SAN FRANCISCO, July 21 (Reuters) – Two of the five largest
offshore rig contractors expressed concern on Thursday about a
systemic rise in downtime due to greater complexity and more
scrutiny of equipment, even as their 2012 outlook brightens.

Noble Corp (NE.N: Quote, Profile, Research, Stock Buzz), after reporting disappointing profits
due to service interruptions [ID:nN1E76J1Z8], said while its
second-quarter delays would have occurred regardless, they were
a reminder that the regulatory pressure following last year’s
disastrous Gulf of Mexico oil spill would mean higher costs.

NEW YORK/SAN FRANCISCO (Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz), the world’s second-largest oilfield services company, reported a forecast-topping 54 percent jump in profit on Monday as a U.S. onshore drilling boom showed no sign of cooling off.

The second-quarter results clearly demonstrate how Halliburton has benefited from its North American leadership in the pressure pumping technology that enables oil and gas producers to tap in to shale rock.

SAN FRANCISCO, July 14 (Reuters) – The very biggest U.S.
oil companies seem perfectly happy holding on to their refining
arms given that expertise in processing oil and gas after
extraction looks likely to be more in demand in the future.

Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) and Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) have
thrown their weight behind their refining arms despite repeated
questions about their value in the modern oil business.

SAN FRANCISCO (Reuters) – As the smallest of the world’s big four oilfield services players, Weatherford International (WFT.N: Quote, Profile, Research, Stock Buzz) always seems to have something to prove.

That’s especially true now, with its stock suffering since a $500 million accounting error unearthed this year only added to the uncertainty of a separate four-year corruption probe.

SAN FRANCISCO/NEW YORK, July 6 (Reuters) – Transocean Ltd
(RIGN.VX: Quote, Profile, Research, Stock Buzz)(RIG.N: Quote, Profile, Research, Stock Buzz) evacuated 108 nonessential personnel from a
deepwater rig working off Ghana for Eni SpA (ENI.MI: Quote, Profile, Research, Stock Buzz) after
water was spotted on board on Wednesday.

Fears for the rig’s safety, with memories of the Deepwater
Horizon disaster still fresh, sent Transocean shares down 3
percent and weighed on the stocks of rivals.

HOUSTON (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) plans to take a measured approach to shale gas development despite a flurry of deals in the past year and the industry’s huge ambitions for the emerging resource.

The second-largest U.S. oil company added 228,000 acres in the Marcellus shale in May to follow up on its $3.2 billion acquisition of Atlas Energy, which gave Chevron its first big stake in the northeastern U.S. field.

HOUSTON, June 14 (Reuters) – A rig owned by Diamond
Offshore (DO.N: Quote, Profile, Research, Stock Buzz) will leave the Gulf of Mexico to work for BP
Plc (BP.L: Quote, Profile, Research, Stock Buzz) in Vietnam, marking another exit after BP’s spill
last year led to a moratorium on deepwater drilling.

The Ocean Monarch, a deepwater rig now working for Marathon
Oil Corp (MRO.N: Quote, Profile, Research, Stock Buzz) on a daily rate of about $290,000, will earn
$340,000 per day on a three-month contract in Vietnam with the
British oil company starting in November, according to Diamond
Offshore Drilling Inc’s fleet status report on Tuesday.

LONDON/HOUSTON (Reuters) – Saudi Arabia’s cushion of spare oil capacity is thinning far faster than widely believed, threatening to trigger price spikes in the months ahead, energy industry experts warned at the Reuters Global Energy and Climate Summit on Monday.

Concerns are growing over the kingdom’s ability to pump more oil beyond an anticipated summer boost, leaving the world exposed to any further unexpected disruptions. The world’s top exporter promised to produce as much oil as the market needs after the Organization of the Petroleum Exporting Countries last week failed to reach a deal.

SAN FRANCISCO, June 10 (Reuters) – A majority of
shareholders of Nabors Industries Ltd (NBR.N: Quote, Profile, Research, Stock Buzz) voted against the
way the world’s largest land-drilling contractor pays its top
management, despite sharp reductions in the past two years.

The vote reflects growing resistance to the lavish pay of
oil and gas executives. Chesapeake Energy Corp’s (CHK.N: Quote, Profile, Research, Stock Buzz) CEO
suffered a similar rebuke on Friday [ID:nN10175875], while
Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz) shareholders forced its board
to reel in pay for its wealthy retiring boss. [ID:nN06183280]

SAN FRANCISCO, June 7 (Reuters) – Global spending on oil
and gas exploration and production may grow 14 percent in 2011,
faster than a previous forecast from a survey that found
billions of dollars more flowing for North American drillers.

The forecast from Dahlman Rose & Co analyst James Crandell,
who had previously expected an 11 percent increase, bodes
particularly well for the profits at U.S.-focused oilfield
service companies such as Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) and Baker
Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz).