Oil and Gas Energy Equipment and Services

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  • Dec 20- Strapped for cash, Chesapeake Energy Corp cancelled its traditionally grand display of holiday lights this year, but like most oil and gas drillers it is still dreaming of a white Christmas. Typically by the second half of December between a third and half of the United States has snow cover. Two Texas- based drillers, Magnum Hunter Resources Corp and Cubic...

  • *Brent hits low just 21 cents above 2008 bottom. NEW YORK, Dec 18- Oil prices fell about half a percent on Friday after the U.S. oil rig count unexpectedly rose for the first time in five weeks, pressuring a market already at seven-year lows. Despite the severity of the decline, data from oil services company Baker Hughes Inc showed U.S. energy firms added to the number of...

  • Drillers added 17 oil rigs in the week ended Dec. 18, bringing the total up to 541, oil services company Baker Hughes Inc said in its closely followed report. In the minutes after Baker Hughes released the report, U.S. crude futures fell 20 cents to $34.29 a barrel, the lowest level since February 2009, before paring losses. U.S. crude futures for next year were trading...

  • U.S. crude's West Texas Intermediate futures were down 50 cents at $34.45 a barrel by 1:10 p.m. EST. Global crude benchmark Brent slid 38 cents to $36.68, heading back toward its session low of $36.41, which was just 21 cents above a 2004 bottom. U.S. energy firms added 17 oil rigs in the week ended Dec. 18, bringing the total rig count up to 541, oil services company...

  • TORONTO, Dec 16- Canadian oilfield services provider Calfrac Well Services Ltd said on Wednesday it is raising C $27.5 million via an equity issue aimed at shoring up a key debt ratio, underscoring the level of pressure on energy sector companies hit by slumping oil and gas prices. "Overall, the timing of the issuance seems sudden, but we understand the rationale,"...

  • There is no immediate prospect of large-scale oil exports from the United States because domestic refineries have increased their processing of U.S. crude while domestic oil output has leveled off thanks to the slump in oil prices. The best way to ensure the United States continues to enjoy a healthy domestic oil industry is to allow both oil drillers and...

  • Dec 15- Halliburton Co and Baker Hughes Inc said U.S. antitrust officials were not satisfied with the concessions they offered to win approval for their proposed merger, but said officials would assess further proposals. Halliburton and Baker Hughes said they remained focused on completing the merger "as early as possible in 2016", but warned there was no...

  • Dec 15- Halliburton Co and Baker Hughes Inc said U.S. antitrust officials were not satisfied with the concessions they offered to win approval for their proposed merger, and that officials said they would assess further proposals. The two oilfield service providers said it was unlikely they would be able to settle with the U.S. Department of Justice by Tuesday,...

  • Dec 15- U.S. antitrust officials are not satisfied with Halliburton Co's proposals to get clearance for its proposed acquisition of Baker Hughes Inc and are not expected to make a decision on the deal until next year, Bloomberg reported. Baker Hughes and Halliburton declined to comment on the Bloomberg report. Baker Hughes shares were up 4.3 percent, after being...

  • *Likely to up pressure on Halliburton for concessions. BRUSSELS, Dec 11- Oilfield services provider Halliburton will meet EU antitrust regulators next week and is likely to be told about competition worries over its $35 billion bid for Baker Hughes, a person familiar with the matter said on Friday. The European Commission has been reviewing the proposed tie-up...

  • *Likely to up pressure on Halliburton for concessions. BRUSSELS, Dec 11- Oilfield services provider Halliburton will meet with EU antitrust regulators next week where it is expected to be told about competition worries over its $35 billion bid for Baker Hughes, a person familiar with the matter said on Friday. The European Commission has been reviewing the...

  • Drillers removed 21 oil rigs in the week ended Dec. 11, bringing the total rig count down to 524, the least since April 2010, oil services company Baker Hughes Inc said in its closely followed report. U.S. crude futures fell as low as $35.35 a barrel on Friday, its lowest level since February 2009, after the International Energy agency warned global oversupply could...

  • Drillers removed 21 oil rigs in the week ended Dec. 11, bringing the total rig count down to 524, the least since April 2010, oil services company Baker Hughes Inc said in its closely followed report. U.S. crude oil futures averaged $37 a barrel so far this week, down from $41 last week. U.S. crude futures for next year were trading around $42 a barrel, down from $44 last...

  • BEIJING, Dec 11- China said it more than doubled the size of its strategic crude oil reserves between November 2014 and the middle of this year, building inventories at a rate exceeding analysts' estimates of the country's stockbuilding. China intends to build crude reserves of 550 million barrels by 2020. The 190.5 million barrels is equivalent to about one...

  • Dec 9- French oilfield services company Technip is exploring a sale and has held talks with U.S. peer FMC Technologies Inc about a potential combination, according to people familiar with the matter on Wednesday. Technip and FMC Technologies, which have market capitalizations of 5.3 billion euros and $6.8 billion respectively, have not yet agreed on terms and...

  • COLUMN-Yamani legacy haunts the oil market: Kemp Wednesday, 9 Dec 2015 | 7:15 AM ET

    LONDON, Dec 9- "All political lives, unless they are cut off in midstream at a happy juncture, end in failure, because that is the nature of politics and of human affairs," wrote British politician Enoch Powell. Saudi Arabia's veteran Oil Minister Ali al-Naimi may wonder if he is destined to become the scapegoat for the current collapse in oil prices which is...

  • LONDON, Dec 9- Oil prices rose on Wednesday on strong Japanese economic data and lower crude oil storage figures from the United States, but many investors expected a fall to below 2008 lows due to a mounting global supply glut. Brent crude oil futures were up 36 cents at $40.62 a barrel at 0951 GMT. Official figures from the U.S. Energy Information Administration...

  • NEW YORK, Dec 8- Price swings in the energy market weighed on stocks and exchange-traded funds again on Tuesday, hitting the shares of oil producers for the fifth consecutive trading day. Markets in energy-infrastructure stocks were active as well, as Kinder Morgan lost 6.5 percent. Exxon Mobil Corp fell 1.9 percent, Chevron Corp was down 1 percent and...

  • NEW YORK, Dec 8- The U.S. government on Tuesday raised its projected decline rate for crude oil production next year, furthering a year-long rout that has pressured benchmark prices to near a seven-year low. In its short term energy outlook, the U.S. Energy Information Administration said that production in 2016 would fall by 570,000 barrels per day to 8.76...

  • *Saudi raises supply to Asia by a few million barrels- source. SINGAPORE/ TOKYO, Dec 8- Saudi Arabia is shipping more crude oil to Asia over the last two months of the year as strong refining margins boost demand, trade sources said, helping the top oil exporter defend its market share amid fierce competition. "There is a bigger call for Saudi crude as monthly supply...