Oil and Gas Energy Equipment and Services

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  • LONDON, Feb 15- British defense firm BAE Systems named Charles Woodburn as its chief operating officer, making the former oil executive heir apparent for the chief executive's role. BAE's statement on Monday followed media reports on Sunday that Woodburn would be appointed to the role before taking over the top job from Ian King in 12 to 18 months.

  • U.S. OIL DRILLERS CUT RIGS FOR 8TH WEEK IN A ROW -BAKER HUGHES.

  • NEW YORK, Feb 12- For the past six years, U.S. refiners from Texas to Philadelphia have bought every barrel of crude they can lay their hands on to cash in on a golden era of healthy margins. Now, at least five refiners- including two of the country's largest- have voluntarily cut output of gasoline and distillate in the most widespread cuts since the global financial...

  • NEW YORK, Feb 11- Blackstone Group has launched a fund to finance the troubled offshore drilling and services sector, the U.S. private equity firm said on Thursday, anticipating a buyer's market as low oil prices set the stage for restructuring and consolidation. Blackstone's new entity, called Clarion Energy Partners, will be led by former executives of Pride...

  • Feb 5- U.S. energy firms deepened their cuts in oil drilling rigs in the seventh week of declines to the lowest levels since March 2010, data showed on Friday, as they continue to cut spending due to the collapse in crude prices. Front-month U.S. crude futures were trading at about $31 per barrel and Brent at $34 on Friday, on track to end the week lower after two...

  • Feb 5- U.S. energy firms this week cut oil rigs for a seventh week in a row to the lowest levels since March 2010, data showed on Friday, as energy firms continue to cut spending due to the collapse in crude prices. Front-month U.S. crude futures were trading at about $31 per barrel and Brent at $34 on Friday, on track to end the week lower after two consecutive weeks of...

  • Feb 5- Dubbed the energy highway's toll takers, master limited partnerships, or MLPs, get paid by shippers who move crude oil and refined products through their pipelines, storage terminals and other assets. In recent years, the U.S. Internal Revenue Service has expanded what companies qualify to form the tax-friendly structure, including oil field service...

  • 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...

  • 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...

  • 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...

  • 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...