Correspondent, Energy and Infrastructure
Braden's Feed
Jul 27, 2012

Chevron profit slips, but refineries shine

By Braden Reddall and Matt Daily

(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) profit fell 7 percent in the second quarter as oil prices weakened, the No. 2 U.S. oil company said on Friday, and oil and gas output will fall short this year, but margins are strong for the smaller refining business.

Like larger rival Exxon Mobil (XOM.N: Quote, Profile, Research, Stock Buzz), Chevron did face weak prices for U.S. natural gas prices. But Chevron is far less reliant on it, with just 5 percent of its reserves in North American gas, compared with 18 percent for Exxon.

Jul 26, 2012

Occidental quarterly profit lower

July 26 (Reuters) – Occidental Petroleum Corp
reported a 28 percent drop in quarterly profit on Thursday on
lower oil prices, but earnings were better than expected and the
company increased spending and planned more U.S. production
growth.

The fourth-largest U.S. oil company said second-quarter
output grew to 766,000 barrels per day of oil equivalent from
715,000 a year earlier. This included an average of 462,000 bpd
of U.S. production, a rate it saw reaching 480,000 bpd by the
end of this year.

Jul 23, 2012

Asian dealmaking livens up dim oil earnings season

By Braden Reddall

(Reuters) – A surprising $15 billion deal struck by China’s CNOOC Ltd for a Canadian outfit operating in the backyards of the world’s biggest oil companies could provide a key talking point as the majors report what will likely be subdued quarterly earnings.

Sustained production growth has long been elusive for the likes of Exxon Mobil Corp and Royal Dutch Shell Plc. CNOOC’s proposed Nexen Inc takeover at a hefty 61 percent premium, announced earlier on Monday, sets an alarming benchmark for anyone seeking to buy their way into opportunities.

Jul 23, 2012

Halliburton Q2 tops Wall Street; sees better North America in ’13

By Matt Daily and Braden Reddall

(Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) posted a quarterly profit on Monday that topped Wall Street forecasts, helped by increased activity outside North America, where it expected margins would start recovering by early next year.

Shares of Halliburton, the world’s second-largest oilfield services company behind Schlumberger (SLB.N: Quote, Profile, Research, Stock Buzz), rose 2.5 percent despite a decline in oil prices weighing down the sector .

Jul 23, 2012

Halliburton Q2 tops Wall St; sees better NAmerica in ’13

July 23 (Reuters) – Halliburton Co posted a
quarterly profit on Monday that topped Wall Street forecasts,
helped by increased activity outside North America, where it
expected margins would start recovering by early next year.

Shares of Halliburton, the world’s second-largest oilfield
services company behind Schlumberger, rose 2.5 percent
despite a decline in oil prices weighing down the sector.

Jul 20, 2012

Occidental names Goldman Sachs banker as new CFO

July 20 (Reuters) – Occidental Petroleum Corp said
on Friday that Goldman Sachs banker Cynthia Walker would
take over as chief financial officer of the fourth-largest U.S.
oil company next month, just over a year after another former
banker took the reins at Occidental.

Walker, 35, was most recently a managing director at
Goldman, where she worked for 12 years, including as a senior
member of the Global Natural Resources Group in Houston and as
part of the mergers and acquisitions team.

Jul 20, 2012

Global oilfield growth lifts Schlumberger, Baker Hughes

By Braden Reddall

(Reuters) – Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) and Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz), the world’s No. 1 and No. 3 oilfield services companies, posted higher-than-expected profits on Friday as revenue piled up outside North America, and Baker’s shares leaped 10 percent.

Investment cycles outside the volatile U.S. and Canadian oilfield markets are generally smoother, and analysts said Schlumberger got a particularly big lift from Europe and Africa.

Jul 19, 2012

Iraq gets “positive” Obama response on Exxon concern

BAGHDAD/SAN FRANCISCO (Reuters) – Iraq’s prime minister said U.S. President Barack Obama backed Baghdad’s concerns over Exxon Mobil’s (XOM.N: Quote, Profile, Research, Stock Buzz) oil deal with the Kurdistan region and had emphasized Washington’s respect for the Iraqi constitution and laws.

Prime Minister Nuri al-Maliki issued the statement as U.S. oil major Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) confirmed its purchase of 80 percent of two blocks in Kurdistan in a move that may infuriate the central Iraqi government, which wants all oil deals to pass through Baghdad.

Jul 19, 2012

Noble, Diamond turning attention to 2014 contracts

By Braden Reddall

(Reuters) – Demand for deepwater rigs is so strong that Noble Corp (NE.N: Quote, Profile, Research, Stock Buzz) and Diamond Offshore Drilling Inc (DO.N: Quote, Profile, Research, Stock Buzz) are already turning their attention to striking deals for 2014.

Both companies reported better-than-expected quarterly profit and confirmed that pricing was improving across their fleets, sending their shares higher on Thursday.

Jul 19, 2012

Chevron confirms Kurdistan purchase, sees “promise” there

July 19 (Reuters) – Chevron Corp confirmed on
Thursday its purchase of 80 percent of two blocks in Iraq’s
Kurdistan, where the second-largest U.S. oil company sees
“considerable promise” despite active diplomatic disputes over
the region.

Chevron, confirming a Reuters report from Wednesday
, will be following in the footsteps of larger
rival Exxon Mobil Corp, whose exploration agreement with
the Kurdistan Regional Government is deemed illegal by Baghdad.

    • 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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