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Oil and Gas Energy Equipment and Services

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  • SINGAPORE, April 17- U.S. crude futures slipped towards $56 a barrel on Friday as soaring oil production from OPEC members stoked concerns over a global glut, but Middle East tensions kept a floor under prices. It climbed 32 cents to settle at $56.71 the day before, after hitting a 2015- high of $57.42. *Russian President Vladimir Putin said Iran's flexibility over...

  • UPDATE 2-Schlumberger to cut 11,000 more jobs Thursday, 16 Apr 2015 | 6:31 PM ET

    April 16- Schlumberger Ltd said it would cut a further 11,000 jobs and reduced its capital spending plan for this year as the world's No.1 oilfield services provider prepares for an extended period of lower activity and pricing pressure, especially in North America. The lower activity and pricing pressure led to a 9 percent drop in Schlumberger's...

  • April 16- Schlumberger Ltd, the world's No.1 oilfield services provider, reported a 38.8 percent drop in quarterly profit and said it would cut a further 11,000 jobs, blaming the fall in drilling activity, particularly in North America. Net income attributable to Schlumberger fell to $975 million, or 76 cents per share, in the first quarter ended March 31, from...

  • April 16- Schlumberger Ltd, the world's No.1 oilfield services provider, said it would cut a further 2,000 jobs and that it expects a recovery in U.S. land drilling activity to be delayed. Schlumberger, which provides drilling technology and equipment to oil and gas companies, said first-quarter revenue fell 19 percent from the fourth quarter, blaming lower...

  • April 16- Schlumberger Ltd, the world's No.1 oilfield services provider, reported a 38.8 percent drop in quarterly profit and said it would cut a further 2,000 jobs, blaming the fall in drilling activity, particularly in North America. Net income attributable to Schlumberger fell to $975 million, or 76 cents per share, in the first quarter ended March 31, from $1.59...

  • COLUMN-U.S. shale boom nears turning point: Kemp Tuesday, 14 Apr 2015 | 5:58 AM ET

    LONDON, April 14- Oil production from major U.S. shale plays will decline by almost 60,000 barrels per day between April and May according to new estimates from the Energy Information Administration. Only the Permian Basin is expected to post a small month-on-month increase in output. With the number of rigs drilling for oil in the United States down by almost 53...

  • *Iran urged the formation of a new Yemeni government on Monday and offered to assist in a political transition, comments likely to anger Saudi Arabia, which is backing Yemen's president against a rebel force allied with Iran. *Russia ended a self-imposed ban on supplying Iran with a defensive missile system on Monday, while launching an oil-for-goods barter...

  • WASHINGTON, April 10- The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials. The Interior Department could make the announcement as...

  • The oil rig count fell by 42 this week to 760, the biggest drop in a month after the loss of 11 and 12 rigs in the prior two weeks respectively, according to data from oil services firm Baker Hughes. "It's a sign of the tumult the oil industry is still going through," said John Kilduff, partner at New York energy hedge fund Again Capital. With this week's decline, the oil rig...

  • LONDON, April 10- Oil majors may have slashed capital spending but national oil companies in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down. But while offshore drillers and seismic companies continue to suffer, oil services stocks with chunky exposures to Middle East...

  • MOSCOW, April 9- Russian oilfield services company Eurasia Drilling said on Thursday it made $421 million in net profit last year, 2.5 percent less than in 2013.. Eurasia Drilling said its top line revenue was 14.5 percent below revenue a year earlier at $2.975 billion. Its adjusted earnings before interest, tax, depreciation and amortisation fell around 11...

  • Goldman: Oil prices must 'stay low for longer' Tuesday, 7 Apr 2015 | 9:56 AM ET
    Pipelines and oil storage tanks in Cushing, Oklahoma.

    U.S. oil inventory and capex falls may boost prices modestly near term, but production growth is still too strong for substantial gains, Goldman said.

  • By Henning Gloystein and Jacob Gronholt-Pedersen SINGAPORE, April 7- Investor positions in Brent crude oil futures have risen to a historic high and outnumbered contracts in U.S. futures by the most ever as more traders held the North Sea benchmark as a truer reflection of global market conditions. Brent's open interest on the Intercontinental Exchange, or...

  • SAO PAULO, April 6- Brazil's state-run oil company Petroleo Brasileiro SA said on Monday it would halt five drilling rigs under contract with Schahin. Petrobras, as the company is known, said it was informed by Schahin on April 2 that the financially strapped oil services company was planning a controlled shutdown of drilling activities at five of its rigs.

  • MEXICO CITY, April 1- Mexican state-run oil company Pemex said at least four people died after a fire broke out on a production platform in the Gulf of Mexico early on Wednesday, sparking the evacuation of around 300 workers. Local emergency services said as many as 45 people were injured in the blaze, which erupted overnight on the Abkatun Permanente platform in...

  • The SEC said that the Houston- based oil services company violated a federal regulation by requiring witnesses in internal investigations to sign confidentiality agreements that warned of possible discipline if they discussed the matters with outside parties. The SEC also said since the internal investigations included allegations of securities law...

  • MEXICO CITY, April 1- Mexican state-run oil company Pemex said at least four people died after a fire broke out on a production platform in the Gulf of Mexico early on Wednesday, sparking the evacuation of around 300 workers. Local emergency services said as many as 45 people were injured in the blaze, which erupted overnight on the Abkatun Permanente platform in...

  • LAUNCESTON, Australia, April 1- The state of China's oil storage tanks is shaping up as a key determinant of the likely path of imports by Asia's largest fuel consumer. A trading executive at top Chinese refiner Sinopec weighed into the issue on March 25, saying China's commercial and strategic storage is almost full. If the Sinopec official is correct, it almost...

  • SINGAPORE, April 1- A backlog of over 30 oil tankers has built up outside the Iraqi port of Basra and shippers face lengthy delays of up to three weeks to load oil because of bad weather and possible oil quality issues, shipping industry sources said. The problems could delay or limit the number of oil export cargoes from Basra in April, potentially pushing down...

  • CALGARY, Alberta, March 31- Canada's Keyera Corp and midstream company Kinder Morgan Inc plan to build 4.8 million barrels of new crude oil storage in the marketing hub of Edmonton, Alberta, the two companies said on Tuesday. The terminal will be a 50-50 joint venture with Keyera's share of costs expected to be C $330 million, while Kinder Morgan will potentially...