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Energy Equipment and Services

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  • How the Dow Jones industrial average fared on Friday Friday, 22 May 2015 | 5:28 PM ET

    The stock market capped a quiet week of trading on a down note on Friday. Major indexes fell from the start as oil drillers and other energy-related companies followed oil prices lower. Stocks spent much of the rest of the day drifting between losses and gains as investors considered a mixed bag corporate earnings and a slight increase in inflation.

  • Overall, U.S. drillers reduced the number of active rigs by just one this week, oil services company Baker Hughes Inc said. In the latest week, drillers added three oil rigs in the Niobrara basin in Wyoming and Colorado and two in the Eagle Ford in South Texas, according to the closely followed report. The Permian basin in western Texas and eastern New Mexico, the...

  • NEW YORK, May 22- Oil fell more than 1 percent on Friday as a rallying dollar and profit-taking ahead of a long U.S. holiday weekend cut short a two-day run-up in crude prices. Drillers cut the number of U.S. oil rigs in operation by just one this week, the strongest sign yet that a nearly six-month slump in activity was ending, data from oil services firm Baker Hughes...

  • US oil and natural gas rig count drops by 3 to 885 Friday, 22 May 2015 | 1:22 PM ET

    HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by three this week to 885.. Among major oil- and gas-producing states, Louisiana lost four rigs, West Virginia declined by three and Kansas, North Dakota and Ohio each lost one. Alaska, California, Colorado, Texas, Utah and Wyoming were all...

  • May 20- Oilfield services provider Halliburton Co and contract driller Transocean Ltd said they have settled all claims with BP Plc related to the 2010 Gulf of Mexico oil spill. Halliburton, which did the cementing work for BP's well, had earlier blamed BP's decision to use only six centralizers for the blowout that spilled millions of barrels of oil for 87 days.

  • May 20- U.S. oilfield services provider Halliburton Co said it has reached an agreement with BP Plc to resolve issues related to the Gulf of Mexico oil spill in 2010.. The company said the agreement includes the dismissal of all claims against each other related to the spill. Halliburton said in September it reached a $1.1 billion settlement for a majority of...

  • TOLEDO, Ohio— Marathon Petroleum Corp. will pay a fine of nearly $3 million and spend another $2.8 million on pollution controls at its distribution terminals in Indiana, Kentucky and Ohio, the U.S. Justice Department said Tuesday. Marathon Petroleum, based in Findlay in northwest Ohio, said most of the alleged violations happened several years ago, and that it is...

  • *Iran says OPEC output cut unlikely. LONDON, May 18- Oil prices rose on Monday after Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country. Analysts nevertheless said oil markets remained oversupplied, and that the glut could worsen if U.S. production picked up...

  • NEW YORK, May 15- Top U.S. hedge fund managers made contrasting bets on energy companies in the first quarter, with Greenlight Capital's David Einhorn sticking with names pummeled by falling oil prices, while Hayman Capital's Kyle Bass bet on frackers, regulatory filings showed on Friday. Einhorn's $11 billion Greenlight Capital increased its stake in Consol...

  • US oil and natural gas rig count drops by 6 to 888 Friday, 15 May 2015 | 1:40 PM ET

    HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by six this week to 888.. Houston- based Baker Hughes said Friday that 660 rigs were seeking oil and 223 explored for natural gas. Among major oil- and gas-producing states, Texas lost six rigs, Wyoming declined by two and Alaska, Arkansas,...

  • NEW YORK, May 13- Royal Dutch Shell Plc will consider small additions to its North America oil and gas business, despite ruling out large acquisitions after its deal to buy BG Group Plc, Marvin Odum, director of Shell's Americas exploration and production business, said in an interview Wednesday. Still, the London- based major will consider smaller deals in North...

  • Iraqi refinery may be destroyed in battle to save it Wednesday, 13 May 2015 | 4:50 AM ET

    BAGHDAD, May 13- Islamic State militants have dug trenches around natural gas and hydrogen tanks at Iraq's largest refinery, raising the stakes in a battle where the price of victory may be the refinery itself. The Baiji refinery remains contested despite more than 300 coalition air strikes in the vicinity since the Islamist insurgents overran the area last...

  • OSLO, May 12- Oil services firm Subsea 7 plans to cuts its workforce by close to 20 percent and reduce its fleet of 39 vessels by up to 11 as global oil and gas firms continue to cut spending after a plunge in crude oil prices dampened activity levels. Subsea 7, which focuses on the North Sea but has a global operation, expects to cuts it workforce by around 2,500 by early...

  • LONDON, May 12- Oil drillers Falkland Oil and Gas and Rockhopper resumed normal drilling work on Monday at the Isobel Deep well in the Falkland Islands following the repair of a blow-out preventer control system, the companies said. "The Isobel Deep well is expected to take approximately 15 days to complete," said Falkland Oil and Gas in a statement.

  • SINGAPORE, May 11- China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, analysts and traders say. China's crude oil imports hit a record 7.37 million barrels per day in April, making it the world's biggest...

  • SINGAPORE, May 11- China's appetite for crude oil is expected to pick up later this year as storage comes online and new buyers emerge, even after its inbound shipments surpassed United States imports last month for the first time, traders and analysts say. China's crude oil imports hit a record 7.37 million barrels per day in April, making it the world's biggest...

  • *China cuts interest rates for 3rd time in 6 months. *Permian Basin rig count up for first time in 2015- Baker Hughes. SINGAPORE, May 11- Crude futures were little changed on Monday as moves by China to bolster its flagging economy failed to instil confidence that oil demand in the world's largest energy consumer would improve quickly to absorb a global supply glut...

  • Energy companies increased by one each the number of oil rigs in the Permian basin of West Texas and eastern New Mexico- the biggest and fastest growing U.S. shale oil field- and in the Barnett in Texas. That was the first increase in the Permian since December and the first in the Barnett since March, oil services company Baker Hughes Inc said on Friday.

  • BRUSSELS, May 8- German industrial group Siemens is set to secure unconditional EU approval for its $7.6 billion bid for U.S. oilfield equipment maker Dresser-Rand, two people familiar with the matter said on Friday. The acquisition, Siemens' largest ever, will boost the trains-to-turbines group's presence in the United States and the shale exploration boom...

  • NEW YORK, May 8- Brent crude eased while U.S. crude rose in choppy trading, supported by job additions in the United States and the formation of the first named storm in the Atlantic ahead of the official start of the hurricane season. Supportive, especially to U.S. crude, was news that nonfarm payrolls increased 223,000 in the United States in April, even though March...