Chart Gets Order for Calcasieu Pass LNG
U.S. LNG equipment maker Chart Industries has received full notice to proceed (FNTP) regarding its production of cold boxes and brazed aluminium heat exchangers for Venture Global’s 10 million tpy Calcasieu Pass LNG export terminal project.The U.S. Federal Energy Regulatory Commission (FERC) approved Venture…
Caterpillar says Wall St "too optimistic" on 2017 Profit Estimate
Caterpillar Inc, the world's largest construction and mining equipment maker, said analysts' earnings expectations for 2017 were "too optimistic" as oil prices continued to remained volatile. The company, however, said it was encouraged by the potential of a U.S. infrastructure bill, tax reforms, commodity prices…
Trump Win Boosts Coal, Hits Renewable Stocks
The prospect of an abrupt shift in U.S. climate policy under President-elect Donald Trump lifted the shares of U.S. mining equipment giant Caterpillar Inc, North American railroads and other companies tied to fossil fuels, and slammed shares of renewable energy firms. Trump has called climate change a hoax,…
GE to Merge Oil & Gas Unit with Baker Hughes
General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create…
National Oilwell Varco Slashes Norway Staff Again
U.S. oilfield equipment maker and service provider National Oilwell Varco Inc will cut its Norwegian workforce by another 520 people after low oil prices resulted in fewer orders, the company said in a statement on Friday. The latest round of cuts will reduce the company's staff in Norway to less than 2,000…
National Oilwell Slashes Dividend
National Oilwell Varco Inc, the largest U.S. oilfield equipment maker, said it would cut its quarterly dividend to 5 cents per share from 46 cents, as it struggles to cope with a prolonged slump in oil prices. The company cut its quarterly dividend by 89 percent, saying that market conditions continued to deteriorate through the first quarter.
EU Clears Schlumberger's Acquisition of Cameron
The European Union executive on Friday cleared the purchase of equipment maker Cameron International Corp by Schlumberger, the world's No.1 oilfield services provider. Reuters exclusively reported in January that the deal would be waved through. This is the second-biggest tie-up in the energy services after Halliburton's proposed takeover for Baker Hughes of about $35 billion.
Barometer of Shale Oil Industry's Health Warns Agony to Worsen
The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow more as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only NOV but dozens of others throughout North America's oil patches…
SMA Solar Exceeds Sales for 2015
SMA Solar, Germany's largest solar power equipment maker, has beaten its own targets for sales and earnings for 2015 after it cut costs and increased flexibility to respond to the volatile market. Shares in the world's largest maker of solar inverters closed up 2.3 percent shortly after the company released the preliminary figures. It publishes full results on March 30.
National Oilwell Varco Slashes 900 Norwegian Jobs
U.S. oilfield equipment maker National Oilwell Varco Inc will cut its Norwegian workforce by another 900 people after low oil prices resulted in fewer orders, the company said on Monday. The layoffs come on top of cuts announced in June when the company said it would cut 900 permanent jobs and 600 contractors from its Norwegian workforce by the end of this year.
Maurel & Prom Mulls Merger after MPI Deal
French energy exploration and production company Maurel & Prom said it was reabsorbing its former Nigerian unit MPI as a first step towards tripling in size to cope with the impact of a plunge in the oil price. Maurel & Prom said on Thursday it was buying MPI in a deal that would give MPI investors one Maurel & Prom share for two shares held.
Schlumberger to Buy Cameron in $14.8 Bln Deal
Schlumberger Ltd will buy oilfield equipment maker Cameron International Corp in a deal valued at $14.8 billion to streamline supply chains and offer cost-effective services to oil and gas customers who have slashed budgets. The deal is the latest in a line of mergers in the energy industry as companies struggle…
Siemens Could Still be Interested in Alstom
Siemens could still be interested in buying power-generation assets from French rival Alstom on the same terms it offered a year ago if General Electric's deal to buy them falls through, a senior management source said. However, the Germany company sees the pace of change slowing down after a flurry of acquisitions, disposals and job cuts, the person added on Monday.
Siemens Wins EU Okay for Dresser-Rand Bid
German industrial group Siemens secured unconditional European Union regulatory approval on Monday for its proposed $7.6 billion bid for U.S. oilfield equipment maker Dresser-Rand. The European Commission said the deal, Siemens' largest ever takeover, would not hurt competition, confirming a Reuters report on May 8.
National Oilwell Varco to Cut 1,500 Norwegian Jobs
National Oilwell Varco Inc., the largest U.S. oilfield equipment maker, said it will cut its Norwegian workforce by 1,500 by the end of this year as low oil prices have reduced investments. It plans to cut 900 permanent jobs and 600 contractors, the firm said in a statement on Wednesday. "The reason for the…
Joy Global Profit Plunges 48 pct
Mining equipment maker Joy Global Inc., which gets about 60 percent of its revenue from coal miners, reported a 48 percent fall in quarterly profit as customers cut spending due to weak prices. Net income fell to $38.7 million, or 40 cents per share, in the second quarter ended May 1, from $74 million, or 73 cents per share, a year earlier.
National Oilwell Seeks Bargains in Depressed Oilfield Market
National Oilwell Varco Inc is slowing down its share buyback program to preserve cash for acquisitions, driven by the need for consolidation in an industry beset by low crude prices. The largest U.S. oilfield equipment maker is in talks over several potential deals, its chief executive said on Tuesday, which would add to two acquisitions already completed this year.
India May delay Oil Company Share Sales
India hopes for about $3.5 billion from stake sale in ONGC, IOC. India is likely to delay share sales in state-run oil firms ONGC and Indian Oil Corp by up to six months as low crude oil prices have hit their value, denting the chances of raising about $11 billion from such sales this financial year, two government sources said.
Siemens Sticks to Full-Year Profit Forecast
German industrial group Siemens will confirm its full-year forecasts when it reports quarterly results in May, a senior company source said on Tuesday. "Business is running exceptionally stably, according to plan," the source said. The person added that Siemens saw no prospect of having to write down U.S. oilfield equipment maker Dresser-Rand…
EU Regulators Suspend Siemens, Dresser-Rand Deal Probe
European Union antitrust regulators have suspended their investigation into Siemens' $7.6 billion bid for U.S. oilfield equipment maker Dresser-Rand Group while waiting for more data from the German industrial group. The European Commission suspended its probe on March 19, a filing on its website showed on Wednesday.
