Tuesday, November 20, 2018

General Electric Co News

U.S. Rig Count Drops, But E&P Spend Up 13%

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U.S. energy companies this week cut oil rigs for a second straight week, and notched the first monthly fall since March.Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General…

GE's CEO Steps Down, Shares Jump 15%

H. Lawrence Culp Jr. (Photo: GE)

General Electric Co Chief Executive Officer John Flannery abruptly stepped down on Monday just over a year after taking the role, and the company announced a $23 billion charge related to its struggling power business.Flannery's…

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…

U.S. Adds Oil Rigs After Three Week Lull

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This week, U.S. energy companies added oil rigs for the first time in three weeks. Though, the growth rate has hindered this past month, with a decline in crude prices from late May through late June. U.S. crude prices…

Tellurian to Start Building LNG Export Plant in 2019

(Image: Driftwood LNG)

U.S. liquefied natural gas company Tellurian Inc said on Wednesday it expects to start construction on its Driftwood LNG export terminal in Louisiana in the first half of 2019 and begin operations in 2023.Chief Executive…

GE Says Four Flagship Power Turbines are Shut Down in U.S.

General Electric Co said on Thursday that four of its new flagship power turbines in the United States have been shut down due to an "oxidation issue" and warned it expects the problem to affect 51 of the giant machines it has shipped…

GE to Divest Baker Hughes Stake

General Electric Co said on Tuesday it will spin off its healthcare business and divest its stake in oil-services company Baker Hughes, leaving the once-sprawling conglomerate focused on jet engines, power plants and renewable energy.

US Drillers Add Oil Rigs for First Week in Four

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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…

The Culture Clash Behind GE's Exit from Baker Hughes

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When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data…

Baker Hughes Reports Slight Profit Miss

General Electric Co's oilfield services arm Baker Hughes on Friday reported a slight profit miss on weaker sales in its oilfield equipment and turbomachinery businesses, sending the company's shares down 2.4 percent.Revenue from its oilfield equipment business…

US drillers add most oil rigs since May

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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.

EDF Halts GE Turbine at Bouchain, Following U.S. Shutdowns

French power utility Electricite de France SA said on Tuesday it has shut down a General Electric Co turbine at its Bouchain power plant for one month due to a turbine blade issue that has shut down similar plants…

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…

US Rig Count Rises to Highest Since March 2015

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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,…

US Oil Rig Count Dips for Second Week in Three

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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.

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…

US Drillers Add Oil Rigs for Third Week in a Row

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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…

Baker Hughes Predicts Oil Market Growth, Misses on Profit

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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…

US Drillers Add Rigs for Fourth Week in Five

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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…

US Oil Drillers Cut Rigs for First Week in Four

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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…