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Schlumberger to cut more jobs as drilling downturn bites

NEW YORK – Oil service company Schlumberger <SLB.N> announced another round of job cuts on Tuesday, adding to 20,000 already this year, as low oil prices and a slowdown in drilling was expected to continue into next year. The layoffs, which will incur a pretax restructuring charge of about $350 million in the fourth quarter, are the latest sign of ...

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North Dakota town, sewage companies battle over poop

RAY, N.D. — What’s something you thought you’d never hear someone say they were short of? Sewage. Human waste. Poop. All the disgusting things that disappear when you flush your toilet. Rapid population growth in western North Dakota, spurred by a boom in oil and gas production, has prompted many communities there to upgrade their infrastructure. But falling oil prices resulting in ...

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Unemployment falls in just 23 US states as hiring slows

WASHINGTON — Unemployment rates fell in 23 U.S. states last month and rose in 12 as employers pulled back on hiring and a slowdown in oil and gas drilling caused big job losses in some states. The Labor Department said Tuesday that unemployment rates were unchanged in 15 states. Thirty-one state lost jobs while hiring picked up in just 18 ...

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North Dakota oil production declines slightly in February

BISMARCK, N.D. — Oil production in North Dakota slipped slightly from January to February as crude prices continued to decline. State Mineral Resources Director Lynn Helms says production in February was 1.18 million barrels a day, down from 1.19 million barrels in January and a record 1.23 million barrels in December. The number of drilling rigs fell from 160 in ...

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Global forces drive local oil and gas activity

TRAVERSE CITY — Crude oil prices are likely to remain relatively low in the near future. Unless the Saudis decide to take matters into their own hands. Dr. Mary Cline, a Washington, D.C.-based consultant who recently spoke in Traverse City as part of the International Affairs Forum, thinks the price of crude could go even lower this summer. “I don’t ...

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Bakken oil production slightly down; rig count back to 2010 level

BISMARCK, N.D. — North Dakota’s oil production slipped 3 percent in January from record production set a month earlier. Mineral Resources Director Lynn Helms says the slide to about 1.2 million barrels daily was largely due to sagging oil prices. He says falling oil prices also forced the drilling rig count down again, from 160 in January to 133 in ...

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Oil on wild ride; How will it end?

NEW YORK — The price of oil is on a wild ride, and there is little agreement on where it’s headed. After falling nearly 60 percent from a peak last June, the price of oil has now bounced back 19 percent since late January, closing Monday near $53. Oil has fallen or risen by 3 percent or more on 14 ...

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Unemployment claims remain consistent in the Bakken

Despite the recent decline in North Dakota’s rig count and the estimated 6,000 jobs associated with those rigs, the state’s unemployment numbers are holding steady, reports The Bismarck Tribune. Although a high number of workers are at risk due to the current drilling slowdown, North Dakota’s unemployment insurance fund has reached a high of $185 million. The recent boom has ...

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Montana’s Bakken boom might have gone bust

The Bakken oil boom in Montana has gone bust, or at least that’s the belief held by Terry Johnson, director of energy research at the University of Montana’s Bureau of Business and Economic Research. Montana Public Radio reports that Johnson said, “I would argue that the Bakken boom in Montana actually occurred back in 2005 and 2006. That the boom ...

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