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Oil and Gas Energy Equipment and Services

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  • Sempra Energy buying joint venture stake from Pemex Friday, 31 Jul 2015 | 6:52 PM ET

    NEW YORK— Sempra Energy said Friday it will take full control of a Mexican natural gas pipeline business in a deal valued at $1.33 billion. Sempra Energy's Mexican unit, IEnova, owned 50 percent of the Gasoductos de Chihuahua joint venture, and Mexico's state oil company Pemex owned the other half. Sempra Energy said the purchase will add about 5 cents per share to...

  • NEW YORK— As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth. For instance, Exxon Mobil said Friday it cut spending by $1.54 billion in the second quarter, while Chevron announced it is laying off 1,500 workers.

  • US oil and natural gas rig count down 2 to 874 Friday, 31 Jul 2015 | 2:21 PM ET

    HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by two this week to 874.. Among major oil- and gas-producing states, New Mexico gained three rigs, Louisiana gained two and North Dakota, Ohio, Texas and Wyoming each gained one. Kansas lost four rigs, Utah declined by three, Alaska and...

  • *OPEC oil production up 140,000 bpd in July- Reuters survey. LONDON, July 31- Oil prices steadied on Friday as a sharp fall in the dollar balanced evidence of growing oversupply, with core OPEC producers pumping near record levels. Brent crude oil was down 25 cents at $53.06 a barrel by 1350 GMT.

  • A blockade in Portland, Oregon, that included environmental protesters dangling from a bridge unsuccessfully attempted to keep a Royal Dutch Shell icebreaker from leaving for oil drilling in the Arctic. Royal Dutch Shell PLC and other companies want to tap into U.S. Offshore Alaska offers some of the most prolific, undeveloped hydrocarbon basins in the world,...

  • COLUMN-U.S. oil storage becomes big business: Kemp Thursday, 30 Jul 2015 | 11:07 AM ET

    LONDON, July 30- Commercial crude stocks across the United States rose by 105 million barrels early this year to peak at 490 million barrels, the highest level in eight decades. Working storage capacity at refineries, tank farms and underground storage facilities in the United States has increased by 85 million barrels, almost 19 percent, since 2011..

  • *ABN AMRO cuts 2016 crude price forecasts. U.S. crude stockpiles fell by 4.2 million barrels in the week to July 24, more than 20 times analysts' expectations of a decrease of 184,000 barrels, Energy Information Administration data showed on Wednesday. Brent crude was up 20 cents a barrel at $53.58 by 1345 GMT, after settling 8 cents higher in the previous session.

  • UPDATE 5-Oil rises after U.S. crude stocks draw Thursday, 30 Jul 2015 | 6:36 AM ET

    *ABN AMRO cuts 2016 crude price forecasts. Benchmark Brent crude was up 80 cents a barrel at $54.18 by 1025 GMT, after settling 8 cents higher in the previous session. U.S. crude rose 30 cents to $49.09, after ending the previous session up 81 cents, or 1.7 percent.

  • *ABN AMRO cuts 2016 crude price forecasts. Benchmark Brent crude oil was up 30 cents a barrel at $53.68 by 0805 GMT, after settling 8 cents higher in the previous session. "Oil is consolidating," said Carsten Fritsch, senior oil analyst at Commerzbank.

  • OSLO, July 29- Norwegian oil services firm Subsea 7 reported a smaller-than-expected fall in second-quarter earnings on Wednesday and said it would cut costs by up to $550 million by early next year as it whittles down its fleet and reduces staff. Subsea 7, which focuses on the North Sea but has a global operation, will also cut its fleet by 12 vessels from 39. It...

  • BISMARCK, N.D.— Tribal leaders from a prolific portion of North Dakota's oil-rich Fort Berthold Reservation are scaling back proposed drilling regulations that industry officials warned could slow crude production. Leaders of a section of the reservation that produces the most oil recently formed the West Segment Regulatory Commission, based in Mandaree,...

  • July 28- National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a higher-than-expected quarterly profit as cost cuts helped offset the impact of a fall in global drilling activity. Expenses fell more than 18 percent to $417 million in the second quarter ended June 30 from a year earlier, the company said. Net income attributable to the...

  • National Oilwell profit drops 53 pct on weak demand Tuesday, 28 Jul 2015 | 7:08 AM ET

    July 28- National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a 53 percent fall in quarterly profit as a steep decline in commodity prices weighed on demand and prices for its products. Net income attributable to the company fell to $289 million, or 74 cents per share, in the second quarter ended June 30, from $619 million, or $1.44 per...

  • Schlumberger Ltd, the world's No. 1 oilfield services provider said last week it believed the North American rig count may be bottoming and that a slow rise in both land drilling and completion activity could occur in the second half of the year. Schlumberger and rival Halliburton have slashed their capital expenditure budgets for this year.

  • U.S. crude for September delivery was down 14 cents at $48 as of 0024 GMT, after closing the previous session down 31 cents at $48.14, its lowest settlement since March 31 and down 5.5 percent on the week. Brent crude futures for September delivery fell 4 cent to $54.58 after ending the previous session 65 cents down, the lowest close since March 19 and a drop of 4.3...

  • *Drillers add 21 oil rigs in U.S. this week- Baker Hughes. NEW YORK, July 24- Brent and U.S. crude futures settled on Friday at their lowest since March and posted their fourth straight weekly decline as weak economic data from China and a rise in U.S. oil drilling rigs applied pressure. U.S. energy firms added 21 oil rigs this week after pulling seven rigs last week, oil...

  • OIL DRILLERS ADD RIGS THIS WEEK DESPITE CRUDE PRICE COLLAPSE- BAKER HUGHES.

  • July 23- Hercules Offshore Inc, stung by slumping demand for drilling services in older Gulf of Mexico oilfields, said on Thursday it plans to file for creditor protection in about three weeks and emerge several months later with a restructured balance sheet. The company's balance sheet lists $266 million in current assets and $1.35 billion in current...

  • CHESTER HILL, Pa.— A Canadian company that provides natural gas drillers with hydraulic fracturing and other services has laid off 60 workers at its central Pennsylvania operation. The Centre Daily Times reports the layoffs leave Calfrac Well Services with about 10 employees who will maintain its equipment, facility and to support the company's sales.

  • Hercules Offshore reports 2Q loss Thursday, 23 Jul 2015 | 7:57 AM ET

    HOUSTON _ Hercules Offshore Inc. on Thursday reported a second-quarter loss of $88.3 million, after reporting a profit in the same period a year earlier. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 46 cents per share. This story was generated by Automated Insights using data from Zacks Investment Research.