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  • LONDON, Feb 13- "This is the really crappy part of the job, and this is what I hate about this industry frankly," the chief executive of oilfield services company Baker Hughes complained as he announced it would lay off 7,000 employees. Baker Hughes is cutting jobs in response to slumping prices and a downturn in drilling activity. Halliburton announced it will cut...

  • OSLO, Feb 13- Seadrill, the world's third-biggest offshore driller, cut $1.1 billion worth of Petrobras orders from its backlog due to the Brazilian firm's troubles, sending its shares 13 percent lower. Seadrill, which had an order backlog of $20 billion at the end of the third quarter, announced the contract extensions in November in a relief to investors as...

  • SINGAPORE/ MILAN, Feb 13- Over a dozen liquefied natural gas tankers are parked, many idle, in and around Singapore- one of the world's biggest trading hubs for the fuel- in a sign that the slowdown engulfing world gas markets may be worsening into a crisis. With Asian spot LNG prices down by almost two-thirds since February 2014 as slowing demand combines with rising...

  • *Q4 adjusted loss 23 cents/ share vs est 32 cents. Feb 12- Rig contractor Hercules Offshore Inc said it slashed its workforce by nearly a third and cut salaries, as the company keeps a tight leash on costs to counter a fall in demand due to a slump in crude oil prices. Oil and gas producers, drillers and services providers such as Cenovus Energy Inc, BG Group Plc,...

  • NEW YORK, Feb 12- Crude oil stockpiles at the Cushing, Oklahoma, delivery point rose by a record 3.2 million barrels since last Friday, according to oil services firm Genscape on Thursday, curbing U.S. crude oil futures' gains. By 11:28 a.m., prices were up just over 3 percent at $50.34 per barrel, having recouped some of the ground lost in the immediate aftermath of the...

  • *Q4 adjusted loss of 23 cents/ share vs estimate of 32 cents. *Company had cut 15 pct jobs, shut 4 rigs in Gulf of Mexico. Larger rival Diamond Offshore Drilling Inc and land driller Patterson-UTI Energy Inc have warned of a challenging 2015..

  • LONDON, Feb 12- "Excessive oil and gas loan concentrations have been a key factor in the failure of some banks during periods of steep price declines," the Office of the Comptroller of the Currency notes with bureaucratic understatement in its handbook for U.S. bank examiners. The agency supervised the infamous Penn Square Bank in Oklahoma City, which was declared...

  • NEW YORK, Feb 10- U.S. oil services company Halliburton said on Tuesday it expects to cut potentially more than 6,000 jobs across the globe because a "challenging market environment" resulting from low oil prices. Halliburton, the latest in a growing list of major oil industry companies laying off workers because of a worldwide glut of crude, said it expects to let...

  • NEW YORK, Feb 10- U.S. oil services giant Halliburton said it expects to cut between 6.5 percent to 8 percent of its global workforce due to the "challenging market environment" caused by low oil prices. Halliburton says impacts of layoffs will be across all company operations. Oil prices have halved since June due to a global glut of oil, forcing many firms to cut...

  • Oil and gas producers accounted for almost $1 in every $8 of new business investment in the U.S. economy in 2013, according to new data published by the Census Bureau. Businesses engaged in oil and gas extraction invested $159 billion in wells, structures and equipment in 2013, according to the Annual Capital Expenditures Survey, the latest edition of which was...

  • Feb 9- Oilfield services provider C&J Energy Services Inc cut the cash portion of its offer to buy Nabors Industries Ltd's well maintenance business by $250 million after oil prices halved since the deal was announced in June. With the cash component of the offer reduced to $688 million, the deal is now valued at about $1.45 billion based on C&J Energy's Friday...

  • LONDON, Feb 9- Latin America's oil producers have become caught in the crossfire between OPEC and the North American shale drillers. The number of active land rigs has fallen sharply in OPEC members Ecuador and Venezuela as well as non-OPEC Bolivia, Colombia and Mexico. Even OPEC producers such as Petroleos de Venezuela and Petroecuador are being forced to cut...

  • ASTANA, Feb 9- The pipeline network at Kazakhstan's giant Kashagan oilfield must be replaced in the second half of 2016, Sauat Mynbayev, board chairman of Kazakh state oil and gas firm KazMunaiGas, said on Monday. Italian oil service company Saipem said on Friday it had won a contract to lay the replacement pipelines at Kashagan worth around $1.8 billion.

  • *Global oil rig count down 261 in Jan- Baker Hughes data. *Coming Up: Baker Hughes weekly rig data for week to Jan. 30 at 12:00 p.m. ET. The worldwide count for oil drilling rigs fell by 261 in January, oil services firm Baker Hughes said.

  • LONDON, Feb 5- Big oil companies had a poor record of finding and producing oil and gas last year, according to figures out in the past week- and big cuts in spending in response to falling crude prices could undermine their plans to turn that around. Four of the world's six biggest oil firms by market value- Royal Dutch Shell, Chevron, BP and ConocoPhillips- released...

  • Weatherford to cut 5,000 jobs as it fights oil slump Thursday, 5 Feb 2015 | 12:49 AM ET

    Feb 5- Weatherford International Plc plans to cut 5,000 jobs, or about 9 percent of its workforce, by the end of the first quarter as the oil services company tries to save costs amid sinking oil prices and budget cuts. Schlumberger NV, the world's largest oilfield services provider, is laying off 9,000 employees, while Baker Hughes Inc is reducing its headcount by...

  • NEW YORK, Feb 4- U.S. stocks were poised to dip at the open on Wednesday, in the wake of a two-day rally for the S&P 500, as oil prices declined and labor market data disappointed. U.S. crude was down 3.3 percent to $51.32 and Brent was off 2.6 percent to $56.43. Contract driller Transocean fell 1.9 percent to $18.05 in premarket trade.

  • US STOCKS-Futures dip after 2-day run; ADP data on tap Wednesday, 4 Feb 2015 | 7:43 AM ET

    NEW YORK, Feb 4- U.S. stock index futures dipped on Wednesday, after a two-day rally for the S&P 500 ahead of data on the labor market and the services sector. *Investors will eye the January private-sector employment report from payrolls processor ADP at 8:15 a.m. for signs of continuing improvement in the labor market. *Later in the session at 9:45 a.m., financial...

  • National Oilwell warns of 'severe downturn' in 2015 Tuesday, 3 Feb 2015 | 12:40 PM ET
    Workers, bottom left, walk near National Oilwell Varco Inc. (NOV) oil duct reels at the Acu Port in Sao Joao da Barra, Brazil.

    National Oilwell Varco warned of a severe downturn in its business after orders for its drilling parts plunged nearly 90 percent.

  • Feb 3- Top U.S. oilfield equipment maker National Oilwell Varco Inc warned of a severe downturn in its business after orders for its drilling parts plunged nearly 90 percent, underscoring the extent of the spending cuts caused by the oil price slump. "Customers are delaying purchases of both capital and consumables wherever possible, seeking to conserve cash in...