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Tag Archives: Oil price

Oil rig count up 7th straight week, gas count down

baker hughes rig count

The Baker Hughes rig count rose to 756 this week, with a gain of 7 rigs exploring for oil and gas. The U.S. gas rig count dropped by 5, according to data from Baker Hughes March 3. According to Business Insider, WTI crude oil futures are headed for a weekly loss of 1.5%, following data from the Energy Information Administration ...

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Schlumberger projects global oil and gas drilling recovery

Schlumberger cuts more jobs in first quarter

During 2016, the “oil glut” that helped drive global oil prices down was the impetus for cutbacks by OPEC and other oil-producing nations. But oilfield services company Schlumberger chairman and CEO Paul Kibsgaard mentioned a shortage, not oversupply, of oil in years to come, reports Fuelfix. In a conference call with investors, Kibsgaard said drillers will need to begin putting ...

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U.S. rig count declines by 1 to 568

baker hughes rig count

Baker Hughes’ latest rig count report shows the number of rigs drilling for oil rose by two this week to 452. Rigs drilling for natural gas was down 2. The total rig count fell by one to 568, still higher than the May low of 404. Total offshore rigs are down 12 from last year at this time. States losing ...

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OPEC must enact cuts for sustained oil price rise, IEA says

Oil Field in Desert

PARIS (AP) — The International Energy Agency is urging OPEC countries to swiftly deliver on promised production cuts if they want to see a sustained increase in oil prices that will also help shore up their economies. In its monthly report Tuesday, the global watchdog said production from the Organization of the Petroleum Exporting Countries hit a record high in ...

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France’s Total profit falls 30 percent due to oil price drop

In this Feb.5, 2013 file photo, the logo of the French oil giant Total SA is seen at the entrance of the company headquarters in the La Defense business district, west of Paris. The French company said Thursday Feb.11, 2016 that profit adjusted for changes in the value of inventories and one-time items dropped to $2.1 billion from $2.8 billion in the same period a year earlier.(AP Photo/Jacques Brinon, File)

PARIS (AP) — French energy company Total SA says its net income fell 30 percent in the second quarter to $2.09 billion due to the impact of lower oil prices. The Paris-based company said its sales for the April-June period were $37.22 billion, down from $44.72 billion in the year-earlier period. Chairman and CEO Patrick Pouyanne said the company will ...

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Freeport-McMoRan skids as 2Q sales fall short of estimates

FILE - This Monday, Aug. 24, 2015, file photo, shows the New York Stock Exchange. U.S. stocks opened slightly lower early Thursday, Feb. 4, 2016, as retail companies slipped. Energy stocks climbed early as the price of crude oil recovered. (AP Photo/Seth Wenig, File)

PHOENIX (AP) — Freeport-McMoRan stock slumped Tuesday after the mining company reported weaker-than-expected revenue for the second quarter as the price of copper and oil plunged and gold sales tumbled. Freeport-McMoRan sold 156,000 ounces of gold, less than half as much as it sold a year ago. Meanwhile its average selling price for oil fell 18 percent compared to the ...

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Stocks end mixed as crude oil dives and safety stocks fall

FILE - This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. U.S. stocks are edging lower early Thursday, April 14, 2016. Tech stocks are falling after dour projections from Seagate Technology, and bank stocks are slipping. Strong first-quarter results from Delta are giving airlines a boost. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — U.S. stocks swerved between gains and losses Thursday and wound up with a muddled finish as the price of oil plunged. Investors also sold utility and phone company stocks. They have favored those companies all year, especially in the wake of Britain’s vote to leave the European Union last month. Stocks started higher, building on gains ...

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Waiting for recovery–when will the oil glut disappear?

crude oil storage, oil glut

They’re tired phrases. Oil slump. Oil glut. Rig count down. Oil price dips. It seems as though every time the oil industry hits the news, one of those phrases are used. But life for those of us who work in the oil and gas industry consists of the here and now, and although the the view of the computer screen reporting the ...

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Oil closes near $50 as US stocks claw back half ground lost after “Brexit” vote

oil price, Brexit

U.S. stocks were on track to close sharply higher in late-afternoon trading Wednesday, echoing strong gains in global markets as investor worries about Britain’s vote to leave the European Union eased. Traders also got encouraging data on U.S. consumer spending. Energy companies led the rally as the price of crude oil closed higher. Health care, industrials and financials stocks were ...

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Crude, energy stocks fall again

wall street, financial markets, oil price

U.S. stocks indexes headed sharply lower in afternoon trading Monday as investors grappled with the fallout of Britain’s vote to leave the European Union. European stock markets extended their losses from Friday. The British pound, which last week plunged to its lowest level since 1985, continued to fall as traders expected the British economy would take a hit. On Wall ...

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