Oil and Gas Energy Equipment and Services

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  • April 8- U.S. energy firms cut oil rigs for a third week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said Friday, as energy firms keep slashing spending despite a roughly 50 percent jump in crude futures since hitting a near 13- year low in February. RIG-OL-USA- BHI> The number of U.S. oil rigs currently operating compares with...

  • LONDON/ OSLO, April 8- Norway's multi-billion-dollar high-yield bond market has become the latest casualty of the oil industry slump, with looming debt defaults for firms that operate supply ships and drilling rigs set to hammer investors who bet on the once-booming business. This has effectively shut down a part of the corporate bond market that is worth...

  • ABOUT 20 COMPANIES, MOSTLY OIL SERVICES FIRMS, "IN AN ACTIVE PROCESS" OF RESTRUCTURING NORWEGIAN BOND MARKET DEBT- CEO OF NORDIC TRUSTEE.

  • LONDON, April 8- Oil refineries are shifting into high gear to produce as much gasoline as possible for the world's fuel-hungry drivers- kicking the problem of a worsening diesel glut further down the road. The "margin" or profit derived from refining crude into diesel has plunged in Europe, hitting multi-year lows this week as demand for the fuel- used heavily for...

  • LOS ANGELES, April 5- Electrical generators in the greater Los Angeles area face up to 14 days of natural gas shortages severe enough to cause blackouts this summer in the aftermath of the months-long methane leak from the Aliso Canyon gas storage field, state energy officials warned on Tuesday. Aliso Canyon, owned by Southern California Gas Co, a division of San...

  • April 5- California state and local energy agencies on Tuesday released a plan to help keep the lights on in the greater Los Angeles area this summer, following a major natural gas leak at the Aliso Canyon underground natural gas storage facility. Currently, Aliso Canyon, owned by Sempra Energy's Southern California Gas unit, is prohibited from injecting and...

  • CUSHING, OK, April 5- From the air above this small Oklahoma town, the 300 steel oil storage tanks that dot the landscape appear filled to the brim, their floating lids bobbing atop more than 65 millions of barrels of oil. Such worries make weekly estimates of Cushing stockpiles from the Energy Information Administration one of the hottest market indicators.

  • *Traders forced to store unwanted gasoline on tankers in Asia. SINGAPORE, April 5- Crude oil prices fell in early Asian trading on Tuesday on signs of weakening gasoline demand, long a pillar of support for struggling fuel markets, in both North America and Asia. Tuesday's declines came after U.S. gasoline demand fell for the first time in 14 months while oversupply...

  • The Interagency Task Force on Natural Gas Storage Safety to look at the leak at the Aliso Canyon leak will be chaired by officials from the Department of Energy and the Department of Transportation's pipeline safety office. A months-long leak at the Aliso Canyon storage field made scores of people ill and forced more the temporary relocation of more than...

  • March 31- Oilfield services provider Superior Energy Services Inc scrapped its quarterly dividend and cut the base salaries of its executives as part of efforts to preserve cash amid a prolonged slump in crude oil prices. The Houston- based company also approved a 15 percent cut in the annual director fees. "This downturn has been severe in extent and duration...,"...

  • March 31- Oilfield services provider Superior Energy Services Inc said it has scrapped its quarterly dividend as it looks to shore up its finances amid a prolonged slump in oil prices. The company's executive officers have all taken a cut to their base salaries, Chief Executive David Dunlap said in a statement on Thursday. Houston, Texas- based Superior had been...

  • March 31- Oilfield services provider Superior Energy Services Inc said it approved the elimination of its quarterly dividend as it looks to shore up its finances amid a prolonged oil price slump that has severely reduced spending by oil producers. The company's executive officers have all taken reduced base salaries, Chief Executive David Dunlap said in a...

  • *Bourbon acquires gas assets, moves into mid-stream gas. PARIS, March 29- French marine services company Bourbon said on Tuesday it would buy Jaccar Holdings' gas transport businesses for $320 million to diversify into mid-stream gas and reduce its dependence on a very difficult oil services market. That is why Bourbon decided to buy assets that Jaccar has...

  • NEW YORK, March 24- Oil prices were down slightly by late Thursday afternoon, paring much of the day's losses, after a renewed drop in the U.S. oil rig count offset weaker sentiment caused by record high U.S. crude stockpiles. U.S. crude's front-month contract was down 35 cents at $38.44 a barrel by 1:59 p.m. EST, after falling nearly $1.50 earlier.

  • Hughes@ March 24- U.S. energy firms this week cut oil and natural gas rigs for a 14th week in a row to the lowest level since at least 1940, data showed on Thursday, as energy firms continue to slash spending as part of the deepest energy price rout in a generation. Oil rigs alone RIG-OL-USA- BHI> fell 15 to 372, the lowest level since November 2009, oil services company...

  • *Iran has not regained access to Egypt terminal-traders. *Tehran sent up to 200,000 bpd to Europe via Egypt in 2011. LONDON, March 24- Iranian oil flows to Europe have begun to pick up from a slow start after sanctions were lifted in January, but trading sources say a lack of access to storage part-owned by Tehran's Gulf Arab rivals now looms large on a list of obstacles.

  • *OPEC, Russia output freeze may be' meaningless'- IEA. LONDON, March 24- Oil fell below $40 a barrel on Thursday, heading for the biggest weekly slide in two months, dented by record-high stockpiles in the United States and a stronger dollar. The continued rise in stockpiles to record levels has reversed a sharp rebound in prices driven by plans among major producers,...

  • TOKYO, March 24- U.S. oil prices fell in Asian trading on Thursday, adding to a slump in the previous session, after stockpiles rose for the sixth week to another record, sapping the strength of a two-month rally in prices. U.S. crude futures were down 10 cents at $39.69 a barrel at 0302 GMT, trading further below the important $40 level. "OPEC production is still high and...

  • TOKYO, March 24- Oil prices dropped in early Asian trading on Thursday, adding to a slump in the previous session after U.S. stockpiles rose for a sixth week to another record, sapping the strength of a two-month rally in prices. U.S. crude futures were down 23 cents at $39.56 a barrel at 0047 GMT, trading further below the important $40 level. They closed down $1.66, or 4...

  • NEW YORK, March 23- Oil prices fell more than 2 percent on Wednesday as traders awaited U.S. government data on crude inventories after a preliminary report from an industry group showed a higher-than-expected stock build, rekindling worries of a glut. U.S. crude futures were down $1, or 2.5 percent, at $40.45 a barrel by 10:03 a.m. EDT, after touching a session low...