Tuesday, November 20, 2018

Baker Hughes News

Angola Battles to Revive Oil Exploration

(Photo: Total)

On Saturday, nearly two decades after securing the initial rights, Total's CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It's not clear when he, or his peers, will be cracking open the bubbly in Angola again.Without another mega…

GE to Sell Portion of Stake in Baker Hughes

Larry Culp (Photo: GE)

General Electric Co is selling a portion of its stake in oilfield services provider Baker Hughes, the U.S. industrial conglomerate said on Tuesday, its latest move to raise cash and repay debt.GE, which bought Baker Hughes in July 2017, has made organizational and…

Halliburton Revenue Beats on Higher North America Rig Count

© Volodymyr Shevchuk / Adobe Stock

Oilfield services provider Halliburton Co's quarterly revenue rose 24 percent to beat analysts' estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20…

Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite

© Namthip / Adobe Stock

Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent, to a high of $77.92, but then eased to $77.60 by 1330 GMT. U.S.

US Drillers Add Oil Rigs for First Week in Four

© FerrezFrames / Adobe Stock

The U.S. oil drilling rig count rose this week for the first time in four weeks even as crude prices tumbled to their lowest in almost three weeks.Drillers added eight oil rigs in the week to Oct. 12, bringing the total count to 869, General Electric Co's Baker Hughes…

Oil Gains on Talk of Supply Cut

© Georg Lehnerer / Adobe Stock

Oil rose nearly 1 percent on Friday on expectations that the Organization of the Petroleum Exporting Countries and its allies would agree to cut output next month, though prices were set to for a weekly drop on underlying concerns that the global market was oversupplied.OPEC…

Oil Rises to $76 as OPEC+ Committee Sees Production Increasing

© christian42 / Adobe Stock

Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output curbs between OPEC and non-OPEC producers saw production rising while a U.S.-China trade dispute capped gains.International Brent crude oil futures were at $76.04 per barrel at 1326 GMT, up 22 cents from their last close.U.S.

US drillers add most oil rigs since May

© Aneese / Adobe Stock

U.S. energy companies this week added the most oil rigs since May as drillers follow though on plans to spend more on exploration and production in anticipation of higher crude prices in 2018 than recent years.Drillers added 10 oil rigs in the week to Aug. 10, bringing the total count to 869…

Baker Hughes to Bid for Petrobras Production-sharing Contract

General Electric Co's unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil's Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields.Reuters reported in June that Baker Hughes was considering a bid…

Baker Hughes is Exploring Advanced Manufacturing with AFRC

Photo: BHGE

The University of Strathclyde’s Advanced Forming Research Center (AFRC) and Baker Hughes, a GE company (BHGE), have joined forces to explore how some of the latest advanced manufacturing tools and processes can drive more efficient, smarter ways to reduce cost and…

Oil Higher as U.S. Sanctions on Iran Raise Supply Concerns

© Sergiy Serdyuk / Adobe Stock

Oil prices rose on Monday as investors focused on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies.U.S. Energy Secretary Rick Perry…

US Rig Count Rises to Highest Since March 2015

© FerrezFrames / Adobe Stock

U.S. drillers added oil rigs for a second week in a row this week, raising the rig count to the highest level since March 2015.Drillers added four oil rigs in the week to Oct. 19, bringing the total count to 873, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday.The U.S.

Brent Oil Stabilizes Near $72 as Economic Concerns Weigh

© tarasov_v / Adobe Stock

Brent oil stabilized near $72 per barrel on Monday after several weeks of decline, weighed down by concerns over slowing global economic growth but supported by an expected fall in supply from Iran due to U.S. sanctions.Brent crude futures, a benchmark for international oil prices…

Repsol to Buy LNG from Venture Global

Image: Venture Global

Venture Global LNG announced that it has entered into a 20-year, binding Sales and Purchase Agreement (SPA) with Repsol for the supply of one million tonnes per annum (MTPA) of liquefied natural gas from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish…

US Oil Rig Count Dips for Second Week in Three

© FerrezFrames / Adobe Stock

U.S. energy companies this week cut oil rigs for a second time in the past three weeks as the rate of growth has slowed over the past couple of months with recent declines in crude prices.Drillers cut two oil rigs in the week to Aug. 3, bringing the total count down to 859…

Baker Hughes Acquires 5% of ADNOC Drilling for $550 Mln

(Photo: ADNOC)

Baker Hughes, the world's second-largest oil services company, will take a 5 percent stake in Abu Dhabi National Oil Company's (ADNOC) drilling unit for $550 million under a tie-up announced on Monday.Baker Hughes (BHGE) becomes the first foreign company to take a…

US Drillers Add Oil Rigs for Third Week in a Row

© chirnoagarazvan / Adobe Stock

U.S. energy firms added oil rigs for a third week in a row for the first time since June, keeping the rig count at its highest in over three years, as declining productivity in some shale fields force companies to drill more to keep output growing.Drillers added two oil rigs in the week to Oct.

Baker Hughes Predicts Oil Market Growth, Misses on Profit

© Lukasz Z / Adobe Stock

Baker Hughes, General Electric Co's oilfield services arm, fell just short of estimates for profit in the third quarter while forecasting a rise in North American and foreign markets in 2019 that ran contrary to signals from its peers.The results follow those for bigger rivals Schlumberger and Halliburton Co…

US Drillers Add Rigs for Fourth Week in Five

© donvictori0 / Adobe Stock

U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.Drillers added 12 oil rigs in the week to Nov.

US Oil Drillers Cut Rigs for First Week in Four

© FerrezFrames / Adobe Stock

The U.S. oil drilling rig count declined this week for the first time in four weeks, although the rig count held close to its highest in over three years as production surges to record highs and some companies forecast even higher output this year.Drillers cut one oil rig in the week to Nov.