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

Halliburton profit up, but N. America pressured

April 18 (Reuters) – Halliburton Co, the world’s
second-largest oilfield services company, reported a higher
quarterly profit as North American sales hit a record high
despite major challenges, and its shares rose more than 4
percent.

Chief Executive Officer David Lesar attributed the company’s
strength in North America to new oil drilling activity in the
United States. That helped offset a drop in natural gas drilling
due to weak U.S. prices, which have fallen to their lowest point
in a decade.

Apr 10, 2012

Chevron sees first-quarter earnings up despite weaker output

By Braden Reddall

(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) forecast a rise in first-quarter profits from the previous quarter as higher oil prices and refining margins offset lower U.S. production and the impact of a shutdown in Brazil.

Analysts, on average, estimate net income of $6.3 billion, or $3.14 per share, according to Thomson Reuters I/B/E/S. This compared with $6.2 billion a year before and $5.1 billion in the fourth quarter.

Apr 10, 2012

Chevron sees Q1 earnings up despite weaker output

April 10 (Reuters) – Chevron Corp forecast a rise in
first-quarter profits from the previous quarter as higher oil
prices and refining margins offset lower U.S. production and the
impact of a shutdown in Brazil.

Analysts, on average, estimate net income of $6.3 billion,
or $3.14 per share, according to Thomson Reuters I/B/E/S. This
compared with $6.2 billion a year before and $5.1 billion in the
fourth quarter.

Apr 10, 2012

Analysis: Oil firms hurt by Gulf spill welcome back drill rigs

NEW ORLEANS (Reuters) – Gulf of Mexico oil drillers will be busier this year than at any point since the BP (BP.L: Quote, Profile, Research, Stock Buzz) oil spill in 2010 that upended their industry and soiled their reputation along with parts of the marshy Louisiana coast.

Eight more deepwater rigs are expected in the Gulf this year, based on what oil companies tell contractors including Transocean (RIGN.VX: Quote, Profile, Research, Stock Buzz), Ensco (ESV.N: Quote, Profile, Research, Stock Buzz) and Seadrill (SDRL.OL: Quote, Profile, Research, Stock Buzz). Such an influx would bring the active deepwater count to 29, just short of the level before the well blowout two years ago this month that killed 11 people and destroyed a Transocean rig.

Apr 10, 2012

Oil firms hurt by Gulf spill welcome back drill rigs

NEW ORLEANS (Reuters) – Gulf of Mexico oil drillers will be busier this year than at any point since the BP oil spill in 2010 that upended their industry and soiled their reputation along with parts of the marshy Louisiana coast.

Eight more deepwater rigs are expected in the Gulf this year, based on what oil companies tell contractors including Transocean (RIGN.VX: Quote, Profile, Research), Ensco (ESV.N: Quote, Profile, Research) and Seadrill (SDRL.OL: Quote, Profile, Research). Such an influx would bring the active deepwater count to 29, just short of the level before the well blowout two years ago this month that killed 11 people and destroyed a Transocean rig.

Mar 26, 2012

Schlumberger sees results hurt by price pressures

NEW ORLEANS, March 26 (Reuters) – Schlumberger Ltd,
the world’s largest oilfield services company, said its results
would be hurt by downward pricing pressure for hydraulic
fracturing services, which reached North American liquids basins
in the first quarter.

Chief Executive Paal Kibsgaard said on top of that pressure,
already widely seen in natural gas areas due to weak gas prices,
the shift of equipment to liquids-rich basins was adding to
costs and leading to lower utilization.

Mar 22, 2012

Shell challenges Big Tech to cut innovation times

, March 21 (Reuters) – Royal Dutch Shell
Plc’s CEO challenged major technology firms to speed up
the pace of energy-related innovation, admitting his own
industry had trouble thinking “outside the box”.

Shell CEO Peter Voser, addressing guests at a business and
technology forum dinner south of San Francisco, said new energy
technologies now take between 25 and 30 years of development
before they account for just 1 percent of overall supply.

Mar 19, 2012

California law brings hot rock power in from cold

SAN FRANCISCO, March 19 (Reuters) – The surreal inland lake
known as the Salton Sea, which sits below sea level in a desert
east of San Diego, is mainly known as an ecological disaster
born of failed water engineering schemes and massive fertilizer
runoff.

But the region is now emerging as a key location for a
venerable but unsung technology that could be crucial to
California’s ambitious renewable energy plans: geothermal power.

Mar 13, 2012

Chevron sees 20 percent jump in production by 2017

By Matt Daily and Braden Reddall

(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) aims to grow output by a fifth by 2017, driven by big Australian projects moving gas to energy-hungry Asian markets, while it also tries to squeeze another $150 million in cost savings out of its refining arm.

Closer to home, in the Marcellus shale, the second-largest U.S. oil company said reservoir outcomes were exceeding expectations, although it was investing there at a “measured pace” in light of depressed North American natural gas prices.

Mar 13, 2012

Chevron sees 20 percent increase in production by 2017

By Matt Daily and Braden Reddall

(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) plans to increase output by a fifth in five years, driven by big Australian projects moving gas to energy-hungry Asian markets, while it also tries to squeeze another $150 million in cost savings out of its refining arm.

Closer to home, in the Marcellus shale, the second-largest U.S. oil company said reservoir outcomes were exceeding expectations, although it was investing there at a “measured pace” in light of depressed North American natural gas prices.

    • 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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