U.S. Rig Count Drops, But E&P Spend Up 13%
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 Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>That was the first time drillers cut rigs for two weeks in a row since October 2017. For the month, the rig count decreased by one, its first decline since March.For the quarter…
MTI Launches Its First Push Boat
Metal Trades, Inc. (MTI) has launched a newly built shallow-draft push boat for Bald Head Island Limited, LLC. (BHI). The new vessel, Capt Cooper, was christened during a June 27 ceremony at the builder’s Yonges Island, S.C. facility. As the first self-powered vessel built by MTI, Capt Cooper signals an expansion of MTI’s service offering to include new vessel construction. The 55-year-old company has been active in heavy metal fabrication, barge building and vessel repair for government and commercial customers.
US Oil Drillers Add Rigs for 8th Week in Row
U.S. drillers this week added oil rigs for an eighth consecutive week, the longest recovery streak in the rig count in over two years, as crude prices rebounded toward the key $50-a-barrel mark that makes the return to the well pad viable. Drillers added 10 oil rigs in week to Aug. 19, bringing the total rig count to 406, compared with 674 a year ago, energy services firm Baker Hughes Inc said on Friday. <RIG-OL-USA-BHI>. The oil rig count has risen by 76 since the week ended July 1, the most weekly additions in a row since April 2014, after U.S. crude prices touched $50. Energy companies kept adding rigs despite prices dipping below $40 earlier this month but analysts have revised down rig count growth forecasts.
US Oil Drillers Add Rigs for 7th Week in a Row
U.S. drillers this week added oil rigs for a seventh consecutive week, according to a closely followed report on Friday, even as analysts revise down rig count growth forecasts and energy firms become more cautious the longer crude holds below $50 a barrel. Drillers added 15 oil rigs in the week to Aug. 12, bringing the total rig count up to 396, compared with 672 a year ago, energy services firm Baker Hughes Inc said. That is the longest streak of rig additions since April 2014 when U.S. oil futures averaged over $100 a barrel. Since July 1, drillers have added 66 oil rigs. "We expect the rig count could stall or even decline due to seasonal drilling activity declines and recent commodity pull back," analysts at U.S.
US Oil Drillers Add Rigs for 6th Week in a Row
U.S. drillers this week added oil rigs for a sixth consecutive week, according to a closely followed report on Friday, despite crude prices falling to April lows below $40 a barrel this week. Some producers are still boosting spending on expectations for higher prices in the future. Drillers added seven oil rigs in the week to Aug. 5, bringing the total rig count up to 381, compared with 670 a year ago, energy services firm Baker Hughes Inc said. They have added a total of 51 rigs since the week to July 1, the longest streak of weekly additions since July-August 2015, when 37 rigs were added over six weeks. Energy firms continued to add most rigs in the Permian shale in west Texas and eastern New Mexico.
US Oil Drillers Add Rigs for 5th Week in a Row
U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast doubts on a substantial recovery in drilling this year with crude prices heading for their biggest monthly loss in a year. Drillers added three oil rigs in the week to July 29, bringing the total rig count up to 374, compared with 664 a year ago, according to the closely followed Baker Hughes weekly report. U.S. crude futures have slipped below $41 a barrel for the first time since April, pressured by persistently high inventories. The market was on track for a monthly loss of about 15 percent, and is down about 20 percent from highs over $50 in early June when drillers started returning to the well pad.
US Oil Rig Count Falls to November 2009 Lows
U.S. energy firms cut oil rigs for a fourth week in a row to the lowest level since November 2009, oil services company Baker Hughes Inc said on Friday, as energy firms keep slashing spending despite a more than 50 percent jump in crude futures since hitting a near 13-year low in February. Drillers cut 3 oil rigs in the week to April 15, bringing the total rig count down to 351, Baker Hughes said in its closely followed report. The number of U.S. oil rigs operating compares with the 734 rigs operating in the same week a year ago. In 2015, drillers cut on average 18 oil rigs per week for a total of 963 for the year, the biggest annual decline since at least 1988 amid the deepest rout in crude prices in a generation.
