NEW YORK— European regulators have cleared Siemens' $7.6 billion acquisition of the U.S. oilfield equipment maker Dresser-Rand. Siemens AG has agreed to pay $83 per common share of Dresser-Rand, which has a market capitalization of $6.12 billion. Dresser-Rand Group Inc., based in Houston and Paris, has annual revenue of around $3 billion and employs about 8,100...» Read More
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...
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...
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...
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...
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.
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.
With oil's price collapse, we can now declare that OPEC's reign as king of the market is over.
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.
Activist hedge funds are buying stakes in North American oil and gas producers whose stocks have fallen because of the collapse of energy prices.
Oil prices will get a heck of a lot worse before they get better, a top industry analyst said on Tuesday.
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 will layoff between 6.5 and 8 percent of its global staff, the oil field services company said Tuesday.
Job cuts are inevitable as oil prices tumble, but layoffs today could have significant ramifications for the sector tomorrow.
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 Varco warned of a severe downturn in its business after orders for its drilling parts plunged nearly 90 percent.