Nov 15 (Reuters) – A federal judge rejected BP Plc’s bid to use insurance coverage from Transocean Ltd to cover costs stemming from last year’s record oil
spill in the Gulf of Mexico.
Tuesday’s decision by U.S. District Judge Carl Barbier in
New Orleans rejected BP’s bid to win access to $750 million of
insurance coverage under nine policies.
Nov 11 (Reuters) – KBR Inc expects natural gas
projects to drive its backlog significantly higher in the next
three years as the engineering company’s military services work
in Iraq fades away with U.S. troops pulling out.
U.S. military logistics revenue will fall to between $300
million and $500 million next year, or less than a third of the
2011 level, Chief Financial Officer Sue Carter said on Friday.
Nov 3 (Reuters) – Fluor Corp , the largest publicly
traded U.S. engineering company, posted third-quarter earnings
short of estimates and gave an outlook for next year below what
analysts expected, sending its shares down 4 percent.
It has been a generally disappointing quarter for U.S.
engineering and construction firms. But Fluor’s backlog of work
did show another quarter of growth, and Chief Executive David
Seaton said he had not seen any real change in clients’
spending plans despite the macroeconomic worries.
(Reuters) – The early move by Transocean Ltd (RIG.N: Quote, Profile, Research, Stock Buzz) (RIGN.VX: Quote, Profile, Research, Stock Buzz) into deepwater drilling is now translating into relatively higher costs for the industry leader as its rigs need to meet tougher regulatory standards for equipment.
Ballooning maintenance costs contributed to the sixth straight quarterly disappointment from the offshore drilling contractor, and its shares tumbled nearly 13 percent on Thursday as concerns crept in about its dividend as well.
Nov 2 (Reuters) – Transocean Ltd , the
largest offshore drilling contractor, reported on Wednesday an
unexpected decline in revenue and a quarterly loss on a surge
in shipyard costs, sending its shares down 6 percent.
Operating and maintenance costs were $1.54 billion in the
quarter, up 3 percent from the previous quarter and 28 percent
from a year before, primarily due to repairs, equipment
certification and shipyard work, the company said.
Nov 1 (Reuters) – Baker Hughes Inc , the No. 3
oilfield services company, posted a quarterly profit short of
estimates on a sharp reversal of its international margin
growth, sending its stock down 10 percent.
The turnaround in profitability outside North America has
been a much-touted target for the U.S. company, and growing
confidence in its executives’ ability to deliver on it had
attracted many new investors.
SAN FRANCISCO, Oct 28 (Reuters) – Gene Isenberg is stepping
down as chief executive of Nabors Industries Ltd after
a transformative quarter-century at the land-drilling
contractor that earned the 81-year-old a fortune.
The shares of Nabors, now the world’s largest land-rig
company, jumped 8 percent after the announcement on Friday that
Anthony Petrello, president and chief operating officer, would
become CEO with immediate effect. Isenberg will remain as
(Reuters) – Chevron Corp and Total posted higher profits on Friday, the latest two major oil companies lifted by pricier oil and rosier refining conditions, even if increasing oil and gas production remains a struggle.
The third-quarter earnings from Total and Chevron capped a week that saw big profit gains at Exxon Mobil Corp, Royal Dutch Shell Plc and BP Plc as benchmark Brent oil prices hover near $110 per barrel, nearly 50 percent higher than the year-earlier quarter.
Oct 28 (Reuters) – Chevron Corp said its quarterly
earnings more than doubled, beating Wall Street forecasts with
a big lift from oil prices, but the second-largest U.S. oil
company again nudged lower expectations for full-year output.
Growing production remains a nagging problem for all the
big oil companies, as shown by the numbers that accompanied
sharp increases in profits for Exxon Mobil Corp and
Royal Dutch Shell Plc on Thursday.
Oct 27 (Reuters) – Occidental Petroleum Corp posted
a jump in third-quarter profit on Thursday as oil prices
climbed over the past year and the fourth-largest U.S. oil
company increased its output, sending its shares up almost 9
A bad quarter for trading outfit Phibro, which tends to bet
on rising oil prices and is run by high-profile trader Andy
Hall, weighed down Oxy’s midstream segment. But Occidental
Chief Executive Stephen Chazen saw this weakness as fleeting.