US Oil Drillers Cut Rigs for 12th Week in a Row
U.S. energy firms this week cut oil rigs for a 12th week in a row to the lowest level since December 2009 as drillers continue to slash capital expenditures despite crude prices having apparently bottomed, data showed on Friday. Looking forward, many analysts think the rig count will rebound later this year when prices rise. Drillers removed six oil rigs in the week ended March 11, bringing the total rig count down to 386, oil services company Baker Hughes Inc said. That compares with 866 oil rigs operating in the same week a year ago. Drillers started to steadily reduce their rig count after crude prices began to collapse mid-2014. U.S. crude futures were trading just under $39 a barrel, up 8 percent on the week and set for its fourth weekly gain on forecasts of tighter supplies as U.S.
Foster Wheeler Licensee Offers Heat Recovery Steam Generators
Foster Wheeler AG announced today that BHI Co., Ltd., a licensee of its Global Power Group, has been awarded two contracts for Heat Recovery Steam Generators (HRSGs) in Asia. BHI offers HRSGs, pulverized coal (PC) boilers, circulating fluidized bed (CFB) boilers and oil and gas boilers all utilizing Foster Wheeler’s proven technology. A contract by Mitsubishi Corporation was awarded to BHI for the design and supply of four HRSGs for the 240 megawatt Bangpoo cogeneration power plant in Thailand, which is scheduled to be on-line by third quarter 2016. Additionally, BHI received a contract from Daewoo Engineering & Construction for the design and supply of two HRSGs for the Pocheon 940 megawatt combined-cycle power plant IPP project in South Korea.
Foster Wheeler Licensee To Supply Power Equipment to S. Arabia
Foster Wheeler AG (Nasdaq:FWLT) announced today that BHI Co., Ltd., a licensee of its Global Power Group, has been awarded a contract by Samsung C&T for the design and supply of six heat recovery steam generators (HRSGs) for the 2,100 megawatt Rabigh II combined-cycle power plant in Saudi Arabia. BHI has received a full notice to proceed on this contract. The terms of the agreement were not disclosed, and the royalty value received for the contract was included in Foster Wheeler’s bookings for the first quarter of 2014. Commercial operation of the units is scheduled to begin in 2017. BHI offers HRSGs, pulverized coal (PC) boilers, circulating fluidized bed (CFB) boilers and oil and gas boilers all utilizing Foster Wheeler’s proven technology.
Baker Hughes Announces Q2 Conference Call
2014, ending June 30, 2014. The call will begin at 8:30 a.m. Eastern time. The results are expected to be released on Thursday, July 17, 2014, before the market opens. To access the call via a live webcast, please visit our website at: www.bakerhughes.com/investor. The call will also be available by dialing the conference call operator at: 800-446-1671 in the United States and 847-413-3362 for international calls. A replay of the conference call and webcast will be available through Thursday, July 31, 2014. The number for the replay is: 888-843-7419 in the United States and 630-652-3042 for international calls. The access code is: 37166275. To access the webcast replay, go to our website at: www.bakerhughes.com/investor.
Rig Counts up from One Year Ago
Baker Hughes Incorporated (BHI) has announced that the international rig count for January 2014 was 1,325, down 10 from the 1,335 counted in December 2013, and up 46 from the 1,279 counted in January 2013. The international offshore rig count for January 2014 was 302, down four from the 306 counted in December 2013, and down five from the 307 counted in January 2013. The average U.S. rig count for January 2014 was 1,769, down two from the 1,771 counted in December 2013, and up 12 from the 1,757 counted in January 2013. The average Canadian rig count for January 2014 was 504, up 132 from the 372 counted in December 2013, and up one from the 503 counted in January 2013.
US Rig Count Hits 25-Year High
Tally of oil-directed rigs shows increase In its weekly release, Houston-based oiilfield services company BHI reported a record rise in the number of rigs searching for oil and gas. The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada.
Dry Bulk Markets Lower
The Baltic Dry Index (BDI) shed seven points to 1,701, the Baltic Panamax Index (BPI) eased four points points to 1,520, the Baltic Handy Index (BHI) dropped eight points to 1,090, the Baltic Handymax Index fell 42 points to 9,631 and the Baltic Capesize Index (BCI) fell eight pionts to 2,504.
