Schlumberger Ltd announced that its shares jumped Friday after the oilfield services provider said its second-quarter profit rose 13 percent and issued a bullish outlook. Analysts praised the results. The stock rose $4.72, or 4.9 percent, to $101.50 in late-morning trading.
The Houston-based company said high oil and natural gas prices led to heavier spending [...]
Tri-Valley Corporation has exceeded 2,000 barrels of oil equivalent per day (BOED) rate with total field production recorded at 2,058.3 BOED from its 43 active producing wells on six California properties. This surpasses the original year end 2008 Company Plan of 2,000 BOED by more than six months.
“With tested productive capacity of individual wells now [...]
Goldman Sachs upgraded the oilfield services sector to “Attractive” from “Neutral,” predicting strong profit growth due to greater drilling activity and high oil prices.
Analyst Charles Minervino expects earnings to grow in the double digits through 2011 as high oil prices lead to more rapid rig construction, and both drilling activity and the rates oil companies [...]
In its monthly market report, the Organization of Petroleum Exporting Countries said oil’s recent volatility — the price for a barrel has swung back and forth in a $10 range over the past week alone — “reconfirms the view that current price levels do not reflect supply and demand realities.”
Looking ahead to the second [...]
The head of Petrobras says global oil prices are likely to stay high, and the Brazilian state-run oil giant plans to significantly expand its fleet of drilling rigs and other vessels in the coming years.
Speaking at a gathering organized by the Brazilian American Chamber of Commerce in New York, Petrobras President and Chief Executive Jose [...]
Analysts disagree on how much Murphy Oil Corp. stands to gain from its stake in a deepwater offshore Malaysian oilfield, with Goldman Sachs giving a strong recommendation and JPMorgan downgrading the stock.
Murphy owns an 80 percent stake in the Kikeh field, where it began drawing oil in August 2007. The company shares production with Malaysia’s [...]
The CEO of France’s Total SA says consumers should get used high oil prices, seeing no letup in high prices any time soon.
“The price of hydrocarbons will stay high for a long time,” said Christophe de Margerie, adding, “There will not be any more oil at the end of this century” than there is now.
With [...]
Indonesian state coal miner PT Bukit Asam Tbk expects its coal export prices to rise by at least 45 percent this year, in line with rising global prices and strong demand, a company official said on Thursday.
Bukit Asam — the smallest of Indonesia’s three listed coal miners — sold coal in the overseas market at [...]
Energy Secretary Samuel Bodman rejected a call by some members of Congress to release oil from the government’s emergency stockpile — the Strategic Petroleum Reserve.
He said the oil is needed to respond to future supply emergencies and not to influence prices.
Bodman also said at a House hearing that he does not believe that rampant market [...]
In an interview with CNBC, billionaire Texas oilman T. Boone Pickens said he thinks crude oil could go as high as $150 a barrel this year.
Pickens said only natural gas is plentiful enough to offset dwindling supplies of oil, particularly for the U.S., and only a global recession would cause oil to fall.
Pickens said high [...]
