Correspondent, Energy and Infrastructure
Braden's Feed
Oct 14, 2011

Oilfield services eyed for clues on share rebound

Oct 14 (Reuters) – What oilfield services executives say
next week about clients’ drilling plans will have more of an
impact on whether the sector’s recent rally can be sustained
than the quarterly profit numbers.

Global No. 2 player Halliburton Co will kick off
with its third-quarter report on Monday, followed next Friday
by the first set of results from sector leader Schlumberger Ltd since Paal Kibsgaard took over as chief executive.

Oct 11, 2011

Chevron sees Q3 profit flat vs Q2, boosted by sale

Oct 11 (Reuters) – Chevron Corp expects third-quarter
earnings similar to the previous quarter, with lower oil prices
and output offset by a $500 million gain on the sale of its Welsh
refinery and British and Irish marketing assets.

The second-largest U.S. oil company reported a $7.7 billion
net profit in the second quarter, and analysts had previously
been looking for $6.5 billion on average in the third quarter,
according to Thomson Reuters I/B/E/S.

Sep 20, 2011

U.S. court unfreezes $18 billion award vs Chevron

NEW YORK/SAN FRANCISCO, Sept 19 (Reuters) – A U.S. appeals
court reversed an order freezing enforcement outside of Ecuador
of an $18 billion damages award against Chevron Corp
over pollution in the Amazonian rain forest.

The order, issued by the 2nd U.S. Circuit Court of Appeals
in New York on Monday, is the latest reversal in a 18-year legal
battle that has gone all the way to international arbitrators in
Europe, who have also sought to block enforcement of the

Sep 9, 2011

Frac Tech files for expanded $1.15 billion IPO

SAN FRANCISCO (Reuters) – Frac Tech International wants to raise up to $1.15 billion in an initial offering of stock that will give investors a chance to back the booming development of oil and gas resources through hydraulic fracturing.

Frac Tech, which helps exploration and production companies perform “frac” jobs and also produces the necessary equipment and materials, first filed for an IPO in December 2010 but withdrew that plan in May.

Sep 6, 2011

Chevron makes U.S. Gulf deepwater find at Moccasin

SAN FRANCISCO, Sept 6 (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) has
made a deepwater discovery in the Gulf of Mexico at the
Moccasin prospect, the site of the first exploratory well
permit after the end of last year’s deepwater moratorium.

Chevron, the second-largest U.S. oil company, holds a 43.75
percent working interest in the prospect, while BP Plc (BP.L: Quote, Profile, Research, Stock Buzz)
has another 43.75 percent and privately held Samson Offshore
owns the rest.

Aug 30, 2011

Exxon, Rosneft tie up in Russian Arctic, U.S.

SOCHI, Russia/SAN FRANCISCO (Reuters) – Exxon Mobil Corp and Rosneft signed an agreement to extract oil and gas from the Russian Arctic, in the most significant U.S.-Russian corporate deal since U.S. President Barack Obama began a push to improve ties.

The pact, which includes an option for Rosneft to invest in Gulf of Mexico and Texan properties, ended any hope of Britain’s BP reviving its deal with state-owned Rosneft to develop the same Arctic territory. That deal was blocked in May by the billionaire partners in another BP Russian venture.

Aug 4, 2011

Fluor profit beats estimates, shares rise

SAN FRANCISCO, Aug 4 (Reuters) – Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz), the
largest publicly traded U.S. engineering company, posted
unexpected second-quarter profit growth and said its backlog of
work surged to a new record, lifting its stock by 7 percent.

The backlog grew $3.1 billion in the quarter to $40.3
billion, an increase of a third in the past year driven by work
in mining and petrochemicals. About 80 percent of the total
backlog was for projects outside the United States.

Aug 3, 2011

Transocean profit slides, falls short of estimates

SAN FRANCISCO, Aug 3 (Reuters) – Transocean Ltd (RIGN.VX: Quote, Profile, Research, Stock Buzz)
(RIG.N: Quote, Profile, Research, Stock Buzz), the largest offshore rig contractor, reported a profit
that fell short of expectations as costs rose faster than the
drilling industry recovered, and its shares fell 2 percent.

The offshore contracting market is picking up after its
supply and demand fell out of balance because of the regulatory
response to last year’s Gulf of Mexico disaster, which
destroyed a Transocean rig drilling for BP (BP.L: Quote, Profile, Research, Stock Buzz).

Jul 29, 2011

Chevron profit jumps with oil, output growth slow

NEW YORK/SAN FRANCISCO (Reuters) – Chevron Corp, the second-largest U.S. oil company, booked a 43 percent jump in quarterly profit, beating estimates as high oil prices and fat refinery margins offset weaker output.

The numbers out on Friday were the latest in a string of huge profits from the industry, which got a boost from the highest oil prices in nearly three years. Exxon Mobil Corp and Royal Dutch Shell Plc also benefited from acquisitions and shifts into new projects.

Jul 26, 2011

BP and Phibro join Q2 oil market losers

LONDON/SAN FRANCISCO (Reuters) – Global giant BP (BP.L: Quote, Profile, Research, Stock Buzz) and trading house Phibro joined the list of market titans wrong-footed by last quarter’s oil volatility, while Deutsche Bank emerged with record commodity earnings.

BP, which has revamped and reduced its once-dominant trading arm, said the division posted its second loss of the past three quarters, contributing to a 36 percent drop in refining and marketing earnings. It did not give a reason.

    • 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."
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