NEW YORK, July 27 (Reuters) – Three top U.S. power
companies posted higher-than-expected quarterly earnings on
Wednesday, but drew a mixed a picture of the nation’s economic
outlook and demand for electricity
Exelon Corp (EXC.N: Quote, Profile, Research, Stock Buzz), which operates the largest U.S. fleet
of nuclear power plants, raised its full-year profit forecast
based on results in the first half, when it relied on strong
residential and small-business demand to offset weak
electricity usage from industrial customers.
NEW YORK/SAN FRANCISCO (Reuters) – Schlumberger Ltd (SLB.N: Quote, Profile, Research, Stock Buzz) beat estimates with a 64 percent jump in profit on strong U.S. demand and deepwater drilling, while international activity showed clear signs of improvement after a long wait.
Schlumberger shares rose 3 percent in early trading, as the world’s largest oilfield services company delivered its first set of market-pleasing results this year.
NEW YORK/SAN FRANCISCO (Reuters) – Halliburton Co (HAL.N: Quote, Profile, Research, Stock Buzz), the world’s second-largest oilfield services company, reported a forecast-topping 54 percent jump in profit on Monday as a U.S. onshore drilling boom showed no sign of cooling off.
The second-quarter results clearly demonstrate how Halliburton has benefited from its North American leadership in the pressure pumping technology that enables oil and gas producers to tap in to shale rock.
NEW YORK (Reuters) – ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) will split itself into two by spinning off its refining arm, the third-largest U.S. oil company said on Thursday, sending its shares up more than 7 percent.
With the move, ConocoPhillips becomes the first of the so-called super majors to shift away from the strategy that led the industry to consolidate into a handful of players with global reach in the oil and gas production and oil products businesses.
NEW YORK (Reuters) – Energy investor T. Boone Pickens said he has been buying up U.S. shale acreage, and he could consider signing joint ventures to develop the properties, or some property sales.
“I’m in two big shale plays and one of them is the Marcellus,” Pickens said in an interview, referring to the massive natural gas field that stretches from West Virginia and Ohio across Pennsylvania and into New York.
NEW YORK (Reuters) – Oil driller Transocean Ltd blamed BP Plc in a report released on Wednesday for last year’s Gulf of Mexico spill in the latest skirmish between the two companies over paying the costs for the maritime oil disaster.
Transocean, the owner of the drilling rig that exploded and sank in the Gulf of Mexico last year, and BP are locked in a legal battle over which company was at fault in the disaster that killed 11 workers and gushed crude oil into the Gulf for three months.
OSLO/NEW YORK, June 20 (Reuters) – Norwegian oil firm
Statoil expects to increase output by a third over the
next decade, though production growth would be slower in the
Statoil, which was holding a capital markets day in New
York, said it anticipated its so-called “equity production” of
oil and gas to rise to more than 2.5 million barrels of oil
equivalent per day (boed) in 2020, compared with 1.9 million
boed in 2010.
HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) is taking advantage of low natural gas prices by acquiring acreage in shale basins around the United States as it leverages drilling expertise from its purchase of XTO Energy Inc, a senior company executive said on Tuesday.
Unrest in the Middle East and North Africa helped push crude oil prices over $100 per barrel while huge supplies of natural gas have depressed prices.
NEW YORK/HOUSTON, June 10 (Reuters) – Chesapeake Energy
(CHK.N: Quote, Profile, Research, Stock Buzz) shareholders narrowly approved the company’s executive
pay packages on Friday and re-elected its high profile CEO,
Aubrey McClendon, to the board of directors.
The vote came after influential proxy advisory firm ISS
recommended removing McClendon from the board, citing the
company’s failure to link pay to any type of performance
incentives, and its reliance only on the discretion of its
compensation committee. [ID:nN27164370]
NEW YORK/LOS ANGELES, June 7 (Reuters) – Steep declines in
prices for solar products will shrink profit margins for
SunPower Corp (SPWRA.O: Quote, Profile, Research, Stock Buzz) and LDK Solar Co Ltd (LDK.N: Quote, Profile, Research, Stock Buzz) this year,
the companies said on Tuesday.
Germany and Italy, the world’s two largest solar markets,
both have cut subsidies for the renewable energy source in
recent months, though manufacturers have ramped up output of
the modules that turn sunlight into electricity.