Correspondent, Energy and Infrastructure
Braden's Feed
Feb 5, 2013

BP objects to oil spill price tag sought by US states

Feb 5 (Reuters) – BP Plc has tallied up claims made
by states and local governments on the U.S. Gulf Coast for
economic and property damages from the Macondo oil spill, and
come up with a figure of $34 billion, which it deems
“substantially” overstated.

The company has struggled with political, financial and
legal fallout ever since the April 2010 explosion, which caused
the worst offshore oil spill in U.S. history.

Feb 4, 2013

State claims a wild card in BP civil deal on Macondo oil spill

Feb 4 (Reuters) – It is a question that has lawyers and many
others on the U.S. Gulf coast buzzing: Will BP strike a massive
deal to settle the remaining claims over the Gulf of Mexico well
blowout?

BP could be nearing a settlement of federal claims with the
U.S. Department of Justice, but people tracking the case closely
say the company and coastal states, especially Louisiana, might
still be far apart.

Feb 1, 2013

Exxon, Chevron earnings boosted by refining margins

HOUSTON/SAN FRANCISCO (Reuters) – Strength in refining and chemicals led to higher-than-expected fourth-quarter earnings for Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) and Chevron Corp (CVX.N: Quote, Profile, Research, Stock Buzz), the two largest U.S. oil companies.

A flood of oil produced from U.S. shale formations has pushed refining margins higher for many companies with plants in the United States, while chemical companies are benefiting from the low price of natural gas, a key feedstock.

Jan 31, 2013

Occidental Petroleum cost cuts yield Wall Street beat

Jan 31 (Reuters) – Occidental Petroleum Corp’s
quarterly profit beat Wall Street estimates as the
fourth-largest U.S. oil company hacked away at production costs,
and it predicted growth of 8 percent to 10 percent in domestic
crude output this year.

The results boosted the company’s shares 3 percent on
Thursday to four-month highs.

Jan 29, 2013

Former Ecuador judge on Chevron case says plaintiffs bribed court

NEW YORK/SAN FRANCISCO (Reuters) – A former Ecuadorean judge has claimed that after stepping down from the bench, he illegally ghostwrote a judgment in which Chevron was ordered to pay the country $18.2 billion for polluting the rain forest, and he further charged that the plaintiffs agreed to pay $500,000 to the judge who handed down the ruling.

Alberto Guerra, who presided over the case from 2003 to 2004, made the allegations in a sworn statement filed by Chevron on Monday in support of a lawsuit in Manhattan federal district court accusing the Ecuadorean plaintiffs and their lawyers of fraud.

Jan 26, 2013

Icahn pushes Transocean for dividend of at least $4/shr

Jan 25 (Reuters) – Activist investor Carl Icahn on Friday
pushed offshore driller Transocean to declare a dividend
of at least $4 per share and said if it does not, he will
propose it at the company’s next annual meeting, according to a
regulatory filing.

Transocean this month disclosed that Icahn held a 1.56
percent stake in the company and was seeking regulatory approval
to buy shares worth more than $682 million, making him one of
the Switzerland-based company’s largest shareholders with a
stake of just over 5 percent.

Jan 25, 2013

Global drilling lifts Halliburton out of domestic mire

By Braden Reddall

(Reuters) – Haliburton Co’s (HAL.N: Quote, Profile, Research, Stock Buzz) overseas business lifted fourth-quarter earnings above expectations, belying how tough the market is for North American oilfield services due to the glut of natural gas.

Shares of Halliburton, the world’s second-largest oilfield services company and the North American leader, rose nearly 5 percent on Friday to their highest levels for more than a year.

Jan 23, 2013

Baker Hughes profit falls on North American drilling slump

By Braden Reddall

(Reuters) – Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz), the world’s third-largest oilfield services provider, reported a 36 percent fall in quarterly profit as both activity and pricing decreased in its main North American market.

Larger rival Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz) will reveal how it fared in an especially tough quarter for the industry when it posts fourth-quarter results on Friday. Sector leader Schlumberger (SLB.N: Quote, Profile, Research, Stock Buzz) managed to offset the U.S. onshore decline with a strong performance in the Gulf of Mexico.

Jan 18, 2013

Schlumberger Q4 lifted by int’l, deepwater growth

By Thyagaraju Adinarayan and Braden Reddall

(Reuters) – Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) reported fourth-quarter earnings just ahead of recently reduced expectations on Friday on strong demand for oil and gas drilling services beyond the shores of North America.

Schlumberger, the oilfield industry leader, posted its fifth straight estimate-beating quarterly profit as growth in the deepwater Gulf of Mexico, Latin America, the Middle East and Asia made up for a slowdown on North American land.

Jan 18, 2013

Schlumberger beats estimates on international demand

Jan 18 (Reuters) – Schlumberger Ltd reported
fourth-quarter earnings just ahead of recently reduced
expectations on Friday on strong demand for oil and gas drilling
services beyond the shores of North America.

Schlumberger, the oilfield industry leader, posted its fifth
straight estimate-beating quarterly profit as growth in the
deepwater Gulf of Mexico, Latin America, the Middle East and
Asia made up for a slowdown on North American land.

    • 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