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Baker Hughes Inc

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  • HOUSTON, Feb 23- Shale oil producers are throttling back so quickly on drilling that U.S. crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Persian Gulf rivals. For one, companies are cutting costs deeper and faster than before as Wall Street investors increasingly...

  • 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.

  • NEW YORK, Feb 20- Oil seesawed on Friday while heating oil hit a more than four-month high as severe cold weather crimped output at three U.S. refineries, raising worries about higher crude supplies and a possible squeeze on refined products. "It's sell crude, buy products today," said Dominick Chirichella, senior partner at the Energy Management Institute in New...

  • LONDON, Feb 20- Brent crude oil steadied above $60 a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply. This week's numbers, produced by oil services firm Baker Hughes Inc, are due around 1800 GMT on Friday. "A further sharp decrease in the oil rig count is expected... which points to declining U.S. oil production in...

  • LONDON, Feb 20- Brent crude oil rose towards $61 a barrel on Friday as expectations of falling U.S. rig count numbers outweighed concerns about oversupply. This week's numbers, produced by oil services firm Baker Hughes Inc, are due around 1800 GMT on Friday. "A further sharp decrease in the oil rig count is expected... which points to declining U.S. oil production in the...

  • UPDATE 5-Oil slips towards $60 as oversupply weighs Friday, 20 Feb 2015 | 6:48 AM ET

    LONDON, Feb 20- Brent crude oil fell towards $60 a barrel on Friday as oversupply, underlined by record-high U.S. crude stocks, weighed on the market. U.S. crude inventories rose 7.7 million barrels to 425.6 million barrels last week, rising for a sixth straight week to record highs, data from the Energy Information Administration showed on Thursday.

  • UPDATE 4-Oil falls below $60 as oversupply weighs Friday, 20 Feb 2015 | 4:38 AM ET

    LONDON, Feb 20- Brent crude oil fell below $60 a barrel on Friday as oversupply, supported by record-high U.S. crude stocks, weighed on the market. U.S. crude inventories rose 7.7 million barrels to 425.6 million last week, rising for a sixth straight week to record highs, data from the Energy Information Administration showed on Thursday. Brent crude futures for...

  • *Focus on Baker Hughes survey after rig count fell to 3- yr low. A weekly survey by Baker Hughes last week showed the U.S. oil rig count fell to its lowest since August 2011, though government data indicated U.S. oil output has hit 9.2 million barrels a day, the most since 1973. The results of the latest rig count are due around 1800 GMT. "I assume we're going to continue to...

  • 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.

  • NYMEX-Crude steadies above $51/bbl after 2-day fall Thursday, 19 Feb 2015 | 7:36 PM ET

    TOKYO, Feb 20- U.S. crude futures stood little changed above $51 a barrel on Friday, as the market awaited key U.S. oil rig count data for direction after falling for the past two sessions due to a rise in U.S. oil inventories. *NYMEX crude for March delivery, which expires later in the day, was up 3 cents at $51.19 a barrel by 0007 GMT, after settling down 98 cents on Thursday.

  • *Prices off session lows; Brent above $60, U.S. crude above $51. NEW YORK, Feb 19- Oil prices fell for a second day on Thursday, after the U.S. government reported another record high in crude inventories, but prices bounced sharply off session lows on relief the builds were less than an industry group had estimated. "It is still a bearish number though it provides a little...

  • LONDON, Feb 16- U.S. shale producers have responded even more quickly to lower oil prices than analysts expected, which should ensure shale production hits a plateau by May or June and is sustained rather than falling in the second half of the year. The number of rigs drilling for oil in the United States declined by another 84 last week, according to oil field...

  • Oil prices steady as Japan emerges from recession Sunday, 15 Feb 2015 | 9:16 PM ET

    *Brent rose above $60 a barrel last week as US rig count fell. SINGAPORE, Feb 16- Oil prices were steady on Monday, with traders saying the recent upward momentum was continuing as Japan emerged from recession and after U.S. oil drilling fell. Japan's economy rebounded from recession in the final quarter, and although the data was weaker than expected, the return to...

  • US oilfield jobs cull gains pace, more pain ahead Friday, 13 Feb 2015 | 11:13 AM ET

    Feb 13- When Ian Sandlin was laid off last week after 13 months working on oil rigs in southeast Texas, he was surprised to have lasted that long. The 27- year-old Houston native is among thousands of workers caught in an accelerating cull of oil field jobs across the once booming U.S. oil industry. Interviews with more than a dozen oil workers and job recruiters...

  • 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...

  • Brent back above $60 as 1986 fears fade Friday, 13 Feb 2015 | 7:00 AM ET

    The price of oil continued its bumpy ride higher on Friday, with analysts feeling more confident that the commodity is set to climb.

  • 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.

  • 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...

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

    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 off at Apache Corporations operations at the Deadwood natural gas plant in 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.