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Baker Hughes Inc

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  • US oil and natural gas rig count drops by 22 to 932 Friday, 24 Apr 2015 | 1:25 PM ET

    Houston- based Baker Hughes said Friday 703 rigs were seeking oil and 225 explored for natural gas. Among major oil- and gas-producing states, Texas lost 19 rigs; North Dakota lost five; Oklahoma was down three; and Alaska, New Mexico and West Virginia each lost one. Louisiana gained two rigs, while Arkansas, California, Colorado, Kansas and Pennsylvania each gained...

  • April 21- Baker Hughes Inc, which is being bought by Halliburton Co for $35 billion, said it expects "unfavorable market conditions" to persist in the second quarter as drillers turn off more rigs, intensifying a glut in oilfield services. The rig count in North America, a region that accounts for 44 percent of Baker Hughes' revenue, has halved to 1,000 so far this year.

  • Baker Hughes reports 1Q loss Tuesday, 21 Apr 2015 | 8:18 AM ET

    HOUSTON _ Baker Hughes Inc. on Tuesday reported a first-quarter loss of $589 million, after reporting a profit in the same period a year earlier. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share. Baker Hughes shares have climbed 22 percent since the beginning of the year, while the Standard& Poor's...

  • Baker Hughes reports quarterly loss on $772 mln charge Tuesday, 21 Apr 2015 | 8:17 AM ET

    April 21- Oilfield services provider Baker Hughes Inc, which is in the process of being acquired by Halliburton Co for $35 billion, posted a quarterly loss compared with a year-earlier profit as it recorded a $772 million charge related to restructuring and other items. Baker Hughes said it would cut 10,500 jobs, or 17 percent of its global workforce, up from 7,000...

  • Oil expiration and earnings are big movers Tuesday, 21 Apr 2015 | 5:55 AM ET
    Traders work on the floor of the New York Stock Exchange.

    Amid the deluge of major earnings reports, traders will also be keeping an eye on the oil market, as U.S. oil futures for May expire Tuesday.

  • April 20- Halliburton Co's decision to cut fewer jobs and keep its logistics network intact to capitalize on its pending merger with Baker Hughes Inc could give Schlumberger NV an edge at a time when cost cuts look like the best way forward. "I think in the very near term, Schlumberger is going to make more money than Halliburton because it's not carrying the extra...

  • WTI ends up 1.2% on US crude stock report Monday, 20 Apr 2015 | 2:39 PM ET
    Rusted out 'pump-jacks' in the oil town of Luling, Texas.

    Data showing a partial draw in U.S. crude stockpiles helped steady a market weighed earlier by near record highs in Saudi oil production.

  • Traders work on the floor of the New York Stock Exchange.

    Amid the deluge of major earnings reports, traders will also be keeping an eye on the oil market, as U.S. oil futures for May expire Tuesday.

  • Halliburton Co. on Monday reported better-than-expected quarterly results after some hurtful cuts to offset a 60 percent plunge in oil prices from last June to January. In the last month, shares of Schlumberger, Halliburton, Baker Hughes Inc. and others are up more than 10 percent. Halliburton and Baker Hughes both rose almost 3 percent Monday.

  • April 20- Halliburton Co's quarterly profit beat analyst expectations by the biggest margin in at least eight quarters as cost cuts helped the oilfield services provider offset a steep fall in drilling in North America, its biggest market. Revenue fell by 4 percent to $7.05 billion in the first quarter, but beat analysts' average expectation of $6.96 billion,...

  • LONDON, April 20- Oil prices rose in a volatile day of trading on Monday as concerns over tension in the Middle East and a drop in the number of U.S. rigs drilling for crude offset comments from Saudi Arabia's oil minister that Saudi production would stay near record levels in April. Saudi Arabia has put security forces on alert for a possible militant attack on a...

  • LONDON, April 20- Oil prices fell towards $62 a barrel on Monday on a strong dollar and as Saudi Arabian Oil Minister Ali al-Naimi said production would stay around 10 million barrels per day in April. Brent crude was trading down $1.20 at $62.25 by 1147 GMT, down from an intraday peak of $64.34. Production in the world's biggest crude exporter would stay near record...

  • April 20- Halliburton Co warned of headwinds in its international operations and pricing pressure for its oilfield services in North America, its largest market, as an extended slump in oil prices continues to force drillers to slash spending. Halliburton agreed to buy smaller rival Baker Hughes Inc for $35 billion last November, to better negotiate the slump...

  • LONDON, April 20- Oil prices fell to under $63 a barrel on Monday after Saudi Arabian Oil Minister Ali al-Naimi said production in the world's biggest crude exporter would stay near record peaks around 10 million barrels per day in April. Brent crude was trading down 82 cents at $62.63 by 1120 GMT, down from an intraday peak of $64.34. Naimi earlier this month said...

  • Halliburton posts quarterly loss on $1.21 bln charge Monday, 20 Apr 2015 | 7:10 AM ET

    April 20- Halliburton Co, which is buying smaller oilfield services provider Baker Hughes Inc for $35 billion, posted a quarterly loss compared with year-earlier profit as it took $1.21 billion in charges related to asset writedowns and other items. The net loss attributable to Halliburton was $643 million, or 76 cents per share, in the first quarter ended March...

  • HOUSTON— Halliburton reported a $643 million loss for its first quarter, as the oilfield services provider continued to adjust to slumping energy prices that have forced layoffs and other cutbacks at companies across the sector. Halliburton announced in February that it will eliminate at least 5,000 jobs. In North America, Halliburton Co. felt pricing...

  • Earnings next test for stocks after market wipeout Monday, 20 Apr 2015 | 5:52 AM ET
    Traders work on the floor of the New York Stock Exchange.

    Stocks could chop around and rack up more losses in the week ahead, with the next wave of corporate earnings reports.

  • LONDON, April 20- Oil prices eased from early highs to under $64 a barrel on Monday after Saudi Arabian Oil Minister Ali al-Naimi said production in the world's biggest crude exporter would stay near record peaks around 10 million barrels per day in April. Brent crude was trading up 23 cents at $63.70 by 0832 GMT, down from an intraday peak of $64.34.

  • Brent crude was trading at $63.73 per barrel at 0748 GMT, down from an intraday peak of $64.34, while U.S. crude for May delivery was at $56.14 a barrel, down from an earlier high of $56.65. Naimi earlier this month said Saudi Arabia produced 10.3 million bpd of crude in March, eclipsing a previous record of 10.2 million bpd, in what is seen as a move to defend market share...

  • *China cuts bank reserves, adds liquidity. Crude oil was also buoyed by China cutting bank cash reserves, the second industry-wide cut in two months, adding more liquidity to bolster slowing growth. Brent crude was up 80 cents at $64.25 a barrel by 0628 GMT.