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
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.
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.
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.
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.
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).
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.
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.
SAN FRANCISCO, July 26 (Reuters) – Occidental Petroleum
Corp (OXY.N: Quote, Profile, Research, Stock Buzz) posted higher-than-expected quarterly profits as
oil prices hit their highest in nearly three years, but sales
volumes were below forecasts due to Middle East disruptions.
The fourth-largest U.S. oil company said on Tuesday its
sales fell short of its target of 725,000 barrels of oil
equivalent per day (boed) by 20,000 barrels due to lower output
in Yemen and Qatar and due to production delays in Oman and
SAN FRANCISCO (Reuters) – Oilfield service company Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz) posted slightly better-than-expected quarterly earnings, driven by rising profit margins outside North America that offset some weakness closer to home.
North American results were hurt by the usual seasonal slowdown in Canada, where the spring snow melt hampers activity, and as many Gulf of Mexico rigs served by the world’s third-largest oilfield services company remained sidelined.