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  • NEW YORK— General Electric Co. posted higher revenue and net income for the fourth quarter, but was held back from even better results by a sputtering performance from its expanding oil and gas division. On an adjusted basis, the company earned 56 cents a share, matching what analysts surveyed by Zacks Investment Research expected, on average.

  • Titans of the sector such as Schlumberger NV and Halliburton Co may have a chance to scoop up assets and know-how from rivals less able to weather the downturn, as their deeper pockets give them a major tactical advantage. Schlumberger was one of his top three holdings as of end-December, according to the fund fact sheet. Norway's Seadrill Ltd for instance has...

  • BISMARCK, N.D.— Earthen barriers have been set up across a creek and water was being tested Thursday around the site of a nearly 3 million-gallon leak of saltwater generated by oil drilling, the largest spill of its kind during North Dakota's current oil rush. Pipeline operator Summit Midstream Partners LLC and state inspectors will keep testing the soil and...

  • Cleanup is underway after nearly 3 million gallons of brine, a salty, toxic byproduct of oil and natural gas production, leaked from a pipeline in western North Dakota, the largest spill of its kind in the state since the current energy boom began. Operator Summit Midstream Partners LLC detected the pipeline spill on Jan. 6, about 15 miles north of Williston and...

  • HOUSTON, Jan 21- Leading pipeline company Kinder Morgan Inc will buy Hiland Partners, a pipeline and logistics company founded by Continental Resources Inc Chief Executive Officer Harold Hamm, for $3 billion, the company said on Wednesday. Hiland Partners builds and operates oil gathering and transportation pipelines and natural gas gathering and...

  • Kinder Morgan to buy Hiland Partners for $3 billion Wednesday, 21 Jan 2015 | 4:31 PM ET

    HOUSTON, Jan 21- Kinder Morgan Inc will buy Hiland Partners, a pipeline and logistics company founded by Continental Resources Inc Chief Executive Officer Harold Hamm, for $3 billion, the company said on Wednesday. Hiland Partners builds and operates oil gathering and transportation pipelines and natural gas gathering and processing systems primarily in...

  • Nearly 3 million gallons of saltwater generated by oil drilling have leaked from a North Dakota pipeline, an official said Wednesday, the largest such spill since the state's current oil boom began and nearly three times worse than previous record spills. Operator Summit Midstream Partners LLC detected the pipeline spill on Jan. 6, about 15 miles north of...

  • HOUSTON— Oil services company Baker Hughes Inc. will lay off about 7,000 workers as it prepares for a downturn in orders because of the plunge in crude prices, the company said Tuesday. The layoffs represent about an 11 percent cut to the 62,000- plus workers Baker Hughes says it employs worldwide. Oil services rival Halliburton had announced in November it...

  • LONDON, Jan 20- If capital and workers could move instantly and without friction between industries, the plunge in oil prices would be unambiguously positive for the U.S. economy in the short term as well as the longer one. Despite the growth in shale production, the United States is still a net importer of around 5 million barrels per day of crude and refined...

  • *Baker Hughes fourth-quarter adjusted profit $1.44 vs est $1.07. Jan 20- Oilfield services provider Baker Hughes Inc said it expects to lay off about 7,000 employees, days after industry leader Schlumberger Ltd said it would cut jobs as drilling activity slows due to a steep fall in oil prices. Halliburton, which is buying Baker Hughes in a near- $35 billion deal,...

  • Schlumberger will spend about $1.7 billion for a minority stake in a big Russian energy company at a time when that country's relations with the West are under strain and as energy prices hit multiyear lows. Schlumberger said last week that it would cut 9,000 jobs in response to falling oil prices, which have forced other energy companies to lower their...

  • MOSCOW, Jan 20- Oil services giant Schlumberger plans to buy a 45.65 percent stake in Eurasia Drilling for about $1.7 billion, potentially paving the way for it to become the sole owner of Russia's most active oilfield services company. The multi-stage deal announced by the companies on Tuesday will see U.S. group Schlumberger, which has been in a strategic...

  • HOUSTON— Shares of Halliburton rallied Tuesday after the oilfield services company reported its fourth-quarter profit rose 14 percent in a performance that exceeded Wall Street expectations. Halliburton Chairman and CEO Dave Lesar said Tuesday morning during a conference call that his company's customers have chopped their capital expenditure...

  • Strong North America demand drives Halliburton profit Tuesday, 20 Jan 2015 | 7:09 AM ET

    Jan 20- Halliburton Co, the world's No. 2 oilfield services provider, reported a 14 percent rise in fourth-quarter profit, helped by strong demand for its services in North America. Net income attributable to the company rose to $901 million, or $1.06 per share, in the quarter ended Dec. 31 from $793 million, or 93 cents per share, a year earlier. Halliburton entered a...

  • Jan 20- Baker Hughes Inc posted a better-than-expected quarterly profit on resilient demand but the oilfield services company warned that recent declines in rig counts due to low oil prices would "clearly affect" results in 2015.. The number of rigs drilling for oil in the United States fell by 55 to 1,366 last week, the second-sharpest weekly drop in 24 years,...

  • BEIJING/ YANGON, Jan 20- A crude oil pipeline and a deep sea port meant to secure an alternative route for Chinese imports overland through Myanmar are set to open at the end of January, but an affiliated refinery in China is months away from completion, sources said. The finished development should help ease China's reliance on shipments via the narrow and...

  • *China faces significant downward pressure on economy- Premier. *Iraq announces record oil production for December. Jan 19- Brent crude oil prices fell below $49 a barrel and U.S. crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record oil production.

  • *China faces significant downward pressure on economy- Premier. *Iraq announces record oil production for December. Jan 19- Brent crude oil prices fell below $49 a barrel and U.S. crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record oil production.

  • GLENDIVE, Mont.— Truckloads of drinking water were being shipped to the eastern Montana city of Glendive on Monday after traces of a major oil spill along the Yellowstone River were detected in public water supplies, raising concerns about a potential health risk. Preliminary tests at the city's water treatment plant indicated that at least some oil got into a...

  • In a stark sign of how a sudden, 60 percent drop in oil prices is biting, oil services giant Schlumberger Ltd on Thursday said it will reduce spending this year by 25 percent and fire 9,000 workers worldwide, surprising investors with the size of the cuts. "There is total chaos and uncertainty and it is impacting the whole ecosystem," said Aamer Sarfraz, chief...