Oil

Oil

Halliburton pounces on Baker Hughes

NEW YORK (AP) — In a deal that shows just how quickly falling prices can upend the energy industry, Halliburton is buying rival oilfield services company Baker Hughes for cash and stock worth $34.6 billion.

Global oil prices have tumbled 31 percent over the past 5 months to levels not seen in four years. That has forced the industry to cut costs by delaying or scaling back drilling — which means less work for Halliburton and Baker Hughes, companies that manage oil and gas fields for energy companies.

Oil

Petrobras to create department to fight corruption

SAO PAULO (AP) — The head of Brazil's Petrobras vowed Monday to use a widening corruption scheme to improve governance at the state-run oil giant, in part through creation of a compliance department aimed at stamping out corruption.

In her first public remarks since the arrests of around two dozen people including a top company executive late last week, Graca Foster told a conference call with investors, "We want to turn this difficult moment into something better."

Oil

Oil slides on Japan data

Source: 
Bloomberg

News that Japan has fallen into a recession sent oil prices tumbling once again early Monday. West Texas Intermediate crude for December delivery dropped $1.11 to $74.71 a barrel in electronic trading on the Nymex, while in London Brent crude was 77 cents lower at $78.67, Bloomberg reports.

Oil

Baker Hughes buy to cost Halliburton $34.6 billion

Source: 
Reuters

In a deal worth $34.6 billion in cash and stock, the second largest oilfield services company Halliburton says it will take over smaller competitor Baker Hughes, Reuters reports.

Oil

Halliburton-Baker Hughes deal could face antitrust obstacles

Source: 
The Wall Street Journal

On paper, the figures for a potential Halliburton takeover of Baker Hughes may look positive, but uniting the two oilfield services giants could face challenges from antitrust regulators, The Wall Street Journal reports.

Oil

Low oil prices hand OPEC big challenge ahead of tough meeting

Source: 
The Wall Street Journal

OPEC’s meeting this month is expected to be one of its toughest, as falling oil prices -- unlikely to reverse without a production cut -- test the bloc’s unity, The Wall Street Journal reports.

Oil

President: Oil firm probe could change Brazil

SAO PAULO (AP) — The investigation into kickbacks at Brazil's state oil company could forever change the relationship among society and the country's state and private companies, President Dilma Rousseff said Sunday.

Rousseff spoke to mostly Brazilian reporters at a news conference in Brisbane, Australia, where a two-day summit with world leaders was ending. Her office posted a video of her comments online.

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Iraqi-Kurdish oil deal falls short of solutions

IRBIL, Iraq (AP) — Goran Mohammed had just completed his second year of university in the northern Iraqi city of Irbil when he dropped out to help his father run the family grocery store. When that still didn't earn the family enough money, the 19 year old was forced to take a second job as a taxi driver.

"I would prefer to stay in school or go fight (against the Islamic State group) with the peshmerga, but my family needs every penny," he said.

Mohammed's difficulties reflect that of his region, where the semi-autonomous Kurdish Regional Government has struggled to stabilize the local economy in the face of a militant onslaught and an expensive financial dispute with the Iraqi central government in Baghdad, which, in part, involves oil.

Oil

Obscure Nebraska panel may hold sway over Keystone

LINCOLN, Neb. (AP) — Congress is suddenly scrambling to vote on the Keystone XL oil pipeline, but the fate of the oft-delayed $5.4 billion project could still wind up in the hands of an obscure commission in Nebraska that regulates telephones, taxi cabs and grain bins.

The Nebraska Supreme Court is expected to rule within weeks on whether the Nebraska Public Service Commission must review the pipeline before it can cross the state, one of six on the pipeline's route. Nebraska Gov. Dave Heineman gave the green light in January 2013 without the panel's involvement.

Associated Press
Oil

Senate heads to Keystone vote in first post-election showdown

The Senate is set as soon as Tuesday to vote on the Keystone XL pipeline, one that could put President Barack Obama in a position to issue his first veto of legislation since 2010, on a key issue pitting Republicans and energy-state Democrats against the environmental lobby.

But it was unclear heading into the week whether an approval bill will get the 60 votes needed to force Obama's hand. Sen. Mary Landrieu, D-La., was one vote short of the 15 Democrats needed to join 45 Republicans in backing her bill, and finger pointing was already underway by Republicans who are calling it a show vote to help her.

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