Correspondent, Energy and Infrastructure
Braden's Feed
Jul 26, 2011

Occidental profit up, output ramp-up still to come

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
Qatar.

Jul 25, 2011

Baker Hughes profit surges, but outshone by rivals

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.

Jul 22, 2011

Schlumberger quarterly results jump, shares rise

NEW YORK/SAN FRANCISCO (Reuters) – Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) beat estimates with a 64 percent jump in profit on strong U.S. demand and deepwater drilling, while international activity showed clear signs of improvement after a long wait.

Schlumberger shares rose 3 percent in early trading, as the world’s largest oilfield services company delivered its first set of market-pleasing results this year.

Jul 21, 2011

Diamond, Noble see more systemic downtime for rigs

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.

Jul 18, 2011

Halliburton profit jumps on strong U.S. demand

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.

Jul 14, 2011

Biggest US oil firms see refining as core strength

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.

Jul 7, 2011

Analysis: Underdog Weatherford chases oilfield services pack

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.

Jul 6, 2011

Transocean evacuates Ghana rig as water on board

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.

Jun 15, 2011

Chevron plans measured approach to shale gas

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.

Jun 14, 2011

Diamond rig to leave US to work for BP in Vietnam

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.

    • 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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