Correspondent, Energy and Infrastructure
Braden's Feed
May 1, 2012

Valero posts loss, shares up on underlying profit

By Matt Daily and Braden Reddall

(Reuters) – Valero Energy Corp (VLO.N: Quote, Profile, Research, Stock Buzz) made a quarterly loss due to smaller discounts on the crude it processes and charges for shutting its Aruba refinery, but the underlying performance was better than expected and its shares rose 1.7 percent.

The U.S. refiner said it continued to benefit from strong exports, even as weak demand at home cut its income per barrel processed by more than half compared with a year earlier, to $2.11.

Apr 27, 2012

Chevron profit rises 4 percent, even as production falls

By Braden Reddall

(Reuters) – Chevron Corp, the second-largest U.S. oil company, reported a slightly higher-than-expected quarterly profit as rising oil prices and refining margins made up for a decline in oil and gas production.

Chevron shares slipped 0.2 percent in early trading, though that was better than the 1 percent decline for larger rival Exxon Mobil Corp on Thursday after it produced weaker-than-expected earnings due to a drop in oil and gas output.

Apr 26, 2012

Occidental first-quarter profit rises, sees steady U.S. growth

By Braden Reddall

(Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz), the fourth-largest U.S. oil company, reported a rise in quarterly profit on record output and rising oil prices, and its shares rose more than 1 percent.

First-quarter production of 755,000 barrels of oil equivalent per day (bpd) included domestic production of 455,000 bpd. Oxy predicted steady growth from its U.S. operations this quarter, which should rise by 6,000 to 8,000 bpd.

Apr 26, 2012

Occidental Q1 profit rises, sees steady US growth

April 26 (Reuters) – Occidental Petroleum Corp, the
fourth-largest U.S. oil company, reported a rise in quarterly
profit on record output and rising oil prices, and its shares
rose more than 1 percent.

First-quarter production of 755,000 barrels of oil
equivalent per day (bpd) included domestic production of 455,000
bpd. Oxy predicted steady growth from its U.S. operations this
quarter, which should rise by 6,000 to 8,000 bpd.

Apr 26, 2012

Production growth lifts Shell; Exxon falls short

April 26 (Reuters) – First-quarter earnings from the top two
publicly traded oil companies showed clearly both the challenges
and potential gains of growing output even a little, with Exxon
Mobil Corp’s production declining and Royal Dutch Shell
Plc easily beating estimates.

Exxon’s oil and natural gas production slumped 5 percent,
leading to a lower net profit and pushing its shares down 1.4
percent on Thursday — an especially big move for a $400 billion
company that just increased its dividend the previous day by a
better-than-expected 21 percent.

Apr 25, 2012

Exxon boosts dividend 21 pct, Chevron’s up 11 pct

April 25 (Reuters) – Exxon Mobil Corp, the world’s
largest publicly traded oil company, raised its quarterly
dividend by 21 percent on We dnesday, bowing to sustained
pressure from investors and Wall Street analysts.

Chevron Corp, its nearest U.S. rival, announced late
o n Wednesday that its quarterly dividend would rise another 9
cents per share, matching its ultimate increase last year that
it pushed through in two stages.

Apr 25, 2012

National Oilwell Varco profits, backlogs climb

April 25 (Reuters) – National Oilwell Varco Inc, the
largest U.S. oilfield equipment maker, posted a
higher-than-expected profit and modest growth in its backlog of
business and was confident demand from its energy-producing
customers would remain strong through 2012.

Shares of NOV, which have outperformed the sector this year,
slipped 2.2 percent in early trading as first-quarter revenue
from its rig technology business fell short of analysts’
estimates.

Apr 24, 2012

Baker Hughes, Weatherford see N. America pressure

April 24 (Reuters) – North America’s shift to oil drilling
from natural gas will squeeze profit margins for the oilfield
service industry through 2012, Baker Hughes Inc and
Weatherford International said Tuesday.

That echoed the sentiment from Halliburton, the
market leader in North America, which warned last week that
prices for services it provided to oil and gas companies
drilling in shale fields were under pressure.

Apr 20, 2012

Schlumberger lifted by deepwater rebound, shares up

By Matt Daily and Braden Reddall

(Reuters) – Schlumberger (SLB.N: Quote, Profile, Research, Stock Buzz), the world’s largest oilfield services company, posted a quarterly profit that was slightly ahead of forecasts as business outside North America and in deepwater regions improved, sending its shares up 5 percent.

The company expects 10 percent growth this year in the number of rigs working outside North America, which has been the big profit driver in recent years, and said pricing in international markets was improving.

Apr 19, 2012

Diamond, Noble beat Wall St; cost risks still loom

April 19 (Reuters) – Noble Corp and Diamond Offshore
Drilling Inc, two top-five global rig contractors, beat
quarterly profit expectations and saw strong demand ahead for
their rigs, but the potential for higher costs remains a
persistent threat.

Analysts said they both delivered their strong profit
numbers largely through good financial management, and the
companies’ outlooks for full-year costs remained steady.

    • 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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