Monday, December 9, 2019

Baker Hughes Inc News

Premier Oilfield Group Names Keenan CEO

Paddy Keenan is the new CEO of Premier Oilfield Group (Photo: Premier Oilfield Group)

Premier Oilfield Group has appointed Patrick “Paddy” Keenan as CEO, beginning October 28, 2019, the oilfield services company announced on Tuesday.Keenan brings to the role experience in both the US and international oil and gas industries, having held leadership roles in a number of oilfield service companies, including technology startups, and was also the CEO of an exploration & production (E&P) company.

GE Closes Baker Hughes Deal, Becomes No. 2 Oilfield Service Provider

General Electric Co on Monday completed its buyout of Baker Hughes Inc, merging it with its own oil and gas equipment and services operations to create the world's second-largest oilfield service provider by revenue. With headquarters in London and Houston, the combined company will have roughly $23 billion in annual revenue and offer oilfield gear including blowout preventers, pumps, drilling, chemicals, other products and services for oil producers in 120 countries.

Oil Down as OPEC Output Outweighs U.S. Decline

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U.S. drillers cut rig count for first time in 23 weeks. Oil prices eased on Monday after rising for seven sessions in a row, as evidence of increasing OPEC crude production snuffed out earlier gains made on the back of data that pointed to moderating U.S. output. Brent crude futures were down 13 cents on the day at $48.64 a barrel by 1000 GMT, off a session high of $49.15. The price rose 5.2 percent last week in its first weekly gain in six weeks. U.S.

US Oil Rig Count Climbs for 23rd Week

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U.S. energy firms added oil rigs for a record 23rd week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months despite this week's decline to a 10-month low. Drillers added 11 oil rigs in the week to June 23, bringing the total count up to 758, the most since April 2015, energy services firm Baker Hughes Inc said in its closely followed report on Friday.

US Oil Rig Count Continues to Rise

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U.S. energy firms added oil rigs for a record 22nd week in a row in a year-long drilling recovery but the pace of those additions has slowed in recent months as crude prices dropped to 2017 lows  despite OPEC-led efforts to end a global supply glut. Drillers added six oil rigs in the week to June 16, bringing the total count up to 747, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That compares with 337 rigs in the same week a year ago.

GE Wins US Antitrust Approval for Baker Hughes Purchase

General Electric Co won U.S. antitrust approval to merge its oil and gas business with Baker Hughes Inc, the Justice Department said on Monday. GE and Baker Hughes announced the deal in October, months after Halliburton's effort to buy Baker Hughes collapsed under pressure from the Justice Department's Antitrust Division. Under the agreement, GE will combine Baker Hughes with its oil and gas business to create a publicly traded company.

Oil Rises as Investors Buy into US Crude

Oil rose on Monday to break a three-day losing streak, after futures traders increased their bets on a renewed price upswing even though rising U.S. drilling helped keep physical markets bloated. Brent crude futures were up by 63 cents at $48.78 a barrel by 1405 GMT, having hit a session high of $49.15. U.S. West Texas Intermediate (WTI) crude futures rose 61 cents to $46.44, having peaked at $46.69.

Burst in Investor Confidence Propels Oil Prices

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Financial traders pour cash into long positions even as U.S. drilling rises for record 21 weeks. Oil rose on Monday to break a three-day losing streak, after futures traders increased their bets on a renewed price upswing even though rising U.S. drilling helped keep physical markets bloated. Brent crude futures were up by 85 cents at $49.00 per barrel by 1150 GMT, after hitting a session high of $49.15. U.S.

US Drillers Continue to Add Oil Rigs

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U.S. energy firms added oil rigs for a record 21st week in a row, extending a year-long drilling recovery as producers boost spending on expectations crude prices will rise in future months. Drillers added 8 oil rigs in the week to June 9, bringing the total count up to 741, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 328 active oil rigs.

