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Oil and Gas Energy Equipment and Services

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  • Overall, drillers reduced the number of rigs by four this week, oil services company Baker Hughes Inc said in its closely followed report. The number of oil rigs in the Permian, the nation's biggest shale oil field located in West Texas and eastern New Mexico, climbed to 232 this week, up one from the lowest level in at least four years last week, according to Baker...

  • CRUDE LITTLE CHANGED AFTER OIL SERVICES FIRM BAKER HUGHES REPORTS REDUCTION OF 4 U.S.

  • *Greece concerns boost dollar, weaken oil. *Coming Up: Baker Hughes oil rigs report at 1700 GMT. Market participants will be looking out for oil services firm Baker Hughes' latest weekly reading on the U.S. oil rig count at 1:00 p.m. Eastern time to decide on further direction.

  • OTTAWA, June 19- The fiery January 2014 derailment of a Canadian National Railway Co crude oil train in New Brunswick was caused by an undetected flaw that broke a wheel, the Transportation Safety Board of Canada said on Friday. The accident at Plaster Rock in the Canadian Atlantic province was one of a series of tanker train disasters that have increased...

  • OSLO, June 18- Some 574 Norwegian rig workers could go on strike from next Thursday, potentially reducing oil production, unless a wage settlement is reached during talks with a state appointed mediator, three labor unions said on Thursday. The IE and DSO workers are all based on four drilling rigs owned by Odfjell Drilling, Stena Drilling, China Oilfield Services...

  • NEW YORK, June 17- Magellan Midstream Partners LP, one of the ten largest U.S. oil pipeline companies, is considering opening an oil trading operation for the first time to enter a business that generates hundreds of millions of dollars a year for some of its rivals. Magellan may hire traders and acquire other assets related its existing pipeline and oil storage...

  • June 17- Canadian oilfield services provider Calfrac Well Services Ltd halved its quarterly dividend to 6.25 Canadian cents per share, citing lower crude oil prices and weak demand for oilfield services. Calfrac's board also approved an additional capital of about C $12 million for 2015 to expand in Latin America, the company said on Wednesday.

  • NEW YORK, June 17- Magellan Midstream Partners LP, one of the ten largest U.S. oil pipeline companies, is considering opening an oil trading operation for the first time to enter a business that generates hundreds of millions of dollars a year for some of its rivals. Magellan may hire traders and acquire other assets related its existing pipeline and oil storage...

  • Ex-PetroTiger co-CEO avoids prison in bribery case Tuesday, 16 Jun 2015 | 3:29 PM ET

    June 16- A former co-chief executive of oil services company PetroTiger Ltd was sentenced to probation on Tuesday, a day after his bribery trial ended abruptly when he pleaded guilty to a single conspiracy charge. District Judge Joseph Irenas in Camden, New Jersey, to serve three years of probation and pay a $100,000 fine and $239,015 in restitution, the office of...

  • COLUMN-North Dakota's oil production has peaked: Kemp Tuesday, 16 Jun 2015 | 8:14 AM ET

    LONDON, June 16- North Dakota's crude oil output has peaked, according to the latest production data published by the state government, as the slump in prices takes its toll. In the seven months between February and September 2014, output increased by 233,000 bpd, while in the seven months from September 2014 to April 2015, output actually edged down 18,000 bpd.

  • June 15- A former co-chief executive of oil services company PetroTiger Ltd pleaded guilty in a U.S. court on Monday to conspiring to bribe a Colombia government official to get help in winning a contract. In exchange for the plea from Joseph Sigelman, 43, the U.S. Department of Justice dropped several other charges, including money laundering and violating the...

  • *New York state factory activity gauge falls in June. WASHINGTON, June 15- U.S. industrial production unexpectedly fell in May as manufacturing and mining activity remained weak, a sign that a strong dollar and spending cuts in the energy sector continued to constrain economic growth. Looking ahead, production is likely to stabilize when the oil industry...

  • Energy firms pulled another seven rigs from U.S. oil fields this week, the most since late May, oil services company Baker Hughes Inc said on Friday in its closely followed report. Despite the overall cuts, drillers this week added rigs in four basins, including the Permian in West Texas and eastern New Mexico, the biggest U.S. shale oil basin. With Saudi Arabia and...

  • June 11- Oil and natural gas producer Hess Corp said it would sell half of its Bakken midstream assets to private equity firm Global Infrastructure Partners for $2.68 billion to form a master limited partnership. Hess, which will retain control of the midstream assets' operations, expects the MLP's net income of $145 million to $155 million for the year ending...

  • June 11- Oil and natural gas producer Hess Corp said it will sell half of its Bakken midstream assets to Global Infrastructure Partners for $2.68 billion. The joint venture, valued at $5.35 billion, plans to file for an initial public offering, upon closing of the transaction, Hess said on Thursday. Hess said in July it plans to form a publicly traded master limited...

  • NEW YORK, June 10- Oil rallied for a second straight day on Wednesday as U.S. government data confirmed a big weekly drawdown in domestic crude stockpiles, although profit-taking by players who had bet on the draw pulled the market back from its highs. By 11:50 a.m. EST, global crude benchmark Brent was up 20 cents, or 0.3 percent, at $65.08 a barrel, from the session...

  • LONDON, June 9- Cost-cutting is set to remain the main focus for the oil industry for at least the next two years as petroleum producers adjust to an environment of much lower prices. If the boom was characterised by an emphasis on ambitious and complex engineering and technology projects, the downturn has brought a renewed focus on simplification and...

  • *OPEC oil production likely to continue to exceed demand. "A 4-6 percent drop is acceptable for refinery maintenance season in China, but 20 percent or more is a sign of demand collapse," said Bob Yawger, director of energy futures at Mizuho Securities USA. Phil Flynn, an analyst at Chicago- based Price Futures Group, said a continuous slump in Chinese demand could be a "...

  • BEIJING, June 8- China's oil imports fell about 11 percent in May from a year ago in the steepest drop since November 2013, likely knocking the country off its perch as the world's top crude buyer- a spot it claimed for the first time in April. Lower imports by China, at a time when markets are expected to be oversupplied following OPEC's decision to keep its output...

  • June 5- U.S. oil drillers boosted activity in four key basins this week, bringing the promise of additional oil to a market that faces OPEC's Friday decision to leave production caps unchanged. In the latest week, drillers added one oil rig in the Permian basin in West Texas and eastern New Mexico, the biggest and fastest growing U.S. shale oil basin.