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Oil and Gas Energy Equipment and Services

  • LONDON, Oct 14- Trade firms that profited from the renaissance in global refining over the past two years are bracing for tougher times as ample stocks, dwindling volatility and newly powerful refineries in China squeeze opportunities, the chiefs of major trade houses told the Reuters Commodities Summit. The oil price crash was a windfall for traders, who...

  • *China daily crude imports hit record above 8 mln bpd in Sept. BEIJING/ SINGAPORE, Oct 13- China imported record volumes of crude oil last month, eclipsing the United States as the world's top buyer of foreign oil as Beijing's state reserves shipped in cheap crude to fill new storage tanks. It marked the second time this year- but the third month in the past twelve- that...

  • Oct 12- Pacific Gas& Electric said on Wednesday it returned the McDonald Island natural gas storage facility in San Joaquin County, California, to service on Aug. 5 after shutting the field in June due to small methane leaks at some wells. PG&E, a unit of California energy company PG&E Corp, discovered the small leaks during an inspection the state required after the...

  • Oct 12- Pacific Gas& Electric said on Wednesday it returned the McDonald Island natural gas storage facility in San Joaquin County, California, to service on Oct. 5 after shutting the field in June due to small methane leaks at some wells. PG&E, a unit of California energy company PG&E Corp, discovered the small leaks during an inspection the state required after the...

  • Oct 11- Phillips 66 Partners LP said on Tuesday it would buy some pipelines and terminals from parent Phillips 66 for $1.3 billion. The deal, the largest so-called "dropdown" from Phillips 66 to the unit, includes assets supporting Phillips 66' s refineries in Bayway, New Jersey; Billings, Montana; Borger, Texas, and Ponca City, Oklahoma, Phillips 66 Partners LP said.

  • Oct 10- Southern California Gas Co is waiting for final safety test results from fewer than 10 wells at its Aliso Canyon natural gas storage facility in Los Angeles before state agencies can allow the company to inject fuel into the field, according to a report posted Monday. SoCalGas shut Aliso Canyon in October 2015 due to a massive methane leak that was not...

  • NEW YORK/ HOUSTON, Oct 6- Robust Asian demand for West African crude is fueling a worldwide surge in shipping rates for the largest oil tankers that is being felt from Houston to Singapore. Increased demand from Asia for this crude has tied up ships and barrels that might have otherwise moved to the United States. The higher prices are leaving brokers and traders...

  • NEW YORK/ HOUSTON, Oct 6- Robust Asian demand for West African crude is fueling a worldwide surge in shipping rates for the largest oil tankers that is being felt from Houston to Singapore. Increased demand from Asia for this crude has tied up ships and barrels that might have otherwise moved to the United States. The higher prices are leaving brokers and traders...

  • Teapot refineries in China are having a moment

    Bruce Wu, vice GM at Pacific Commerce, talks about independent oil refineries in China and the competitive advantages of being small in the energy industry.

  • Oct 5- California state regulators have reduced the required amount of natural gas that must be available for withdrawal from the Aliso Canyon storage facility, which Southern California Gas said could hasten the return to service of the field that was shut after a massive methane leak in 2015.. With the weather moderating, the California Public Utilities...

  • Gas production was down nearly 4 percent in July compared with the same month a year earlier, according to data published by the Energy Information Administration. Marketed dry gas production amounted to 2,212 billion cubic feet in July 2016 compared with 2,304 billion cubic feet in July 2015. Power producers burned a record 1,184 billion cubic feet of gas in...

  • Two former Weatherford senior accounting executives also agreed to settle charges that they were behind the scheme, which inflated the company's earnings more than $900 million over that period, the SEC said. Weatherford fraudulently lowered the year-end sum set aside for income taxes each year by $100 million to $154 million to "better align its earnings...

  • Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, which inflated the company's earnings by over $900 million between 2007 and 2012, the SEC said. Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million so that it "could...

  • Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the scheme, the SEC said. Weatherford fraudulently lowered the year-end sum it set aside for income taxes each year by $100 million to $154 million so that it "could better align its earnings results with its earlier-announced projections and...

  • Sept 27- Oil services company Weatherford International LLC has agreed to a $140 million penalty to settle charges it inflated its earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday. Two Weatherford senior accounting executives at the time also agreed to settle charges that they were behind the...

  • WASHINGTON, Sept 27- Oil services company Weatherford International Plc agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting, the U.S. Securities and Exchange Commission said on Tuesday.

  • CARACAS, Sept 23- Venezuela's state oil company Petróleos de Venezuela said on Friday oil service companies that won $3.2 billion in contracts to drill wells in the crude-rich Orinoco Belt would supply $700 million in financing for the projects. Horizontal Well Drillers has a 48- month credit line from Canada's Callidus Capital for $350 million to finance...

  • CARACAS/ HOUSTON, Sept 21- Venezuela's state oil company PDVSA said on Wednesday it has awarded $3.2 billion in contracts to drill wells in the Orinoco Belt, although some foreign partners are uncomfortable with the rushed tender and structural problems that could hinder the projects, according to sources close to the matter. The major projects are designed to...

  • *Norway oil worker strike risks hit to output. LONDON, Sept 21- Oil prices jumped 2 percent on Wednesday after a surprisingly large drop in U.S. crude inventories and as an oil services workers strike in Norway threatened to cut North Sea output. Brent crude futures were up 91 cents at $46.79 per barrel by 1113 GMT, while West Texas Intermediate crude futures rose by...

  • *Norway oil worker strike risks hit to output. LONDON, Sept 21- Oil prices jumped 2 percent on Wednesday after a surprisingly large drop in U.S. crude inventories and as an oil services workers strike in Norway threatened to cut North Sea output. Brent crude futures were up 90 cents at $46.78 per barrel by 0955 GMT, while West Texas Intermediate crude futures climbed...