Anna's Feed
Oct 25, 2012

Occidental, Conoco profits fall, but beat estimates

By Anna Driver

(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) and Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz) reported quarterly results that topped Wall Street estimates as they produced more oil and gas than expected, even as lower prices hurt profits.

Shares of Conoco rose nearly 2 percent, while Occidental dipped 0.7 percent on Thursday.

Oct 25, 2012

Conoco quarterly profit dips, but beats estimates

By Anna Driver

(Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) reported a lower third-quarter profit on Thursday that beat analysts’ estimates, as it produced more crude than expected from high-margin fields such as the Eagle Ford and Bakken.

Shares of the U.S. oil and gas company rose 2 percent to $57.11 in premarket trading.

Oct 16, 2012

Murphy Oil Corp to spin off U.S. downstream unit

Oct 16 (Reuters) – Murphy Oil Corp said it will spin
off its retail gasoline business in the United States, review
options for other assets, pay a special dividend and buy back
shares as it seeks to return more cash to its shareholders.

News of the plans sent Murphy’s shares climbing more than 8
percent in midday New York Stock Exchange trading.

Oct 15, 2012

Marathon selling big part of its Eagle Ford acreage

HOUSTON (Reuters) – Marathon Oil Corp (MRO.N: Quote, Profile, Research, Stock Buzz) is selling a large portion of its undeveloped oil and gas acreage in the Eagle Ford basin in south Texas as the U.S. oil and gas company sheds properties it no longer considers essential to its exploration plans.

Marathon has spent heavily in recent years to acquire oil and gas properties in the Eagle Ford in a strategy aimed at growing production of crude oil and pricier natural gas liquids.

Oct 11, 2012

Noble Energy rolls the dice on Nevada oil

By Anna Driver

(Reuters) – Noble Energy said on Thursday it plans to explore for crude oil in areas of Nevada that have seen little drilling, as the U.S. exploration and production company starts to assess its longer-term prospects.

Noble and other oil and gas companies rely on developed reserves to grow output and generate cash flow. Because those reserves hold a finite amount of recoverable oil and gas, companies must always scout out riskier prospects for future growth.

Aug 2, 2012

Lower oil and natural gas prices hit Apache Corp profit

Aug 2 (Reuters) – Apache Corp on Thursday reported a
lower-than-expected quarterly profit as oil and gas output fell
short of Wall Street expectations and weak prices also hurt

The second-quarter results sent Apache’s shares down 4.6
percent in morning New York Stock Exchange trading.

Aug 1, 2012

Devon, Sumitomo in $1.4 billion deal; Devon profit down

By Anna Driver

(Reuters) – Devon Energy Corp (DVN.N: Quote, Profile, Research, Stock Buzz) reported earnings that fell short of estimates and announced that Japan’s Sumitomo Corp (8053.T: Quote, Profile, Research, Stock Buzz) will take a 30 percent stake in shale acreage Devon controls in the Permian Basin in a $1.4 billion deal.

Investors focused on the earnings miss, pushing shares of Devon down 3.8 percent.

Jul 31, 2012

Valero to split off retail arm, profits rise

By Matt Daily and Anna Driver

(Reuters) – Refining company Valero Corp (VLO.N: Quote, Profile, Research, Stock Buzz) on Tuesday posted a higher quarterly profit that topped expectations and said it would split off its retail business, lifting its shares 6 percent.

The company, which owns retail stations in the United States and Canada, said it is considering different methods for the split, including a spin-off that would give its shareholders ownership in the retail business.

Jul 30, 2012

Anadarko reports quarterly loss, output a record

July 30 (Reuters) – Anadarko Petroleum Corp on
Monday reported a net loss in the second quarter as low natural
gas prices forced the company to write down the value of some
assets, but the results topped expectations as oil and gas
output surged 8 percent to a record.

While natural gas prices have rallied recently on power
demand, the average natural gas price at the delivery point
Henry Hub fell nearly 50 percent from a year ago in the second

Jul 26, 2012

Exxon Mobil output, chemicals unit dampen earnings

By Anna Driver and Matt Daily

(Reuters) – Exxon Mobil Corp, the world’s largest publicly traded oil company, posted lower-than-expected quarterly earnings on Thursday as its oil and gas output sagged and weak margins hurt its chemicals business.

Weaker global oil prices have weighed on earnings across the sector and Exxon also felt the sting of decade-low U.S. natural gas prices, especially in the United States where it is the largest producer of the fuel.

    • About Anna

      "I currently cover large U.S. oil and gas companies including Exxon Mobil and ConocoPhillips as part of the equities desk's Raw Materials Team. I am based in Houston, Texas."
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