TOP STORIES

OPEC DEADLOCKS OVER IRAN, IRAQ OIL PRODUCTION

A meeting of OPEC national delegates on Friday ended in a deadlock as Iraq and Iran disputed the data being used to allocate production cuts, officials said.

EXXON WARNS ON RESERVES AS IT POSTS LOWER PROFIT

Exxon Mobil said that it may be forced to recognize that billions of barrels of its reserves are no longer profitable to produce. The disclosure came as the oil producer reported a 38% decline in quarterly profit.

OIL PRICES SAG ON CONCERNS ABOUT OPEC DEAL ON OUTPUT CUT

Oil prices fell amid fresh worries about OPEC's ability to coordinate a production cut, and a broader selloff on the prospect of a new chapter in the Federal Bureau of Investigation's investigation into Democratic presidential candidateHillary Clinton's email server.

BAKER HUGHES CEO CONFIRMS TALKS WITH GE

Baker Hughes confirmed that it is in discussions with GE., a day after The Wall Street Journal reported the companies were in talks about a potential transaction.

CHEVRON RETURNS TO PROFIT, BUT REVENUE SLIDES

Chevron said its quarterly profit plunged 35% from a year earlier and revenue slid more than expected amid low oil prices, though the company returned to the black after three straight quarters of losses.

U.S. OIL-RIG COUNT FALLS BY 2

The number of rigs drilling for oil in the U.S. fell by two in the past week to 441, bucking a recent trend of increases, according to oil-field services company Baker Hughes Inc.

SUNEDISON'S CANADIAN UNIT FILES FOR BANKRUPTCY PROTECTION

Renewable energy giant SunEdison Inc. has placed its Canadian arm into bankruptcy while the parent company seeks more time under court protection in the U.S. to sell off assets and work out a repayment strategy.

SANDRIDGE DEFENDS BID FOR ATINUM'S DRILLING PORTFOLIO

SandRidge defended its move to purchase Atinum Midcon's drilling investments, urging a judge to disregard Wells Fargo officials who said the bank's proposal to forgive $75 million is a better offer.

COAL MINING COMPANY RAMACO PREPARING TO FILE FOR AN IPO

Appalachian coal mining company Ramaco, which has yet to produce any coal, is preparing the industry's first initial public offering in more than a year, coming at a time when coal prices have been rebounding sharply.

PHILLIPS 66 POSTS REVENUE AND PROFIT DECLINE

Phillips 66 said profit and revenue dropped as low commodity prices continued to hurt results, and it lowered its forecast for annual capital expenditures to about $3 billion.

TOTAL'S PROFIT JUMPS AS COST-CUTTING BEARS FRUIT

French oil giant Total said third-quarter net profit nearly doubled from the sameperiod a year earlier, as deep cost cuts and rising output helped it to ride a modest oil price rally driven by OPEC.

SAUDI ARAMCO SAYS EMPLOYEE TOOK BRIBE FROM EMBRAER

The Saudi Arabian Oil Co. has confirmed that it has evidence of corruption involving one its employees and Brazilian aircraft maker Embraer SA involving the purchase of three aircraft from the company.

======== DOW JONES NEWSWIRES ANALYSIS AND COMMENTARY ========

Heard on the Street

AS OIL SLUMP CONTINUES, BAKER-HUGHES NEEDS A DEAL

Baker-Hughes has seen its shares outperform larger peers but has good reason to talk to General Electric.

Business

CHINA'S OIL GIANTS SHRINK THEIR SPENDING

As the commodities slump stretches into its third year, earnings reports this week by China's three big state-owned oil and gas companies had something in common: capital expenditures far below budgeted levels.

(END) Dow Jones Newswires

October 28, 201616:37 ET (20:37 GMT)

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