Correspondent, Energy and Infrastructure
Braden's Feed
Sep 18, 2013

Tribunal finds Ecuador released Chevron from pollution liability

By Braden Reddall

(Reuters) – In a dispute stemming from a lengthy legal battle over Amazon rain forest pollution, arbitrators ruled that Chevron had already settled claims for damages in agreements with Ecuador despite a $19 billion award against the oil company.

The international tribunal, acting under The Hague’s Permanent Court of Arbitration, said in a ruling on Tuesday that Ecuador opted not to pursue damages beyond the country’s 1995 and 1998 release agreements with Texaco – a company bought by Chevron in 2001.

Sep 18, 2013

Lured by Texas talent, Occidental strays from California roots

By Braden Reddall

(Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research, Stock Buzz) may still be headquartered in Los Angeles, as it has been since being founded nearly a century ago, but its center of gravity is shifting to Houston, capital of the U.S. energy industry.

While the fourth-largest U.S. oil company would not disclose the number of employees based in either city, a LinkedIn search reveals 286 people who list Oxy as their current employer in Los Angeles, compared with 1,491 in Houston.

Sep 13, 2013

Occidental seeks buyers for stake in Middle East unit -sources

Sept 13 (Reuters) – Occidental Petroleum Corp is
looking to sell a minority stake in its Middle East operations,
two sources familiar with the matter said on Friday, as part of
a broader plan to split up the company.

Chief Executive Steve Chazen has spoken openly since April
about a potential deal for its Middle East and North Africa
assets, which run across countries from Libya to Iraq to Yemen.
Analysts briefed by the company have said its California
operations could be spun out eventually.

Aug 23, 2013

Apache’s Egypt quandary symbolizes tough business call

NEW YORK/SAN FRANCISCO, Aug 23 (Reuters) – Apache Corp
faces a difficult choice in Egypt: whether to sell its
substantial oil and natural gas operations in the country or
wait out the recent bloodshed.

The Texas-based energy company has said it is assessing the
value of its Egyptian interests, which account for roughly a
fifth of its global oil and gas production and 27 percent of its
revenue last year.

Aug 12, 2013

Insight: California aims to ‘bottle sunlight’ in energy storage push

SAN FRANCISCO/LOS ANGELES (Reuters) – California, whose green ambitions helped the solar and wind industries take root, is taking an essential next step by proposing a sharp rise in energy storage to better integrate renewable power with the rest of the grid.

Power from sun and wind fluctuates dramatically, so capturing it for later use makes the supply more predictable.

Aug 12, 2013

California aims to “bottle sunlight” in energy storage push

SAN FRANCISCO/LOS ANGELES, Aug 12 (Reuters) – California,
whose green ambitions helped the solar and wind industries take
root, is taking an essential next step by proposing a sharp rise
in energy storage to better integrate renewable power with the
rest of the grid.

Power from sun and wind fluctuates dramatically, so
capturing it for later use makes the supply more predictable.

Aug 2, 2013

Chevron profit drops on cheaper oil, slim refining margins

By Braden Reddall

(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research) posted on Friday a steeper-than-expected 26 percent drop in quarterly profit on softer oil prices and thinner refining margins.

Shares of the second-largest U.S. oil company slipped 2 percent as quarterly oil and gas volumes weakened to a level well below Chevron’s full-year target.

Aug 2, 2013

Chevron profit drops on cheaper oil, refining woes

By Braden Reddall

(Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz) posted on Friday a steeper-than-expected 26 percent drop in quarterly profit as lower oil prices knocked oil and gas production earnings and its U.S. refining unit slowly recovered from a refinery fire a year ago.

Shares of the second-largest U.S. oil company slipped more than 2 percent as second-quarter oil and gas volumes weakened to a level well below Chevron’s full-year target.

Jul 31, 2013

Weatherford retreats from full-service oilfield battle

July 31 (Reuters) – Weatherford International Ltd
has abandoned its ambitions to sell a wide variety of services
across the oilfield spectrum, and is instead sharpening its
focus on what makes the most money.

The company’s chief executive, Bernard Duroc-Danner, on
Wednesday attached firm numbers to his long-touted plan to
shrink the company to a workable size. Of $16 billion in
anticipated revenue for 2013, only $11 billion is core, he said.

Jul 31, 2013

McKesson directors re-elected amid CEO pay controversy

SAN FRANCISCO (Reuters) – Shareholders re-elected all of McKesson Corp’s (MCK.N: Quote, Profile, Research, Stock Buzz) board members on Wednesday, defying the recommendations of influential proxy advisers and investors who protested the inflated compensation and dual roles of Chairman and CEO John Hammergren.

The company said all directors received a majority vote at the annual shareholders meeting in favor of their remaining on the board. No specific numbers were disclosed.

    • 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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