Category: Finance/Earnings

Schlumberger reports profit drop amid overall sales growth

Schlumberger’s profit fell 24 percent in the second quarter despite a revenue increase.  More »

Baker Hughes earnings up 47 percent

Oilfield service company Baker Hughes’ profits rose 47 percent in the second quarter amid unprecedented demand for its services in North America, the company said Thursday morning.  More »

Houston electricity retailer launches $63 million IPO

Houston-based electricity and gas retailer Spark Energy launched its initial public offering Monday seeking $57 million to $63 million.  More »

Phillips 66 increases capital budget, approves more buybacks

Refining and midstream giant Phillips 66 announced that it would increase its 2014 capital budget by $1.2 billion this year in order to fund its liquefied petroleum gas project as well as a recent acquisition.  More »

Fortune Global 500 list heavy on oil

Wal-Mart took the No. 1 spot on Fortune’s Gobal 500 ranking of the world’s largest companies based on revenue, but the top of the list was sloshing with oil.  More »

Noble Corp. spinoff Paragon announces $1.2 billion debt offering

Paragon Offshore Ltd., the spinoff of offshore drilling contractor Noble Corp., today announced plans to issue $1.2 billion in private debt.  More »

Area biofuels company gets extension on Mississippi loan

KiOR, the Pasadena-based firm that has led efforts to develop biofuels from non-food sources but is struggling financially, has gotten an extra four months to resume payments on a loan from the state of Mississippi.  More »

Energy Future execs, directors paid $25.5M before bankruptcy

Court documents filed this week show Energy Future Holdings CEO John Young, directors and other executives collected a combined $25.5 million in compensation in the year before the Dallas power generator filed for bankruptcy.  More »

Cape Wind receives major loan guarantee from feds

Cape Wind Associates LLC received a conditional $150 million loan guarantee from the U.S. Department of Energy for its project off the coast of Massachusetts.  More »

Shale’s junk debt at risk if Fed raises rates

The oil and gas industry’s junk-bond bonanza — which has caused the value of the sector’s speculative-grade debt to triple over the past seven years ago — could be coming to a sudden stop.  More »

Rising costs eat into returns even with high oil prices, IHS says

Oil producers are making less for the capital they’re spending than they did a decade ago, when U.S. benchmark crude prices were below $30 a barrel, a new report shows.  More »

UK audit questions $28 billion of clean power projects

The U.K.’s National Audit Office said it’s not convinced the government decision to award 16.6 billion pounds ($28 billion) of contracts to eight clean-energy projects is worth the risk to taxpayers.  More »