Energy shares traded mixed Monday in the face of more layoffs at Baker Hughes, falling oil prices in the face of OPEC's steady oil production, and gains in the broad market. Against this backdrop, the Amex Oil Index fell 0.4% to 831, the Amex Natural Gas Index rose 0.4% to 329 and the Philadelphia Oil Service Index dipped 0.4% to 119. Crude-oil futures fell $1.22 to $45.03. See Futures Movers. Baker Hughes said over the weekend it plans to cut an additional 1,500 jobs, or about 4% of its work force, as drill counts continue to decline. The shares fell 1% to $29.08. "Activity is simply falling harder and faster than the companies prepared for," analysts at Tudor Pickering Holt said Monday. "Baker Hughes' offshore and deepwater exposure should be a mitigating influence on overall region results and help ... revenue outperform rig count this year." Baker Hughes officials cited the slowdown in the global economy, lower oil and natural gas prices and a decline in customer spending. "We'll continue to monitor activity and will make additional adjustments if required," Baker Hughes's director of investor relations, Gary Flaharty, told the Houston Chronicle. The latest cuts come after Baker Hughes said it planned to lay off 1,500 of its 40,000 employees worldwide in January. Meanwhile, oil prices fell sharply on Monday after OPEC opted against any further production cuts for now, despite slack demand. The oil cartel, which controls about a third of the world's oil production, said Sunday at a meeting Vienna that it will fully comply with production targets the group agreed to late last year. Among energy stocks in the spotlight, Occidental Petroleum fell 2% to $53.66. Credit Suisse downgraded the company to neutral from outperform. Separately, Occidental said it'll continue to develop oil and gas in Bahrain at an estimated cost of $1.5 billion over the next five years. The development plan is expected to increase oil production to more than 100,000 barrels of oil a day and "significantly increase" gas production capacity above the current level of 1.5 billion cubic feet a day. Occidental and Abu Dhabi-based Mubadala Development Co. signed an interim agreement with the National Oil and Gas Authority of Bahrain to further develop the Bahrain Field Enbridge Inc. said it'll sell for $400 million its indirect 24.7% interest in the Ocensa pipeline to Ecopetrol, the Colombian national oil company. The sale is expected to close on Tuesday. "The sale represents an attractive valuation of the asset and we are in an excellent position to profitably redeploy the proceeds to fund our commercially secured growth projects and other attractive opportunities," the Calgary, Alberta, pipeline firm said. Shares of Enbridge rose 1.5% to $29.72. Magellan Midstream Partners L.P.said closely held ethanol maker Poet is joining a feasibility study behind a proposed $3.5 billion pipeline to gather ethanol from production facilities in Iowa, South Dakota, Minnesota, Illinois, Indiana and Ohio to serve terminals in major northeastern markets. Poet is the world's largest producer of ethanol, with more than 1.5 billion gallons of annual ethanol production from 26 facilities in seven midwestern states. Terms of the deal were not disclosed. Ethanol poses a challenge for traditional pipelines because it absorbs water, which causes corrosion. Solutions include adding chemicals to the fuel to reduce corrosion, or building pipelines out of alternative materials. Shares of Magellan rose 1.4% to $29.84.

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