Correspondent, Energy and Infrastructure
Braden's Feed
Jul 30, 2013

CB&I profit tops estimates, but order outlook tempered

By Braden Reddall

(Reuters) – Engineering company Chicago Bridge & Iron Co NV (CBI.N: Quote, Profile, Research, Stock Buzz) reported on Tuesday a higher-than-expected quarterly profit, but revised lower its anticipated new orders this year.

New awards for 2013 are now expected to be between $11 billion and $15 billion, down from $13 billion to $16 billion forecast in March, the company said.

Jul 26, 2013

Halliburton plea may help BP in spill liability battle

By Braden Reddall and Mica Rosenberg

(Reuters) – BP Plc appeared to gain an edge in the battle over liability for the 2010 Gulf of Mexico spill on Friday, after Halliburton abandoned one of its arguments that tried to paint the British major as unconcerned about well safety.

Halliburton, which did the cementing work for BP’s well, on Thursday pleaded guilty to destroying evidence of internal tests it conducted showing there was no difference between the effectiveness of putting six or 21 casing centralizers on the well.

Jul 26, 2013

Halliburton pleads guilty to destroying Gulf spill evidence

July 25 (Reuters) – Halliburton Co has agreed to
plead guilty to destroying evidence related to the 2010 Gulf of
Mexico oil spill, the U.S. Department of Justice said on
Thursday.

The government said Halliburton’s guilty plea is the third
by a company over the spill and requires the world’s
second-largest oilfield services company to pay a maximum
$200,000 statutory fine.

Jul 25, 2013

Halliburton also part of US fracking antitrust probe

July 25 (Reuters) – Halliburton Co, the largest
provider of pressure pumping services used in hydraulic
fracturing, said on Thursday it had also been contacted by the
U.S. government regarding potential antitrust issues in the
pressure pumping market.

Halliburton said it had received an information request from
the Department of Justice. In a quarterly filing on Wednesday,
rival Baker Hughes Inc disclosed the receipt of a civil
investigative demand from the DOJ on May 30.

Jul 23, 2013

Analysis: Forget rigs, it’s wells that count now in oil services

By Braden Reddall

(Reuters) – A combination of oil and gas innovations and well-site cost cuts is rendering the long-vaunted U.S. rig count a less important oilfield indicator than the number of holes in the ground.

So in keeping with the times, oilfield services company Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz) is complementing the rig count it has tallied for more than 70 years with a new metric: U.S. well counts.

Jul 22, 2013

Busy global oilfields shield Halliburton from U.S. gas glut

By Braden Reddall

(Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research) on Monday delivered a higher-than-expected quarterly profit as it found greater success outside its natural gas-engorged home market in the United States.

The world’s second-largest oilfield services company also said it boosted its share repurchase program by $4.3 billion (2.7 billion pounds) after buying $1 billion worth of its shares in the second quarter and leaving only $700 million authorized from an existing program set up in 2006.

Jul 22, 2013

Busy global oilfields shield Halliburton from weak U.S.

By Braden Reddall

(Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz), the world’s second-largest oilfield services company, posted higher-than-expected quarterly profit as it made more headway outside its home U.S. market, which has been turned upside down by a natural gas glut.

The company also said on Monday it will boost its share repurchase program by $4.3 billion after buying $1 billion worth of its own shares in the second quarter, and leaving only $700 million authorized from its existing program set up in 2006.

Jul 19, 2013

Schlumberger soars on global drilling boom, Baker hit at home

By Braden Reddall

(Reuters) – A three-decade high for drilling activity outside North America lifted Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) to its seventh straight estimate-topping quarterly profit, while U.S.-focused Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz) came up short in a tough quarter at home.

Shares of global oil services sector leader Schlumberger rose 4 percent to $81.69 in trading before the New York Stock Exchange opened on Friday, while Baker Hughes slipped 2 percent to $48.

Jul 1, 2013

Noble Corp changing countries again, this time to UK

By Braden Reddall

(Reuters) – Noble Corp (NE.N: Quote, Profile, Research), owner of the world’s third-largest offshore drilling rig fleet, plans to change its country of incorporation for the second time in less than five years, moving this time to the UK, which the company cited for its “well established tax regime.”

Noble said on Monday a shareholder meeting to approve the move out of Switzerland would occur by the end of the year. Chief Executive David Williams praised the UK’s position as an international business and travel centre as well as its tax regime.

Jun 25, 2013

Analysis: CB&I has early-bird edge as U.S. approves LNG export plants

By Braden Reddall

(Reuters) – Engineering companies like Chicago Bridge & Iron (CBI.N: Quote, Profile, Research, Stock Buzz) and their shareholders are salivating at the prospect of more U.S. natural gas exports as regulators begin to sign off on the plants needed to move gas abroad.

Last month’s approval of Freeport LNG Development’s liquified natural gas (LNG) project in Texas indicates more will come, and analysts expect maybe five or six will be built.

    • 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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