Correspondent, Energy and Infrastructure
Braden's Feed
Oct 31, 2013

With mine delay, Fluor’s dimmer outlook overshadows Q3

By Braden Reddall

(Reuters) – Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz) posted a higher quarterly profit on Thursday, but its engineering project backlog shrank as the oil and gas division could not make up for lost mining work and its 2014 outlook fell short of what analysts expected.

Shares of Fluor, the largest publicly traded U.S. engineering company, dropped nearly 4 percent in after-hours trade, extending a 2 percent decline in regular trading.

Oct 29, 2013

U.S. growth, cost cuts drive Occidental’s profit rise

Oct 29 (Reuters) – Occidental Petroleum Corp’s
earnings jumped 15 percent in the third quarter, beating
expectations due to cost cuts and higher prices for its
products, the fourth-largest U.S. oil company said on Tuesday.

Analysts said the part of Occidental’s business that
transports and stores oil and gas accounted for much of the
upside surprise, even as international output declined.

Oct 27, 2013

Oil service firms rush to Saudi for busy drilling year ahead

SAN FRANCISCO/KHOBAR, Saudi Arabia (Reuters) – Global energy service giants are banking on a boom in Saudi oil and gas drilling over the next few years to revive profits that are being squeezed by overcapacity in the North American market.

Schlumberger (SLB.N: Quote, Profile, Research, Stock Buzz), Halliburton (HAL.N: Quote, Profile, Research, Stock Buzz) and Baker Hughes (BHI.N: Quote, Profile, Research, Stock Buzz) have all singled out Saudi Arabia as a major growth market for next year as they search the globe for better returns than the saturated U.S. and Canadian markets offer.

Oct 23, 2013

Stage set for oil major growth, in costly production

By Braden Reddall

(Reuters) – A prolonged period of heavy planned spending looks to be ending for the big private-sector oil producers, leaving investors to gauge how companies will manage cash thrown off by big projects as they ramp up, and how much will be eaten up by costs.

Due out next week, the third-quarter results for the majors – from Exxon Mobil Corp to BP Plc to Total SA – will be hit by an especially tough quarter for their downstream arms, which refine oil and produce chemicals.

Oct 21, 2013

Halliburton tops estimates on foreign oilfield strength

By Braden Reddall

(Reuters) – Buoyant oilfield activity in Russia, Saudi Arabia and Angola helped Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) narrowly beat expectations on Monday with a 17 percent rise in third-quarter profit, but its shares slipped since its main competitors did even better.

The world’s second-largest oilfield services company has been chasing opportunities outside its traditionally dominant U.S. market to better take on larger rival Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz), which also topped estimates with quarterly profits.

Oct 18, 2013

Schlumberger, Baker top estimates with global drilling

By Braden Reddall

(Reuters) – Increased oilfield activity in U.S. offshore waters and overseas gave a bigger-than-expected lift to profits at Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) and Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz), marking a clear divide with struggling smaller U.S. oil services firms.

Shares of Baker Hughes jumped 8 percent to their highest level since 2011 in early trading on Friday while Schlumberger climbed 2.6 percent after both companies reported third-quarter results.

Oct 11, 2013

More U.S. rig efficiency seen favoring oil service giants

By Braden Reddall

(Reuters) – New data on U.S. onshore oil and gas wells on Friday underlined a trend in which oilfield services companies that perform a variety of work at drilling sites are able to secure more business despite no growth in the bellwether rig count.

Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz), publisher of one closely watched tally of active rigs, started producing a U.S. well count index in July in response to the greater efficiency with which rigs were working.

Oct 3, 2013

Analysis – California oil well acid rules could sway U.S. policy

By Rory Carroll and Braden Reddall

(Reuters) – New California regulations on the use of corrosive acids in oil production are sparking debates among federal energy regulators about rules for a technology largely overshadowed by the fracking method of extracting oil.

Signed into law by Governor Jerry Brown two weeks ago, the new rules require companies to disclose the acids and hydraulic fracturing chemicals they use and notify neighbours of plans, as well as launching studies of how both affect the environment.

Oct 3, 2013

California oil well acid rules could sway U.S. policy

Oct 3 (Reuters) – New California regulations on the use of
corrosive acids in oil production are sparking debates among
federal energy regulators about rules for a technology largely
overshadowed by the fracking method of extracting oil.

Signed into law by Governor Jerry Brown two weeks ago, the
new rules require companies to disclose the acids and hydraulic
fracturing chemicals they use and notify neighbors of plans, as
well as launching studies of how both affect the environment.

Sep 24, 2013

Noble Corp to spin off older drilling rigs into new company

By Braden Reddall

(Reuters) – Offshore drilling contractor Noble Corp (NE.N: Quote, Profile, Research, Stock Buzz) unveiled on Tuesday a long-planned spin-off of older rigs into a new company that may make an initial public offering next year, as Noble seeks a premium valuation for its best assets.

Shares of Noble, the No. 4 offshore driller by market valuation, rose 3 percent in after-hours trading to $39.

    • 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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