Correspondent, Energy and Infrastructure
Braden's Feed
May 10, 2011

URS 1st-qtr profit below estimates, outlook steady

SAN FRANCISCO, May 10 (Reuters) – URS Corp (URS.N: Quote, Profile, Research, Stock Buzz) reported
a quarterly profit that fell short of expectations, but the
U.S. engineering company stuck with its full-year targets and
spotted signs of life in some previously dormant markets.

Chief Executive Martin Koffel was pleased by revenue growth
in the commercial and power/industrial business lines, with
clients having deferred projects during the economic downturn.

May 5, 2011

Fluor profit tops estimates, mining boosts backlog

SAN FRANCISCO, May 5 (Reuters) – Fluor Corp (FLR.N: Quote, Profile, Research, Stock Buzz), the
largest publicly traded U.S. engineering company, posted a
small increase in quarterly profit that beat analysts’
estimates, while reporting that its backlog of work expanded to
a new high.

“We have a very robust prospect list and I think we are
going to see a consistent improvement as we go into the second
half of this year and into 2012 and 2013,” said Chief Executive
David Seaton, a 26-year Fluor veteran who just took over in
February from Alan Boeckmann, now the nonexecutive chairman.

Apr 29, 2011

Chevron adopts Brent to calculate production share

SAN FRANCISCO, April 29 (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz)
delivered another blow to the once-preeminent U.S. West Texas
Intermediate (WTI) oil futures contract on Friday, saying it
had switched to Europe’s Brent crude benchmark when calculating
production-sharing contract changes.

Chevron, the third-largest nongovernment-controlled oil
company by value, said on Friday higher oil prices cut volumes
under production-sharing and variable-royalty contracts in the
first quarter by about 22,000 barrels per day (bpd).

Apr 29, 2011

Chevron, Total ride oil profit wave amid tax talk

SAN FRANCISCO, April 29 (Reuters) – Chevron (CVX.N: Quote, Profile, Research, Stock Buzz) and
Total (TOTF.PA: Quote, Profile, Research, Stock Buzz) became the latest big oil companies to post
sharp increases in profits as crude prices surged and refining
margins improved along with global fuel demand.

The price of oil has risen comfortably above $100 a barrel,
putting a squeeze on drivers and raising talk of a U.S.
legislative pushback, as global energy demand and unrest in the
Middle East and North Africa darken the oil supply picture.

Apr 29, 2011

Chevron profit rises 36 percent with oil price surge

NEW YORK/SAN FRANCISCO (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), the second-largest U.S. oil company, reported a larger-than-expected 36 percent rise in earnings on Friday, as oil prices surged and refining improved along with global fuel demand.

Oil company profits have been boosted by the jump in crude prices above $100 per barrel last quarter because of a growing need for energy worldwide as well as unrest in the Middle East and North Africa.

Apr 25, 2011

Bechtel revenue down 9 pct in 2010

SAN FRANCISCO, April 25 (Reuters) – Bechtel, the largest
U.S. engineering company, posted on Monday a 9 percent drop in
revenue in 2010, while it pulled in new work awards that were
just 5 percent higher than in the depressed previous year.

Bechtel had targeted 2010 bookings growth of more than 20
percent, Chief Operating Officer Bill Dudley told Reuters last
year, but he had also warned of cutthroat competition weighing
on profit margins and had expected more challenges ahead.

Apr 21, 2011

Schlumberger, Weatherford see bright outlook

SAN FRANCISCO/HOUSTON (Reuters) – Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) and Weatherford International Ltd (WFT.VX: Quote, Profile, Research, Stock Buzz) (WFT.N: Quote, Profile, Research, Stock Buzz) said on Thursday the outlook is promising for the oilfield service industry as energy companies speed exploration in a time of high oil prices and growing demand.

The outlook came as those global companies and others including Diamond Offshore Drilling Inc (DO.N: Quote, Profile, Research, Stock Buzz) reported first-quarter earnings that were nicked by unrest in the Middle East and North Africa, a slow restart to offshore drilling in the Gulf of Mexico and bad weather in Australia.

Apr 18, 2011

Drillers claw back toward normal from spill woes

SAN FRANCISCO/BANGALORE, April 18 (Reuters) – While it
seems things can only get better for offshore drillers as they
put the Gulf of Mexico disaster behind them, executives face
hard questions about the shape and timing of that recovery.

Their first-quarter earnings are expected to represent the
low point for 2011, and the sector’s prospects have been buoyed
somewhat lately as permitting in U.S. waters picks up, however
slowly, and a barrel of oil fetches more than $100.

Apr 18, 2011

Halliburton profit tops views as North America soars

SAN FRANCISCO/NEW YORK, April 18 (Reuters) – Oilfield
service company Halliburton Co’s (HAL.N: Quote, Profile, Research, Stock Buzz) quarterly profit
topped Wall Street forecasts as a surge in its North American
business overshadowed a hit to its Libyan operations.

Halliburton’s oil company customers have increased spending
on new projects to take advantage of high oil prices, which
surged above $100 per barrel in late February and have remained
strong due to turmoil in the Middle East and North Africa and
fears about the global economic recovery.

Apr 11, 2011

Chevron sees first-quarter output down, refining better

SAN FRANCISCO (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), the second-largest U.S. oil company, sees better earnings in the first quarter than in the previous quarter as rising energy demand boosted oil prices and most refining margins.

The exception on refining was a decrease in profitability in northwest Europe, likely due to the impact of North African supply disruptions on the prices of oil those refiners buy.

    • 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."
      Hometown:
      Santa Maria, CA
      Joined Reuters:
      1997
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