Correspondent, Energy and Infrastructure
Braden's Feed
Mar 21, 2013

Cheap natural gas helps Chevron leapfrog Shell in value

March 21 (Reuters) – Chevron Corp, after years of
living in the shadow of Exxon Mobil Corp, has grown
accustomed to having to punch above its weight, and it has now
landed a notable blow against another big oil company.

Though it ranks fourth in oil and gas reserves among the
world’s non-government-controlled producers, the California
major recently seized the number two spot from Royal Dutch Shell
Plc in terms of stock market valuation.

Mar 18, 2013

Schlumberger says North America weaker than expected in Q1

March 18 (Reuters) – Schlumberger Ltd, the world’s
largest oilfield services company, warned on Monday that North
American activity was weaker than expected in the first quarter
as U.S. drillers returned to work at a slower pace than the
company predicted.

Shares of Schlumberger fell 2.6 percent to $77.34 in morning
trading on the New York Stock Exchange.

Mar 12, 2013

Chevron projects on target for 25 percent growth by 2017

NEW YORK (Reuters) – Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), the second-largest U.S. oil company, said on Tuesday it had already started nearly all the projects that would deliver 25 percent growth in oil and gas output over the next half a decade.

At its annual New York meeting with analysts, Chevron said 98 percent of its targeted production by 2017 was already in design, construction or production.

Mar 6, 2013

GM targets lower car weight, long-range EVs

HOUSTON/DETROIT, March 6 (Reuters) – General Motors Co
aims to save fuel by trimming the weight of its vehicles
even as it develops electric cars with a driving range of up to
200 miles to eliminate the need for gasoline altogether, the
U.S. automaker’s chief executive said on Wednesday.

Dan Akerson also revealed at a conference of energy
executives and investors in Houston that GM’s new Spark EV would
have a range of 75 miles to 80 miles (120-129 km) without a
charge – double the electric-only range of its Chevrolet Volt
plug-in hybrid. The Spark is due to go on sale this summer.

Mar 6, 2013

Worker shortage a concern for new chemical plants-Fluor

HOUSTON, March 6 (Reuters) – Engineering and construction
company Fluor Corp believes the main concern for
chemical companies with plans for new U.S. plants is a potential
labor shortage on the Gulf Coast where most will be built.

A North American glut of natural gas liquids (NGLs) like
ethane has led to a handful of announcements about new crackers
that convert ethane into ethylene, a building block for many
plastics.

Mar 5, 2013

CNOOC CEO regrets “misunderstandings” over foreign M&A

March 5 (Reuters) – The head of Chinese oil and gas producer
CNOOC Ltd told an audience of executives in Houston on
Tuesday that he hoped to overcome “misunderstandings” about the
purpose of acquisitions made abroad by Chinese oil companies.

A week after closing its $15 billion takeover of Canada’s
Nexen, CNOOC Chief Executive Li Fanrong said China – the world’s
top oil importer as of December – mainly wanted to increase its
contribution to the supply side of the oil market.

Mar 1, 2013

Transocean profit tops estimates as fleet keeps busier

March 1 (Reuters) – Transocean Ltd, the world’s
largest offshore drilling contractor, reported on Friday a rise
in revenue and higher-than-expected profits for the fourth
quarter as more of its fleet was working compared with a year
ago.

The results come as Transocean battles through a
long-awaited court case in New Orleans to determine civil
liability for the oil spill from BP Plc’s Macondo well,
which was drilled by a Transocean rig.

Mar 1, 2013

New Transocean CFO brings expertise unlocking value of oil rigs

March 1 (Reuters) – Transocean Ltd has lured away
Seadrill Ltd’s chief financial officer and investors
are eager to find out whether the world’s largest offshore rig
contractor will borrow some of its rival’s tricks to boost
shareholder value.

Esa Ikaheimonen will speak on Monday on his first quarterly
conference call since assuming his new job in November fresh
from a successful spin-out out of an initial group of four rigs
from Seadrill into a partnership.

Feb 25, 2013

BP to face day in court over Gulf of Mexico oil spill

NEW ORLEANS (Reuters) – Nearly three years after a deepwater well rupture killed 11 men, sank a rig and spewed 4 million barrels of oil into the Gulf of Mexico, BP and the other companies involved are about to face their day in court.

The trial over the worst U.S. offshore oil spill is set to start this morning in New Orleans before a federal judge and without a jury. Few expect the case, seen lasting several months, will be decided by the judge.

Feb 25, 2013

BP about to face day in court over Gulf of Mexico oil spill

HOUSTON, Feb 25 (Reuters) – Nearly three years after a
deepwater well rupture killed 11 men, sank a rig and spewed 4
million barrels of oil into the Gulf of Mexico, BP and the other
companies involved are about to face their day in court.

The trial over the worst U.S. offshore oil spill is set to
start this morning in New Orleans before a federal judge and
without a jury. Few expect the case, seen lasting several
months, will be decided by the judge.

    • 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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