Baker Hughes Hit by Slumping Natural Gas Market

The No. 1 oilfield services provider in the world, Schlumberger Ltd., on Friday said growth in the deepwater, as well as activity outside of North America, provided a big lift in 3Q2012. However, competitor Baker Hughes Inc., the industry’s third-largest provider, said the slump in U.S. natural gas activity weighed heavily on its quarterly profits.

October 22, 2012

FMC Builds Fracturing Services with Pure Energy Acquisition

To build its “shale-related businesses,” Houston-based oilfield services operator FMC Technologies Inc., better known for its subsea business, is acquiring Calgary’s Pure Energy Services Ltd. for US$285 million.

August 23, 2012

Flaring-to-Fertilizer Could Be North Dakota Fix

Facing an ongoing challenge of flaring up to almost a third of its associated natural gas supplies in the oil-rich Bakken Shale, North Dakota is considering a proposal to use mobile equipment to turn some of the flared supplies into much-needed fertilizer for the state’s agricultural industry. Another proposal calls for a $1 billion farmer-owned fertilizer plant using natural gas currently being flared.

August 17, 2012

Texas Oilfield Operators Turn to LNG Trucks

Privately held Green Energy Oilfield Services LLC has turned to liquefied natural gas (LNG) to power its trucking fleet that hauls liquid wastes from oil and natural gas drilling operations in the Freestone Trend in central-northeast Texas.

June 27, 2012

Moody’s Downgrades Chesapeake to ‘Negative’ on 2012 Funding Gap

Moody’s Investors Service on Wednesday downgraded Chesapeake Energy Corp., as well as its midstream and oilfield services units, to “negative” from “stable” because first quarter results pointed to “an even larger capital spending funding gap for 2012” from low natural prices but also because of a planned increase in spending.

May 10, 2012

‘Tidal Wave Shift’ to Permian, Says Baker Hughes CEO

Baker Hughes Inc. CEO Martin Craighead said Tuesday the company sees a big expansion of oilfield services ahead in the Permian Basin, of late the mecca for operators looking for liquids-rich reserves in the old guard oil and gas formations.

April 25, 2012

Baker Hughes: ‘Rapidly Changing Market Conditions’ Slam Operations

Oilfield services provider Baker Hughes Inc. said Wednesday “rapidly changing market conditions,” primarily in the pressure pumping business in North America as drillers move rigs out of natural gas fields, likely will impact profits in the first quarter.

March 22, 2012

Alberta Fluid Spill Spooks Authorities

A fountain of gas and oilfield fluid that left a dark streak on a central Alberta snowbank has prompted provincial authorities to warn industry against staining its record with hydraulic fracturing (fracking) technology imported from the United States.

January 30, 2012

Weir Makes Play for Another Unconventional Drilling Provider

UK-based Weir Group plc this week struck a $176 million deal to acquire Dallas-based Novatech LLC, its second oilfield services purchase in two months. The transaction would give Weir an even bigger footprint in North America’s onshore.

January 27, 2012

Baker Hughes Building Infrastructure as Producers Shift to Liquids

Oilfield services heavyweight Baker Hughes Inc. plans to “significantly” increase North American onshore infrastructure investments in several basins to make its operations more efficient and to prepare for the long term, CEO Martin Craighead said Tuesday.

January 25, 2012
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