Correspondent, Energy and Infrastructure
Braden's Feed
Oct 28, 2011

Chevron profit jumps, but output growth elusive

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, 2011

Occidental Q3 profits surge on output, prices

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
percent.

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.

Oct 27, 2011

Occidental Q3 profits surge on output, prices

Oct 27 (Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research) 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
percent.

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.

Oct 26, 2011

California eyes solar path around Solyndra wreckage

, Oct 26 (Reuters) – California political
leaders chose a site near the headquarters of Solyndra to kick
off hearings on how the state’s growing cleantech industry can
proceed in the wake of that solar company’s dramatic collapse.

The U.S. solar industry is especially reeling now that its
stand-out champion, First Solar Inc , just ousted its
boss and warned on profits in the face of the same stiff
Chinese competition that felled Solyndra.

Oct 25, 2011

National Oilwell Q3 beats on rig building surge

By Braden Reddall and Matt Daily

(Reuters) – National Oilwell Varco Inc (NOV.N: Quote, Profile, Research, Stock Buzz), the largest U.S. oilfield equipment maker, posted higher-than-forecast quarterly profits, helped by an industry-wide move to upgrade rig fleets for tougher energy reservoirs.

The company said on Tuesday its backlog expanded along with a surge in new offshore rig building, with more than 90 orders placed in the last year.

Oct 21, 2011

Halliburton probes Angola unit after email tip-off

Oct 21 (Reuters) – U.S. oilfield services company
Halliburton Co conducted an internal investigation of
its Angolan operations after an anonymous email alleged its
employees breached corruption laws.

The disclosure on Friday comes only months after
Halliburton closed the book on the final bribery probe related
to $6 billion worth of contracts awarded for a Nigerian project
to former subsidiary KBR Inc .

Oct 21, 2011

Schlumberger profit falls short, shares slip

By Matt Daily and Braden Reddall

(Reuters) – Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz), the world’s largest oilfield services company, posted a lower-than-expected quarterly profit and acknowledged the impact of financial turmoil on its near-term prospects, sending its shares down 1 percent.

Oil prices are down from their second-quarter peak, raising concerns that energy companies could trim spending on new wells. But Schlumberger said offshore demand would help its business, which was also boosted by growth in Iraq, Saudi Arabia, Mexico and Brazil in the third quarter.

Oct 20, 2011

Downtime dampens deepwater joy for Noble, Diamond

Oct 20 (Reuters) – A long-anticipated surge in deepwater
drilling, which suffered a huge setback with the Gulf of Mexico
oil well disaster, has given a boost to Diamond Offshore
Drilling Inc and Noble Corp that is dampened only
by their rig downtime.

A shift of shipyard work and surveys to the fourth quarter
helped Diamond beat third-quarter estimates, while also putting
a dent in its near-term prospects. Noble reported a 57 percent
rise in profit that fell short of estimates as its rig
utilization rate declined.

Oct 19, 2011

Noble profit misses, but rigs headed back to work

Oct 19 (Reuters) – Noble Corp , owner of the world’s
third-largest offshore drilling fleet, on Wednesday reported a
57 percent rise in quarterly profit as some of its most
lucrative rigs went back to work in the U.S. Gulf of Mexico.

The profits fell short of expectations, as Noble grapples
with greater downtime for its deepwater fleet overall. Average
utilization for its semisubmersible rigs, for example, fell to
84 percent in the third quarter from 90 percent a year ago.

Oct 17, 2011

Halliburton Q3 beats, modest tone weighs on shares

By Ernest Scheyder and Braden Reddall

(Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz), the world’s second-largest oilfield services company, posted a higher-than-expected profit, but its stock reversed Friday’s gain due to the less exuberant outlook of its management.

Chief Executive Dave Lesar talked of the risk of decreased U.S. gas-directed drilling, and expected some rigs to be redeployed to liquids-rich regions, though he also noted such shifts can weigh on efficiency and financial performance.

    • 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."
      Joined Reuters:
      1997
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