Category: Finance/Earnings

Chevron CEO says $100 a barrel is the new $20

Rising labor costs are challenging oil companies, even amid an era of oil prices around $100 a barrel, Chevron’s CEO said Tuesday.  More »

Pacific Drilling to make first shareholder payout

Pacific Drilling announced Wednesday that it would make its first distribution to shareholders of $152 million, saying that five consecutive quarters of solid growth has driven the move.  More »

Tax proposal would deal big blows to Big Oil

Rep. Dave Camp’s plan to overhaul the nation’s tax code would deal major blows to independent refiners and the nation’s biggest oil and gas companies, blocking them from taking some long-cherished deductions and forcing them to use an accounting method that would hike their tax bills when crude prices climb. But independent oil and gas producers as well as midstream pipeline companies dodged big hits in Camp’s long-awaited proposal.  More »

Economist: Shale fever soon will decline

A Houston energy economist predicted that shale fever is about to ebb, and the industry will soon be looking to offshore plays for reliable and lucrative investment payoffs.  More »

Intervale Capital raises $495M for oil field services, drilling efficiency

It’s the Massachusetts firm’s third official investment run after eight years of buying and selling North American shale services companies like Fort Worth-based steel drill bit maker Ulterra Drilling Technologies.  More »

McClendon oil company to raise $2.9B with promise to go public

McClendon’s new oil and gas venture will soon collect as much as $2.9 billion from investors in a bid to acquire and drill acreage in Ohio’s southern Utica Shale. And it has promised investors to turn a $750 million debt offering into equity once it goes public.  More »

Drilling rig market finally improving in U.S., Nabors CEO says

Growing demand for walking rigs may finally improve the market for land drilling contractors in the U.S., the chief executive of Nabors Industries said Wednesday.  More »

Nabors quadruples takehome in fourth quarter

Rig contractor Nabors Industries Ltd. posted quadrupled fourth-quarter profits Tuesday on increased international drilling and a thaw in colder U.S. markets.  More »

Apache earnings drop with production losses

Houston-based exploration and production company Apache Corp.’s fourth quarter profits were down 73 percent as a result of asset sales that impacted production levels, the company report Thursday.  More »

BP’s multibillion-dollar sell-off enters new phase

Even after selling off $38 billion in assets to slim down in the face of oil spill costs, BP could make trimming its balance sheet a habit.  More »

Total reports sharply lower 4th quarter earnings

French oil company Total SA says its earnings slid nearly 30 percent in the fourth quarter as oil prices stagnated under $110 a barrel and production slipped into reverse.  More »

Huntsman results top Wall Street expectations

Huntsman returned to a profit in its fourth quarter.  More »