Category: Finance/Earnings

PDVSA signs $2.2 billion oil service financing to boost drilling

Petroleos de Venezuela SA, the country’s state oil company, signed deals with oil service companies Schlumberger, Halliburton and Weatherford International.  More »

Regulators: Eagle Ford boom tempts banks to make riskier loans

Long years of wringing small profits from cheap loans have tempted banks to lend more money under riskier terms, and nowhere more so than in the Texas oil boom towns where restaurateurs and hoteliers come calling every day, regulators say.  More »

Bank loan standards bending for oil companies amid shale rush

As major shale plays fuel the nation’s energy production, some aspects of Texas banking are starting to echo the overzealous oil and gas lending of the past, says David Zalman, chairman and CEO of Houston-based Prosperity Bancshares.  More »

Oklahoma lawmakers to unveil new tax rate proposal for wells

An incentive for a 1 percent tax rate for horizontally drilled oil and gas wells would be increased to 2 percent and extended to all wells drilled in Oklahoma under a bill drafted in the Oklahoma Legislature on Monday.  More »

Energy Future sued by lenders’ trustee for $665 million

nergy Future isn’t entitled to a “windfall” from failing to pay the premium owed for early redemption of debt, CSC Trust Co. of Delaware, which represents most holders of a unit’s $3.5 billion in 10 percent senior secured notes, said in the lawsuit  More »

Chesapeake to garner $4 billion from sales, spin off

Chesapeake Energy is planning to collect $4 billion this year after it hawks assets in Texas, Pennsylvania and Oklahoma and spins off its U.S. fleet of walking rigs, the company said Friday.  More »

Valero Energy Partners income hit by winter weather

Pipeline and storage company Valero Energy Partners said Wednesday that its first-quarter net income fell 28 percent because of costs incurred as a new publicly traded company and because harsh winter weather stifled demand for products and slowed crude oil supplies.  More »

Activist investors push objectives at ConocoPhillips meeting

Despite the activist investors’ visible presence at ConocoPhillips’ annual meeting, two shareholder proposals – one for the company to report its lobbying expenditures in greater detail, another for it to set greenhouse gas reduction targets – were shot down.  More »

ConocoPhillips CEO: US crude keeping a check on global oil price spikes

Geopolitical turbulence in the Middle East would have created a spike in global oil prices if not for the rise of light-crude in the United States and oil sands in Canada, ConocoPhillips CEO Ryan Lance said Tuesday.  More »

Oil industry risks $1.1 trillion of investor cash

Oil explorers like Exxon Mobil Corp. and OAO Rosneft risk wasting $1.1 trillion of investors’ cash through 2025 on expensive, uneconomic projects from the Arctic and deep seas to tar sands, according to a study.  More »

Rice aims to spur more Houston startups

Rice University wants to bring Houston the same Cambrian explosion of startup companies that began in Palo Alto and Boston decades ago – but for oil and gas, a Rice official said Wednesday.  More »

EOG Sees Rocky Mountains as North America’s next hot oil field

The company, which is known for quietly building up positions in areas before their potential is widely recognized, said in a statement yesterday that its land in the DJ and Powder River basins in Colorado and Wyoming may hold the equivalent of 400 million barrels of oil.  More »