(Reuters) – Medium-sized U.S. oil and natural gas producers forecast higher production for this year, with some of them set to outspend their cash flows, when many of their bigger rivals are cutting output citing decade-low gas prices.
Natural gas prices, which traded at $11 per million British thermal units (mmBtu) levels three years ago, are now languishing at $2.67, as production from unconventional shale fields flood the market.
(Reuters) – First Solar (FSLR.O: Quote, Profile, Research, Stock Buzz) said the U.S. Department of Energy (DOE) has not released funds for its 230-megawatt Antelope Valley project in California due to construction permit issues, a development that could undo the sale of the project to Exelon Corp (EXC.N: Quote, Profile, Research, Stock Buzz).
First Solar shares, down more than 66 percent over the last one year, fell as much 10 percent to $44.25 in early trade on Friday on the Nasdaq.
Dec 8 (Reuters) – MEMC Electronic Materials Inc
slashed its outlook for the current quarter and said it
will cut jobs and reduce capacity as the silicon-wafer maker
grapples with lower demand.
The company will cut more than 1,300 jobs, or a fifth of its
workforce, and will be idling some of its facilities, as it
looks to lower costs amid a severe downturn in the renewable
BANGALORE (Reuters) – Infosys Ltd (INFY.NS: Quote, Profile, Research, Stock Buzz) expects its third-quarter revenue growth closer to the lower end of its forecast as customers delay decisions on large contracts, its chief executive said.
The Bangalore-based company, a pioneer in India’s $76 billion IT sector, has grown rapidly by employing thousands of engineers in low-cost Indian centers but is seeing its pace of growth slowing amid a sputtering U.S. economy and the European debt crisis.
BANGALORE (Reuters) – Infosys Ltd expects its third-quarter revenue growth closer to the lower end of its forecast as customers delay decisions on large contracts, its chief executive said.
The Bangalore-based company, a pioneer in India’s $76 billion (48 billion pound) IT sector, has grown rapidly by employing thousands of engineers in low-cost Indian centres but is seeing its pace of growth slowing amid a sputtering U.S. economy and the European debt crisis.
Nov 17 (Reuters) – General Maritime Corp, a
crude oil and refined petroleum products shipper, filed for
Chapter 11 bankruptcy protection on Thursday, becoming the
latest victim of a downturn triggered by an oversupply of
vessels amid weak demand.
Bankers expect more bankruptcies and restructuring in the
sector as daily rates for vessels fall below their operating
costs, hurting companies’ cash flows and ability to comply with
Oct 28 (Reuters) – Arch Coal Inc posted a
lower-than-expected quarterly profit as flooding in the U.S.
Midwest hit shipments and West Virginia mine costs rose, but it
forecast record exports this year on strong demand from Asian
Shares of the St. Louis-based company rose 6 percent to $19.37
on Friday on the New York Stock Exchange. The stock had lost 48
percent of its value this year by Thursday’s close.
Oct 27 (Reuters) – Airgas Inc beat Wall Street
estimates with a 17 percent rise in quarterly profit, as
manufacturing and energy customers kept demand high, prompting
the industrial gas supplier to raise its full-year adjusted
Manufacturing, medical, petrochemical and utilities sectors
are the strongest customer bases for Airgas, which supplies
canisters of oxygen, argon and other gases used in
construction, healthcare and many other industries.
Oct 26 (Reuters) – U.S. power utilities reported higher
quarterly profits on Wednesday, as a pickup in industrial
activity and rate hikes helped sales overcome the drag of a
American Electric Power , headquartered in Columbus,
Ohio, expects to see an improvement in the economy.
By Krishna Das – Analysis
(Reuters) – Chinese solar companies are snapping up their own shares amid a brutal selloff in the stock market, spending crucial resources on the effort rather than conserving cash or spending on new strategic projects.
The buyback programs come as the industry struggles to maintain profitability in the face of rapidly falling prices for solar panels that have driven many of the stocks to multi-year lows.