Kurt Hallead News
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Schlumberger Ltd., the world’s largest oil-services company, is reducing work in Venezuela because of trouble getting paid by state-owned Petroleos de Venezuela SA.
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Schlumberger Ltd., the world’s largest oilfield contractor, said international profit margins are poised to rise. The company’s shares gained 6.6 percent.
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U.S. natural-gas companies are getting hit with the highest costs in four years as they shift more production to oil to escape low gas prices.
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Oil refiners will deliver the lowest returns among energy stocks in the next 12 months, according to a survey of 175 senior energy executives and institutional investors.
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BP Plc’s oil spill in the Gulf of Mexico will drive down rental prices for deep-sea drilling vessels by about 20 percent, analysts say, creating an oversupply of rigs as demand slows.
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The U.S. moratorium on deep-water oil and gas drilling in the Gulf of Mexico prompted by BP Plc ’s spill will crimp second-half profits, Pride International Inc. and National Oilwell Varco Inc. said.
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Transocean Ltd. , the world’s largest offshore driller, reported its biggest first-quarter profit decline in nine years amid a wordwide surfeit of rigs used to find oil and natural gas.
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Halliburton Co. and Schlumberger Ltd. may have the power to charge higher prices for their oilfield services through 2012 thanks to a backlog of unfinished oil and natural-gas wells that tripled in the past year.
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Baker Hughes Inc. led oilfield- services and equipment providers higher in New York trading after JPMorgan analyst J. David Anderson raised his rating of the company’s shares to “overweight” from “neutral.”
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