 0855 GMT.

  • SINGAPORE, Aug 13- The deadly explosions in the northeast Chinese port city of Tianjin have disrupted chemical and oil tankers going in and coming out of the port, trading and shipping sources said on Thursday. Two huge explosions tore through an industrial area where toxic chemicals and gas were stored in Tianjin, killing at least 44 people and injuring...

  • HOUSTON, Aug 7- Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. At Halliburton, some of the capital to finance the sales will come from $500 million in backing from asset manager BlackRock, part of a wave of alternative finance...

  • Aug 7- Maritime stocks have broadly fallen this year as weak demand for some commodities and goods in Asia and oversupply of ships have hurt much of the industry, with one notable exception: Oil tankers have been doing a booming business and their shares are up as much as 50 percent year to date. The Guggenheim ETF includes companies ranging from oil tanker Nordic...

  • SAO PAULO, Aug 7- Brazilian prosecutors plan to file criminal charges stemming from the lease of an Ensco Plc offshore oil-drilling ship to Brazil's state-run oil company Petrobras "in due course," they said. The plan to prosecute over the Ensco-Petrobras charter was mentioned in a Thursday statement presenting corruption charges stemming from the 2009 lease...

  • HOUSTON, Aug 7- Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. At Halliburton, some of the capital to finance the sales will come from $500 million in backing from asset manager BlackRock, part of a wave of alternative finance...