HOUSTON, August 26, 2015—Schlumberger Limited (NYSE: SLB) and Cameron (NYSE: CAM) today jointly announced a definitive merger agreement in which the companies will combine in a stock and cash transaction. The agreement was unanimously approved by the boards of directors of both companies.

Revenues for the second quarter of 2015 were $1,147 million compared to $1,244 million in the first quarter of 2015. Operating profit for the quarter was $384 million compared to $703 million in the preceding quarter. The decrease was primarily due to the gain on deconsolidation of SeaMex during the first quarter, and a loss on the sale of the West Polaris to Seadrill Partners during the second quarter. Taken together, these items account for approximately $261 million, or 82%, of the sequential decline in operating profit. Excluding these non-recurring items, operating profit declined 11% sequentially.

Aug 27 French oil major Total has agreed to sell some of its gas pipeline assets in the UK's North Sea to North Sea Midstream Partners, an affiliate of U.S.-based private equity firm ArcLight Capital, for 585 million pounds ($907 million).

Ukraine's efforts to store natural gas for winter are running 1 billion cubic metres behind their pace last year, Prime Minister Arseny Yatseniuk said on Wednesday.

TOP TEN OIL PRODUCING COMPANIES IN THE WORLD

Although OPEC's statutes say support from a simple majority of the 12 members can trigger an extraordinary meeting, none will occur without support from Saudi Arabia, which has yet to give its blessing, OPEC delegates say.

Brent crude, the international benchmark, jumped by $4.42 a barrel in afternoon trading to settle at $47.56. The 10.2 per cent gain marked its biggest one day advance since December 2008.

Bulgaria’s Cabinet was preparing to seek damages for the idled properties that were due to host infrastructure for the now-abandoned South Stream gas pipeline, with the government approving on August 26 the methodology for calculating such damages.

In the first half of 2015, sales revenues were $51,294 million (-30.6% y-o-y). Net income attributable to LUKOIL decreased by 58.9% y-o-y to $1,695 million, EBITDA (earnings before interest, taxation, depreciation and amortization) decreased by 32.4% y-o-y to $6,379 million. In the first half of 2015, our financial results were affected by a sharp decrease in the hydrocarbon prices and non-cash write-off in the amount of $324 million.

Despite unfavourable market conditions and a negative impact of the tax manoeuvre, in the second quarter of 2015, the Company achieved a considerable improvement in its financial results. Revenue from sales gained 6.9% compared to the first quarter of 2015; adjusted EBITDA increased by 34.1%, while operating income jumped by 44.4%. In the second quarter of 2015, net income excluding minority interest was 57.2% higher than in the first quarter of 2015 and 12.9% higher than in the second quarter of 2014.

Demand for and production of oil and refined products grew across the board over the last year,” said API Chief Economist John Felmy. “In fact, demand for and production of oil and refined products were the highest July in eight years, since 2007.”

U.S. Rig Count is down 8 rigs from last week to 877, with oil rigs up 1 at 675, gas rigs down 9 to 202, and miscellaneous rigs unchanged at 0.

Ukraine has asked Russia to reduce the cost it charges the country for gas as well as write-off loans Russia has given it.

Thanks to measures on cost optimization and control adjusted earnings before interests, tax and depreciation (EBITDA) amounted to RUB 326 bln (USD 6.3 bln) and increased by 14.0%, adjusted EBITDА margin reached 24.8% in Q2 2015 compared to Q1 2015. Adjusted EBITDA for the H1 2015 increased by 3.2% compared to H1 2014 up to RUB 612 bln.

Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world's most profitable.

Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometres.

“Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members—indeed for all stakeholders in the industry,” the commentary in the latest OPEC Bulletin said.

Profit attributable to owners of PJSC Gazprom for the six months ended June 30, 2015 totaled RUB 675,904 which is RUB 225,326 million, or 50 %, higher compared to the six months of the prior year.

EIA estimates U.S. crude oil production in June 2015 at 9.3 million barrels per day (b/d), a decrease of approximately 100,000 b/d from the revised May 2015 figure. Production estimates released in the PSM for January through May were revised downward by 40,000 b/d to 130,000 b/d. The largest revisions in volume include decreases of oil production in Texas (ranging from about 100,000 b/d to 150,000 b/d) and increases in the federal Gulf of Mexico (ranging from about 10,000 b/d to 50,000 b/d). U.S. crude oil production for the first six months of 2015 averaged 9.4 million b/d.

"We cut our real GDP outlook... to take into account a weaker-than-expected second quarter, a deteriorating global emerging market outlook, and our oil price revisions,"