Correspondent, Energy and Infrastructure
Braden's Feed
Oct 18, 2012

Diamond, Noble see deepwater rig demand strong for years

By Braden Reddall

(Reuters) – Recent deals struck by Diamond Offshore Drilling Inc (DO.N: Quote, Profile, Research, Stock Buzz) and Noble Corp (NE.N: Quote, Profile, Research, Stock Buzz) paint a picture of a market in which deepwater oil rigs will be in high demand for years, while other drilling segments may end up being too well supplied, executives said on Thursday.

Noble expected ultra-deepwater rates to keep heading higher, even after a strong rise so far this year, and Houston-based Diamond saw the same market momentum driven by demand off Australia, both coasts of Africa, as well as closer to home.

Oct 17, 2012

Noble Corp third quarter profit drops on rig downtime

By Braden Reddall

(Reuters) – Noble Corp (NE.N: Quote, Profile, Research, Stock Buzz), owner of the world’s third-largest offshore drilling fleet, on Wednesday reported a quarterly profit that missed Wall Street views, hit by extended downtime that it said is not expected to recur in the current quarter.

Deployment of two new drillships, one off Brazil and the other in the Gulf of Mexico, was slower than expected, Noble said. Two other rigs in Brazil were hit by delays, and U.S. operations had to cope with the effects of Hurricane Isaac.

Oct 17, 2012

Halliburton profit falls on subdued U.S., fourth quarter looks tough

By Braden Reddall

(Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) said its third-quarter profit fell due to inflated raw material costs and a slowdown in U.S. drilling, which showed no signs of picking up as many clients’ budgets for the year were already spent.

Halliburton, the world’s No. 2 oilfield services company, said North American margins ended up even lower than it warned of last month – at just over 15 percent. It added that weaker activity and pricing pressure will likely erode them again in the fourth quarter. The margins stood at nearly 27 percent in the first quarter of this year.

Oct 17, 2012

Halliburton profit falls on subdued US, Q4 looks tough

Oct 17 (Reuters) – Halliburton Co said its
third-quarter profit fell due to inflated raw material costs and
a slowdown in U.S. drilling, which showed no signs of picking up
as many clients’ budgets for the year were already spent.

Halliburton, the world’s No. 2 oilfield services company,
said North American margins ended up even lower than it warned
of last month – at just over 15 percent. It added that weaker
activity and pricing pressure will likely erode them again in
the fourth quarter. The margins stood at nearly 27 percent in
the first quarter of this year.

Oct 17, 2012

Environmentalists sue California to stop fracking

SAN FRANCISCO (Reuters) – Environmental groups sued the state of California on Tuesday in an effort to stop hydraulic fracturing as regulators attempt to devise new rules for the controversial oil and gas extraction practice.

The lawsuit accuses the regulator, the California Department of Conservation, Division of Oil, Gas, and Geothermal Resources, with failing to evaluate the risks, even though fracking was used for more than 600 wells in the state last year.

Oct 9, 2012

Chevron warns on Q3 profit; Richmond out through Q4

By Braden Reddall

(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) warned that third-quarter profits would be “substantially lower” than the previous quarter as a hurricane and maintenance curbed its oil and gas output and a fire hit its refining arm.

Chevron’s shares fell 1.2 percent in after-hours trading.

The second-largest U.S. oil company said on Tuesday that the key crude unit at its oldest refinery in Richmond, California, would remain offline through the fourth quarter after it was badly damaged in an August 6 fire.

Oct 9, 2012

California gasoline prices set to plunge as spike ends

SAN FRANCISCO/HOUSTON (Reuters) – The unprecedented price spike that added more than 50 cents a gallon to California pump prices last week ended as quickly as it began, market analysts said, and consumers should see prices fall dramatically in the coming week.

Political outrage, however, was still heating up as Senator Barbara Boxer joined calls for a federal investigation into possible market manipulation.

Oct 8, 2012

California gasoline prices set to ease off record highs

SAN FRANCISCO/HOUSTON (Reuters) – Average California gasoline prices scaled yet another record high, an auto organization said on Monday, while wholesale prices signaled the end to any major supply shortages in the largest market for gasoline in the United States.

The average California pump price had risen by just over a penny from a day before to $4.668 per gallon for regular gasoline, up 50 cents from just a week before, according to the American Automobile Association website early on Monday morning.

Oct 8, 2012

As California gas prices soar, political heat rises

SAN FRANCISCO/HOUSTON (Reuters) – California Governor Jerry Brown on Sunday ordered pollution regulators to let service stations stock winter-grade gasoline early after an abrupt price spike last week sent some pump prices past $5 a gallon and left residents fuming.

Wholesale markets indicated that prices would likely ease in the coming days, but the political fallout may be just beginning. U.S. Senator Dianne Feinstein wrote a second letter on Sunday asking for federal regulators to investigate possible price manipulation in the California gasoline market.

Oct 5, 2012

California gasoline prices jump 17 cents a gallon overnight

SAN FRANCISCO (Reuters) – California gas prices rose 17 cents a gallon overnight due to supply disruptions at some refineries and seasonally low inventories, bringing the one-week increase in the Golden State to nearly 36 cents.

The average retail price of gasoline was $4.486 on Friday morning, up from $4.315 on Thursday and $4.131 a week ago, according to AAA data. The average price was $3.818 a year ago.

    • 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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