Correspondent, Energy and Infrastructure
Braden's Feed
Nov 7, 2012

Harsher energy regulations seen in Obama’s second term

LOS ANGELES/SAN FRANCISCO Nov 7 (Reuters) – Energy producers
braced for tighter regulation in President Barack Obama’s second
term, with coal companies expecting more emissions restrictions
and drillers anticipating less access to federal land even as
his platform promotes energy independence.

Opponents already believe that Obama has waged a “war on
coal” through the administration’s push for stricter regulation
of greenhouse gas emissions by the Environmental Protection
Agency (EPA).

Nov 2, 2012

Chevron profit down on reduced output, weak refining

By Braden Reddall

(Reuters) – Chevron Corp posted earnings on Friday that were much lower than expected as maintenance exacerbated a decline this year in oil and natural gas production, and shares of the second-largest U.S. oil company slid 2.5 percent.

Third-quarter production fell to 2.52 million barrels of oil equivalent per day from 2.60 million bpd a year earlier. With a fourth-quarter bounce expected, Chevron expected 2012 production to average about 2.6 million bpd, or 97 percent of its original 2.68 million bpd target.

Nov 2, 2012

Chevron profit drops on lower oil output, maintenance

By Braden Reddall

(Reuters) – Chevron Corp posted much lower-than-expected quarterly earnings on Friday as maintenance exacerbated a steady decline in oil and natural gas production and as a huge fire at one of the company’s California plants hit the refining business.

Shares of the second-largest U.S. oil company fell more than 1 percent in early trading.

Nov 1, 2012

Fluor falls short as mining work slows, awaits NuScale

By Braden Reddall

(Reuters) – Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz) reported a decline in its backlog on Thursday due to two mining project cancellations, while quarterly profits and its 2013 outlook fell short of analyst estimates.

Shares of Fluor, the largest publicly traded U.S. engineering company, dropped 3.4 percent to $55.72 in after-hours trading on Thursday.

Oct 25, 2012

Occidental CEO wields axe over ballooning costs

By Braden Reddall

(Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz) posted a smaller-than-expected drop in quarterly earnings on Thursday, but its CEO hardened his tone on operating expenses and promised a change in strategy if they do not come down.

Chief Executive Officer Stephen Chazen set a target of lowering costs to 2011 levels by the end of next year, zeroing in on those in the company’s home state of California.

Oct 25, 2012

National Oilwell profit beats, equipment orders seen up

By Braden Reddall

(Reuters) – National Oilwell Varco Inc (NOV.N: Quote, Profile, Research, Stock Buzz), the largest U.S. oilfield equipment maker, posted higher-than-expected profits and saw good demand for deepwater equipment, but its shares fell 3 percent on worries about the stalled U.S. land drilling market.

Revenue from NOV’s biggest business, supplying technology to rigs, rose 29 percent in the third quarter while revenue from the backlog in the business rose 36 percent to $1.91 billion.

Oct 23, 2012

CB&I third-quarter profit rises, eyes Shaw deal votes within weeks

By Braden Reddall

(Reuters) – Chicago Bridge & Iron Co (CBI.N: Quote, Profile, Research, Stock Buzz) reported a higher-than-expected quarterly profit as it aims to complete a takeover of Shaw Group Inc (SHAW.N: Quote, Profile, Research, Stock Buzz) by early next year, with both sets of shareholders expected to vote on the deal within the next several weeks.

Shaw, which like CB&I is an energy-focused engineering company, had posted results on Friday along with a 2013 forecast below market estimates, while it faces down growing investor resistance over the proposed $3 billion deal.

Oct 23, 2012

CB&I Q3 profit rises, eyes Shaw deal votes within weeks

Oct 23 (Reuters) – Chicago Bridge & Iron Co reported
a higher-than-expected quarterly profit as it aims to complete a
takeover of Shaw Group Inc by early next year, with
both sets of shareholders expected to vote on the deal within
the next several weeks.

Shaw, which like CB&I is an energy-focused engineering
company, had posted results on Friday along with a 2013 forecast
below market estimates, while it faces down growing investor
resistance over the proposed $3 billion deal.

Oct 19, 2012

Shaw Group eyes weak 2013, lawsuits over CB&I takeover

By Braden Reddall

(Reuters) – Shaw Group Inc (SHAW.N: Quote, Profile, Research, Stock Buzz) forecast 2013 results far below market estimates due to a fall in orders, even as the U.S. engineering company faces growing push-back from investors over a contentious takeover by Chicago Bridge & Iron Co (CBI.N: Quote, Profile, Research, Stock Buzz).

After Shaw’s results and outlook were released on Friday morning, CB&I’s shares dropped 2.9 percent to $38.29, while Shaw fell 1.5 percent to close at $43.69 – more than $2 shy of the takeover price that the two companies agreed to in late July.

Oct 19, 2012

Gas slump hits Baker; Schlumberger flexes global muscle

Oct 19 (Reuters) – Steady growth in drilling activity
outside North America gave a big lift to Schlumberger Ltd
, the world’s largest oil services company, but the U.S.
natural gas slump weighed even more than expected on rival Baker
Hughes Inc.

Baker, the industry’s third-largest player worldwide, posted
a lower-than-expected quarterly profit on Friday, while
Schlumberger’s earnings per share came in a few cents ahead of
estimates.

    • About Braden

      "Spent early career in London covering technology, media and telecoms over five years, after an initial stint in Dublin. Worked as India's chief financial copy editor and deputy bureau chief in Mumbai for 2-1/2 years before moving to San Francisco in 2006, first to edit West Coast stories and then to cover the energy business. A native Californian, Braden received his BA in Economics from the University of Chicago in 1996."
      Hometown:
      Santa Maria, CA
      Joined Reuters:
      1997
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