US Oil Rig Count Climbs for 20th Week in a Row

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U.S. energy firms added oil rigs for a record 20th week in a row in a year-long return to the well pad although some analysts expect the pace of additions could level off as crude prices remain below $50 per barrel. Drillers added 11 oil rigs in the week to June 2, bringing the total count up to 733, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 325 active oil rigs.

US Drillers Add Oil Rigs in a Record Streak but Pace Slows

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U.S. energy firms added oil rigs for a record 19 weeks in a row as expectations of higher crude prices after an OPEC-led decision to extend current output curbs motivate producers to boost spending on new drilling. The pace of those additions, however, has slowed with the total added so far in May falling to the lowest since October due to soft oil prices. Drillers added two oil rigs in the week to May 26…

US Drillers Add Oil Rigs for 18th Week in a Row

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U.S. energy companies added oil rigs for an 18th week in a row, the second-longest such streak on record, as expectations of higher crude prices have motivated drillers to boost monthly shale production to its highest level since mid-2015. Drillers added eight oil rigs in the week to May 19, bringing the total count to 720, the most since April 2015, energy services firm Baker Hughes Inc said on Friday.

US Drillers Add Oil Rigs for 16th Week

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U.S. energy firms added oil rigs for a 16th week in a row, extending a drilling recovery into a 12th month even as the pace of those additions has slowed in recent weeks as crude prices have held below $50 a barrel. Drillers added six oil rigs in the week to May 5, bringing the total count up to 703, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. While that is more than double the same week a year ago when there were only 328 active oil rigs…

Slumping Oilfield Services Sector bets on Offshore Tech

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The oil industry's top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry. At the Offshore Technology Conference, the industry's annual gathering of floating rig and subsea well suppliers, sales pitches this year are all about cost savings and faster time to first production. With U.S.

US Drillers Add Oil Rigs for 15th Week

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U.S. drillers added oil rigs for a 15th week in a row, but the pace of those additions slowed in April to the lowest in five months as crude prices fell below $50 a barrel on doubts OPEC will continue to cut production enough to reduce the global glut. Drillers added nine oil rigs in the week to April 28, bringing the total count up to 697, the most since April 2015, energy services firm Baker Hughes Inc said on Friday.

US Drillers Add Oil Rigs for 14th Week in a Row

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U.S. drillers added oil rigs for a 14th week in a row, extending an 11-month recovery that is expected to boost U.S. shale production in May in the biggest monthly increase in more than two years. Drillers added five oil rigs in the week to April 21, bringing the total count up to 688, the most since April 2015, energy services firm Baker Hughes Inc said on Friday. That is more than double the same week a year ago when there were only 343 active oil rigs. U.S.

Schlumberger Sees Improved Pricing but Margins Still Slim

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Schlumberger NV said on Friday a ramp up in drilling activity in North America boosted pricing for its oilfield services, but the cost of reactivating equipment idled during the oil price downturn dragged down margins. The U.S. rig count rose more than 25 percent in the first three months of the year, according to data from Baker Hughes Inc. "In the first quarter, the North America land market continued to strengthen in terms of both activity and pricing…

US Drillers Add Oil Rigs for 13th Week in a Row

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U.S. drillers added oil rigs for a 13th week in a row, with the number of active rigs rising to near a two-year high, as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 11 oil rigs in the week to April 13, bringing the total count to 683, the highest since April 2015, energy services firm Baker Hughes Inc said on Thursday. At this time a year ago, there were 351 active oil rigs.

Hunting Q1 EBITDA Up as Shale Shines

Oilfield services company Hunting Plc said on Wednesday its revenue for the first quarter had been ahead of management's expectations due continued higher activity levels in US shale sector. The company reported a positive EBITDA of $5.5 million for the first quarter ended March 31. U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices…

US Oil Rig Count Rises for 12th Straight Week

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U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 10 oil rigs in the week to April 7, bringing the total count up to 672, the most since August 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 354 active oil rigs.