Grain Trading Is Quiet
Grain fixing for Iran continued to hold interest in an otherwise quiet sector, brokers said on Monday. IRISL fixed unnamed tonnage to lift 50,000 tons wheat from St. Lawrence for Iran at $21 with shipment set for December 1/20. This compared with the $21.25 that they paid for 60,000 tons wheat on the same route on November 17 and $20.50-22.00 for two other cargoes of 60,000 tons each on November 16. Tradigrain booked 55,000 tons wheat to Iran but from Kalundborg November 25/30 shipment at $18.25. Cargill was seen fixing cargoes in the grain sector, with 60,000 tons and 55,000 tons heavy grain booked from the U.S. Gulf to Seaforth, England, and Barcelona respectively. Both were concluded at $13.50 and with shipment set for November.
People & Company News
Duramax Marine, a world leader in water-lubricated rubber bearings, recently broke ground on a new facility that will streamline the company's current manufacturing operations. The facility, with approximately 65,000 sq. ft. of factory and office space will consolidate production and administration into one centralized location in Troy Township, Ohio, approximately 40 miles south east of Cleveland. The expected grand opening will be the first quarter of 2001. Watson Coatings Inc. said that Gordon Watson, founder and CEO, retired on Nov. 2, 2000. Gordon founded Watson Coatings in 1987 with his wife Carol, and sons, Tom and Gary. Carol Watson will continue as Office Manager…
BDI Sheds 7
The Baltic Dry Index (BDI) dipped seven points to 1,552, the Baltic Panamax Index (BPI) gained two points to 1,643, the Baltic Handymax Index (BHI) fell 44 points to 8,954 and the Baltic Capesize Index (BCI) was down 17 points to 2,018.
BDI Sheds 7
The Baltic Dry Index (BDI) dropped seven points to 1,559, the Baltic Panamax Index (BPI) gained two points to 1,641, the Baltic Handymax Index (BHI) fell 26 points to 8,998 and the Baltic Capesize Index (BCI) was down 20 points to 2,035.
Dry Bulk Index Continues Decline
The Baltic Dry Index (BDI) fell 16 points to 1,452, the Baltic Panamax Index (BPI) lost 25 points to 1,553, the Baltic Handymax Index (BHI) eased 46 points to 9,527 and the Baltic Capesize Index (BCI) was down 17 points to 1,744. - (Reuters)
Bulk Indices Sink
The Baltic Dry Index (BDI) fell 18 points to 1,468, the Baltic Panamax Index (BPI) lost 29 points to 1,578, the Baltic Handymax Index (BHI) eased 57 points to 9,573 and the Baltic Capesize Index (BCI) was down 18 points to 1,761.
Baltic Dry Indices Down
The Baltic Dry Index (BDI) fell six points to 1,496, the Baltic Panamax Index (BPI) lost 12 points to 1,626, the Baltic Handymax Index (BHI) firmed 14 points to 9,649 and the Baltic Capesize Index (BCI) was down seven points to 1,788.
Dry Bulk Index Up Slightly
The Baltic Dry Index (BDI) rose one point to 1,429, the Baltic Panamax Index (BPI) gained three points to 1,560 and the Baltic Handymax Index (BHI) firmed 35 points to 9,220, while the Baltic Capesize Index (BCI) was down four points to 1,702.
BHI Restates Prior Results To Tune Of $31M
Baker Hughes Inc. has completed its review of the accounting issues previously identified at its INTEQ division and will restate prior period results by $31 million on a cumulative after-tax basis ($33.1 million pre-tax) to address these issues. Completion of the review revealed that these misstatements occurred over a number of years, with approximately $24 million (after-tax) of the adjustments relating to periods prior to 1995. All adjustments have been made to income from continuing operations. Although the amounts were attributable to several INTEQ locations, $24.2 million of the after-tax amount was related to INTEQ's Venezuelan operations. "I am glad to be able to tell you that we have looked at these issues closely and have quantified them with certainty,'' said Joe B.
