Correspondent, Energy and Infrastructure
Braden's Feed
Apr 11, 2011

Chevron sees 1st-qtr output down, refining better

SAN FRANCISCO, April 11 (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.

Apr 1, 2011

Offshore fleet upgrade forces moves on older units

NEW ORLEANS (Reuters) – Growing demand for new offshore oil rigs, partly driven by the Gulf of Mexico spill last year, has led to a spurt of building in shipyards and raised tough questions about what to do with the old rigs.

The average offshore drilling rig is now about a quarter of a century old and, despite having been upgraded, many of the older ones look more obsolete by the year.

Mar 31, 2011

Analysis: Offshore fleet upgrade forces moves on older units

NEW ORLEANS (Reuters) – Growing demand for new offshore oil rigs, partly driven by the Gulf of Mexico spill last year, has led to a spurt of building in shipyards and raised tough questions about what to do with the old rigs.

The average offshore drilling rig is now about a quarter of a century old and, despite having been upgraded, many of the older ones look more obsolete by the year.

Mar 28, 2011

Schlumberger sees modest hit from Africa, Mideast

NEW ORLEANS, March 28 (Reuters) – The prospect of a wave of
new work in Saudi Arabia drove up the shares of Schlumberger
Ltd (SLB.N: Quote, Profile, Research, Stock Buzz), the world’s largest oilfield services company, on
Monday, although the company said turmoil in the Middle East
and Africa would trim short-term profits.

Saudi Arabian state oil company Aramco “issued the clarion
call to increase its productive capacity given the tightness in
the global energy markets,” Simmons & Co International analyst
Bill Herbert said in a note to investors. [ID:nN28213196]

Mar 28, 2011

US execs eye energy mix shift after nuclear crisis

NEW ORLEANS, March 28 (Reuters) – Leading energy companies
expect the nuclear disaster in Japan to underpin a shift toward
the increased use of natural gas worldwide, executives said at
a U.S. industry conference on Monday.

That would work well with the plans of U.S. producer Apache
Corp (APA.N: Quote, Profile, Research, Stock Buzz), which with partners aims to build an export
terminal for liquefied natural gas in western Canada to serve
Asian customers.

Mar 18, 2011

Jilted Seadrill could be ready to deal

NEW YORK/SAN FRANCISCO (Reuters) – After being jilted in its half-decade-long courtship of offshore oil driller Pride International Inc (PDE.N: Quote, Profile, Research, Stock Buzz), Seadrill Ltd (SDRL.N: Quote, Profile, Research, Stock Buzz) should not have any trouble finding a new partner.

Seadrill was still trying to woo Pride when that company agreed in February to a $7.3 billion union with Ensco Plc (ESV.N: Quote, Profile, Research, Stock Buzz), according to a recent filing by Ensco with U.S. regulators.

Mar 14, 2011

Chevron eyes Aussie gas, tightens refinery squeeze

NEW YORK/SAN FRANCISCO, March 14 (Reuters) – Chevron Corp
(CVX.N: Quote, Profile, Research, Stock Buzz) is investing heavily in two huge Australian natural gas
projects to ignite growth at the second-largest U.S. oil
company even as it carves costs out of its refining division.

Mike Wirth, who runs the downstream division, expects
margins to stay soft this year, and told the yearly session
with analysts that refining costs would be down $700 million
next year versus 2008, with $500 million already achieved.

Mar 8, 2011

US judge halts damages enforcement against Chevron

SAN FRANCISCO, March 7 (Reuters) – A U.S. judge on Monday
halted enforcement of an $18 billion award against Chevron Corp
(CVX.N: Quote, Profile, Research, Stock Buzz), siding with the oil company against Ecuadorean
plaintiffs in a long-running dispute over Amazon rain forest
pollution.

The move comes three weeks after an Ecuadorean court’s
ruling against Chevron in what has become an international test
case, watched closely by private-sector oil companies wary of
potential damages claims elsewhere. [ID:nN1495039]

Feb 25, 2011

Cost of delayed Chevron Nigeria plant now $8.4 bln

SAN FRANCISCO, Feb 24 (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz)
expects a much-delayed Nigerian plant that will convert natural
gas to liquids (GTL) to cost $8.4 billion, or $2.5 billion more
than its last estimate.

South Africa’s Sasol (SOLJ.J: Quote, Profile, Research, Stock Buzz), a 10 percent owner of the
GTL plant that had originally expected completion in 2010 at a
cost of about $3 billion, said last May it would would not
start up until 2013. [ID:nLDE644197]

Feb 24, 2011

Offshore drillers eye Brazil boost for deepwater

SAN FRANCISCO, Feb 24 (Reuters) – Leading offshore drilling
contractors expect deepwater demand to improve this year as an
impending hiring move by Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz) is likely to
prompt other oil executives to secure rigs while they can.

Transocean Ltd (RIGN.VX: Quote, Profile, Research, Stock Buzz)(RIG.N: Quote, Profile, Research, Stock Buzz), the largest offshore
drilling contractor, expects a marked improvement in rig demand
in the next few months on the belief that Brazil’s state oil
company will hire between four and eight of them.

    • 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
    • Follow Braden