Schlumberger opened the earnings season for the oilfield services sector with higher profit that nonetheless missed Wall Street forecasts. Income in the January-March quarter was $1.34 billion, or $1.09 a share, compared with $1.18 billion, or 96 cents a share, in the 2007 period. Revenue rose to $6.29 billion from $5.46 billion.
On average, analysts surveyed […]
Halliburton Co. is thinking about buying U.K.-based Expro International Group PLC in an all-cash deal.
Halliburton confirmed talks with Expro after a private equity consortium led by London-based Candover Group said it will buy Expro for $3.2 billion.
In a statement, Halliburton said its cash offer would top Candover’s but gave no specifics.
Expro provides services and products […]
Twelve more rigs are actively exploring for oil and natural gas in the U.S. this week compared to last week.
Baker Hughes Inc. says 1,461 are exploring for natural gas and 355 for oil and eleven are considered “miscellaneous.” That brings the total to 1,827. A year ago, the rig count stood at 1,769.
This week 63 […]
Analysts cheered SunPower Inc., a day after the solar company said its first-quarter net income soared to $12.8 million, or 15 cents per share, from $1.2 million or 2 cents per share a year ago. The company also expects second-quarter earnings to triple first-quarter results.
PacificCrest analyst Mark Bachman in a client note said domestic demand […]
Waste Management, Inc. opened a renewable energy facility at a company landfill in Virginia. The company says the landfill’s methane gas will produce 4.8 megawatts of electricity — enough energy to power more than 4,700 homes.
The plant is part of Waste Management’s plan to build 60 renewable energy facilities over the next five years. Currently, […]
Oil prices hit a record high $117 a barrel Friday as jitters over Nigerian oil supplies outweighed a rally in the dollar and fears of an economic slowdown in giant energy consumer China.
U.S. light crude settled up $1.83 at $116.96 a barrel, before hitting a record $117. London Brent crude gained $1.49 to $113.92.
Oil prices […]
Murli Deora, the petroleum minister of India, has reconfirmed his visit next week to Islamabad to pick up the pieces of the Iran-Pakistan-India pipeline that faltered amidst a row between the two countries and Pakistan’s internal political strife.
Deora will also announce its formal partnership in the Turkmenistan-Afghanistan-Pakistan-India pipeline, the Business Standard reports.
“We will meet Pakistan […]
EU officials said they’ve received what the fledgling pipeline project needed most — a dedicated supply — from Turkmenistan during a recent meeting.
“For the first time, we have a concrete volume for Nabucco which comes from Turkmenistan alone,” said a spokeswoman for Benita Ferrero-Waldner, the EU commissioner for external relations, the BBC reports.
Nabucco is a […]
The world of oil and gas pipelines has long seen its share of hopes and letdowns, and prospects to get Alaska’s massive gas reserves to market are on their way up. ConocoPhillips and BP announced last week they would bid on the pipeline, and perhaps Exxon Mobil would join it, The New York Times reports.
Alaska […]
The government is beginning to show concern that the country could achieve its crude oil production target this year amid soaring price in the world market.
Head of the fiscal policy of the finance ministry Anggito Abimanyu said the country’s crude oil production has shown a downtrend, adding production has always been below 917,000 barrels as […]