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Oil and Gas Equipment Commodity Market Trades, Charts

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  • LONDON, June 9- Cost-cutting is set to remain the main focus for the oil industry for at least the next two years as petroleum producers adjust to an environment of much lower prices. If the boom was characterised by an emphasis on ambitious and complex engineering and technology projects, the downturn has brought a renewed focus on simplification and...

  • LONDON, June 4- The slump in crude prices has jolted the oil industry into deep cost cutting which, unlike the previous downturn, could last for a few years at least. A partial rebound in crude prices this year will give service companies such as Baker Hughes, Schlumberger and Petrofac little respite. "Higher prices have led to cost inflation over the past years and...

  • The next fracking boom could be in Saudi Arabia Tuesday, 26 May 2015 | 12:25 PM ET
    Workers at an oil facility near Riyadh, Saudi Arabia.

    Technology made the US oil shale boom. New technology may allow oil giants Saudi Arabia and Norway to become the next fracking boomers.

  • 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...

  • UPDATE 1-National Oilwell forecasts declining revenue Tuesday, 28 Apr 2015 | 8:32 AM ET

    April 28- National Oilwell Varco Inc, the largest U.S. oilfield equipment maker, reported lower-than-expected quarterly revenue and forecast declining revenue for the next few quarters as weak oil prices reduce drilling activity. The company, which in February warned of a "severe downturn" in its business, said total backlog fell to $11.86 billion in the first...

  • National Oilwell profit drops 47 pct, hurt by charges Tuesday, 28 Apr 2015 | 7:12 AM ET

    April 28- National Oilwell Varco Inc, the largest U.S. oilfield equipment maker, posted a 47.4 percent drop in quarterly profit, mainly hurt by $200 million in charges. Net income attributable to the company fell to $310 million, or 76 cents per share, in the first quarter ended March 31, from $589 million, or $1.37 per share, a year earlier. Revenue fell marginally to...

  • WASHINGTON, April 10- The United States is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP Plc oil spill in the Gulf of Mexico, the New York Times reported on Friday, citing Obama administration officials. The Interior Department could make the announcement as...

  • Goldman: Oil prices must 'stay low for longer' Tuesday, 7 Apr 2015 | 9:56 AM ET
    Pipelines and oil storage tanks in Cushing, Oklahoma.

    U.S. oil inventory and capex falls may boost prices modestly near term, but production growth is still too strong for substantial gains, Goldman said.

  • March 25- General Electric Co said it increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices. "As a result of increasingly challenging market conditions, we are announcing additional workforce reductions in our Lufkin business," said Kristin Schwarz, a GE Oil& Gas spokeswoman.

  • March 25- General Electric Co increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices, Bloomberg reported. The move follows GE's notification to regulators in January of the planned layoffs of 330 people at its beam-pumping manufacturing facility in Lufkin, Texas.

  • Oil firms are swimming in data they don't use Thursday, 5 Mar 2015 | 1:39 PM ET

    The energy industry's failure to use the data it collects means it's not as efficient as it could be, leaving money on the table.

  • Why OPEC is dead Wednesday, 4 Mar 2015 | 3:32 PM ET
    Oil Iraq OPEC

    With oil's price collapse, we can now declare that OPEC's reign as king of the market is over.

  • Are oil producers running out of closet space? Wednesday, 25 Feb 2015 | 5:51 PM ET
    Oil tanks and pump jacks are seen in an oil field near Bakersfield, Calif.

    Oil supply running ahead of demand hasn't just pressured prices, it's also filling up storage space, potentially pushing crude toward another leg down.

  • Hedge funds dig deep in energy company bets Thursday, 19 Feb 2015 | 7:24 PM ET
    Oil

    Activist hedge funds are buying stakes in North American oil and gas producers whose stocks have fallen because of the collapse of energy prices.

  • Top oil analyst: The worst is yet to come Wednesday, 11 Feb 2015 | 7:33 AM ET
    An oil well owned an operated by Apache Corporation in the Permian Basin is shown in Garden City, Texas, Feb. 5, 2015.

    Oil prices will get a heck of a lot worse before they get better, a top industry analyst said on Tuesday.

  • Why rig cuts won't save oil: Goldman Tuesday, 10 Feb 2015 | 11:44 PM ET
    Idled oil well pump jacks sit in the yard at Wood Energy Inc. in Woodlawn, Ill, Jan. 20, 2015.

    The sharp drop in U.S. oil rig counts has helped lift crude prices off their lows, but it won't slow production or alleviate oversupply, Goldman said.

  • Halliburton to cut up to 8% of jobs as oil falls Tuesday, 10 Feb 2015 | 2:57 PM ET
    Halliburton oil fracking

    Halliburton will layoff between 6.5 and 8 percent of its global staff, the oil field services company said Tuesday.

  • Oil layoffs could come back to haunt the industry Tuesday, 10 Feb 2015 | 11:10 AM ET
    Flared natural gas is burned at Apache operationin the Permian Basin in Garden City, Texas.

    Job cuts are inevitable as oil prices tumble, but layoffs today could have significant ramifications for the sector tomorrow.

  • Is this oil rally the real deal? Tuesday, 3 Feb 2015 | 11:33 PM ET
    A worker inspects valves and pipes at an oil gathering station in Russia, January 28, 2015.

    Oil prices have rallied off post-crisis lows, possibly marking the rout's bottom as producers' cutbacks begin pinching supply, some analysts said.

  • 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.