Chron Energy Newslinks | 07.29.09 | Refiners 'Maya' not make that much on Maya, FMC saves the day

BP cuts will be felt in Houston as it ups cost cutting plans for ’09 to $3 billion with a focus on suppliers who it says are still charging too much. The FT’s take focuses on Hayward warning of a ‘drawn out’ recovery. But don’t worry too much, BP has it’s foot in the door in Iraq.

Valero cooks up a big loss
: Long-time money maker, refining heavier crudes, lost its big margins, says CEO.

National Oilwell Varco profit fell 48 percent: World’s largest maker of oilfield equipment’s “… hand they were holding in the June quarter was just very difficult to play.”

Shell to cut North Sea jobs in advance of earnings.

• Finally! A bright spot in earnings: FMC Technologies reports a good profit as firms still need their subsea equipment.

• Day One of the CFTC oil speculator hearings gets calls for trading limits from some but caution from companies that need the risk tools. Chairman warned the WSJ report on a pending reversal of past finds was inaccurate, and the hearing was also a chance for CME and ICE execs to present their own flavors of self-regulation to appease Congress. Wonder if Phibro trader Andrew Hall would like a seat at the table to talk about all the good things that come from oil speculating?

• Obama will help push the energy industry out of Houston!

• A letter to the PUC from North Texas cities: Oncor already collects $100+ million in unauthorized profits, you said so yourself.

Boardwalk’s East Texas/Southeast pipeline ok’d to start up at normal pressures.

Encore Acquisition’s net loss deepens.