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Oil and Gas Exploration

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  • The number of rigs drilling for oil in the United States fell by 64 to 922, oil services company Baker Hughes Inc said in its weekly report. The number of oil rigs in use has fallen in 18 of the past 21 weeks, according to Baker Hughes. Texas, the state with the most rigs, again lost the most this week, shedding 32 to 537, the lowest since 2010, Baker Hughes said.

  • NEW YORK, March 6- Crude prices fell on Friday as a rallying dollar and fears of a rate hike due to strong U.S. jobs growth suppressed the market, diverting attention from a near four-year low in the number of rigs drilling for oil in the United States. Worries about the security of Libyan and Iraq crude supplies, which had put a floor beneath the market in the earlier...

  • 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.

  • These countries the REAL wildcards for oil: Expert Thursday, 5 Mar 2015 | 9:13 AM ET
    A pump jack operates at an oil well in Williston, N.D., Feb. 15, 2015.

    Despite the meltdown in oil, prices are more likely to rise than to fall further because of political instability, an industry consultant tells CNBC.

  • Saudi Arabia expects oil price to stabilize Wednesday, 4 Mar 2015 | 9:03 AM ET
    Saudi Arabian Oil Minister Ali al-Naimi

    Saudi Arabia's oil minister said he expected oil prices, which hit a near six-year low in January, to stabilize, signalling cautious optimism.

  • March 2- Onshore and offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices. Nabors recorded charges of about $1.2 billion in the quarter related to its pending deal with C&J Energy Services Inc and the "current industry downturn." Nabors posted a net loss of $891.1 million, or $3.08...

  • March 2- Onshore and offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices. The company posted a net loss of $891.1 million, or $3.08 per share, in the fourth quarter ended Dec. 31, compared with a profit of $150.6 million, or 50 cents per share, a year earlier. Revenue rose 11.1 percent to...

  • Feb 27- Offshore driller Nabors Industries Ltd swung to a quarterly loss, hurt by a fall in drilling activity amid a slump in global crude prices. Nabors recorded charges of about $1.2 billion in the quarter related to its pending deal with C&J Energy Services Inc and the "current industry downturn." Nabors posted a net loss of $891.1 million, or $3.08 per share, in the...

  • Feb 27- Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices. The company posted a net loss of $891.1 million, or $3.08 per share, in the fourth quarter ended Dec. 31, compared with a profit of $150.6 million, or 50 cents per share, a year earlier. Revenue rose 11.1 percent to $1.79 billion.

  • *Brent premium over U.S. crude widens to $13. *Baker Hughes data shows pace of rig count drop slows. Both Brent and U.S. futures briefly pared gains after data from Baker Hughes Inc showed its U.S. oil drilling rig count fell only 33 to 986 this week, after a decline of only 37 last week.

  • *Baker Hughes data shows pace of rig count drop slows. Both Brent and U.S. futures briefly pared gains after data from oil services company Baker Hughes showed its U.S. oil drilling rig count fell only 33 to 986 this week, after rigs were only down 37 in the previous week. Brent April crude was up $1.27 at $61.32 a barrel at 1:28 p.m. EST, on pace to post a 15 percent...

  • Harold Hamm: Saudis view US oil as economic threat Friday, 27 Feb 2015 | 8:28 AM ET
    Harold Hamm

    Oilman Harold Hamm says the Saudi hard line on production has turned the Russian "ruble into rubble" while also squeezing U.S. producers.

  • 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.

  • COLUMN-Bakken oil drillers retreat to the core: Kemp Wednesday, 25 Feb 2015 | 11:15 AM ET

    LONDON, Feb 25- North Dakota's oil producers have pulled back to the core areas of the Bakken formation to cut costs and maximise output amid the slump in prices. The number of active rigs in the state has fallen to just 121, from 190 a year ago, according to an active rig list published by the state's Department of Mineral Resources on Wednesday.

  • Feb 25- Engineering company Weir Group Plc said uncertainty in the oil and gas industry would significantly reduce its 2015 revenue on a constant currency basis despite aggressive cost-cutting, sending its shares tumbling on Wednesday. The number of rigs drilling for oil in North America last week was the lowest since July 2011, a survey by oil services firm...

  • BANGKOK, Feb 24- Bangchak Petroleum PCL will invest 20 billion baht, mainly on exploration and production, in 2015 and 2016 as part of a plan to spend 90 billion baht in the next six years to boost its business, the Thai oil refiner said. It also acquired about 80 percent of Australian oil and gas explorer Nido Petroleum Ltd in 2013 to secure energy supplies.

  • European shale dream dying before it started Monday, 23 Feb 2015 | 1:14 PM ET
    Employees during a press visit to the first shale gas exploring site started by Chevron in Pungesti, Romania, April 2014.

    Chevron announced it is relinquishing concessions in Romania, the last of its shale gas projects in Europe.

  • NEW YORK, Feb 20- Crude prices ended mixed on Friday as the number of U.S. rigs drilling for oil fell far less than expected this week, while heating oil jumped 6 percent after severe winter cold crimped output at three refineries. "It's sell crude, buy products today," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

  • Oil edges up ahead of U.S. rig count data Thursday, 19 Feb 2015 | 10:12 PM ET

    The Baker Hughes survey is likely to show that the number of rigs drilling for oil in the United States fell for the 11th straight week to multi-year lows, market participants said. "I assume we're going to continue to see another big fall and that's going to provide support for the market," said Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo.

  • Air France-KLM CFO on oil prices   Thursday, 19 Feb 2015 | 4:55 AM ET
    Air France-KLM CFO on oil prices

    CNBC's Stephane Pedrazzi talks to Pierre-François Riolacci, CFO of Air France-KLM, about how the company cannot benefit fully from the low oil price.