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PHI Inc. (PHIIK)

Some helicopters in the Gulf of Mexico -- such as those transporting workers to and from offshore oil rigs -- may soon be able to safely fly much closer together, according to Sikorsky Aircraft Corp. Sikorsky, in partnership with helicopter service company PHI, has announced the development of helicopter signaling technology that allows equipped choppers to reduce the buffer zones between them from 20 miles to as little as five miles apart. An aircraft equipped with the technoloogy automatically transmits its position and other pertinent information to land-based receivers, which then relay the information to the Federal Aviation Administration's air traffic control center in Houston for tracking and directing air traffic, Sikorsky announced at a recent air show.
The expectation is that the automation will lighten the load on air controllers, translating into improved on-time performance and efficiency for helicopter operators and the oil workers they shuttle to and from platforms in the Gulf.

Feb 23 · 8:17:00 PM · Source: Company Press Release · Related: United Technologies
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by Jeffrey Epstein

International Coal Group, Inc. (ICO)

SCOTT DEPOT, W.Va., Feb. 23 /PRNewswire-FirstCall/ -- International Coal Group, Inc. (NYSE: ICO) ("ICG" or the "Company") announced today that its wholly-owned subsidiary, ICG, LLC (the "Borrower"), has entered into a new four-year $125 million senior secured asset-based loan facility (the "ABL Loan Facility") which refinances its existing $100 million credit facility previously set to mature in June 2011. The new ABL Loan Facility is available for loans and the issuance of letters of credit. Subject to certain conditions, at any time prior to maturity, the Borrower may elect to increase the size of the facility up to $200 million. The new ABL Loan Facility has a maturity date of February 22, 2014. The obligations of the Borrower under the ABL Loan Facility are guaranteed jointly and severally by the Company and all of the Company`s current and future wholly-owned subsidiaries and it is secured by a first-priority security interest on substantially all of the Company`s assets.
In addition to the re-fi, impact of the move is to give ICG more breathing room. The new loan setup increases ICG's credit facility by $25 million immediately, and up to $200 million in the future.

Feb 23 · 7:51:00 PM · Source: Company Press Release
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by Jeffrey Epstein

Chevron (CVX)

SANTA FE, N.M., Feb. 23 /PRNewswire/ -- In the presence of Governor Bill Richardson, Chevron Mining Inc. (CMI), a subsidiary of Chevron Corp (NYSE: CVX) announced that sister company Chevron Technology Ventures (CTV), will build a one megawatt concentrating photovoltaic solar facility on the tailing site of CMI's molybdenum mine in Questa, New Mexico. The project will demonstrate and evaluate an emerging solar technology and a practical use of previously impacted land. The electricity produced will be sold to Kit Carson Electric Cooperative through a power purchase agreement. Project construction is scheduled to begin in spring 2010 and conclude by year-end.
The demonstration project will be the largest concentrating solar photovoltaic installation in the U.S. This is one of several solar technologies being carefully watched for practicality and a future potential payoff.

Feb 23 · 7:39:00 PM · Source: Company Press Release
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by Jeffrey Epstein

Patriot Coal Corporation (OIS)

ST. LOUIS, Feb. 22 /PRNewswire-FirstCall/ -- Patriot Coal Corporation (NYSE: PCX) today announced that it has temporarily suspended active mining operations at its Federal No. 2 mine near Fairview, West Virginia after discovering potentially adverse atmospheric conditions on Thursday, February 18 in an abandoned area of the mine. As a safety precaution, and in accordance with federal regulations, the Company immediately evacuated all personnel from the mine. The Company is currently conducting additional testing and is working with the U.S. Department of Labor, Mine Safety & Health Administration to develop a plan to address this issue so that active mining operations can resume. A limited number of personnel have been permitted by MSHA to re-enter the mine to maintain the mine and equipment until active mining operations resume, the timing of which is uncertain at this time.
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin. The Company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves. The Company's common stock trades on the New York Stock Exchange under the symbol PCX.

Feb 23 · 8:21:00 AM · Source: Company Press Release
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by Jeffrey Epstein

Exxon Mobil (XOM)

Energy industry insiders say a new House probe of hydraulic fracturing is unlikely to hinder development of new domestic shale gas plays or stall a massive merger between Exxon Mobil Corp. and a large independent gas producer. The House Energy and Commerce Committee's two top Democrats asked eight oil-field service firms last week for details about chemicals they use during hydraulic fracturing, a decades-old drilling technique that blasts sand, chemicals and water into a wellbore to break apart compact rock and release hydrocarbons. The lawmakers also publicized for the first time details of a similar investigation that revealed that two drillers used diesel in their fracturing fluids in violation of a voluntary agreement with U.S. EPA.
Moves by Energy and Commerce Chairman Henry Waxman (D-Calif.) and Rep. Ed Markey (D-Mass.), who chairs the Energy and Environment Subcommittee, come after months of congressional debate about the drilling technique, which has helped open access to massive domestic natural gas plays and also has raised concerns among environmentalists and some lawmakers about the technique's environmental impacts and whether it is adequately regulated by individual states.

Feb 23 · 8:13:00 AM · Source: The New York Times
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by Jeffrey Epstein

Chevron (CVX)

Chevron has sold half of its stake in block seven to South Korean oil company GS Caltex tying up the first ever Korean company for hydrocarbon exploration in the country's southern region, officials said Monday. The US oil giant sold 45 per cent stakes to the South Korean company retaining 45 per cent stakes including the operator-ship of block 7 that covers parts of Barisal, Patuakhali, Barguna and Bhola.
State-owned Bangladesh Petroleum Exploration and Production Company (Bapex) has 10 per cent carried over interest in the block.

Feb 23 · 8:07:00 AM · Source: Financial Express Bangladesh
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by Jeffrey Epstein

Schlumberger (SLB)

Schlumberger Ltd (NYSE: SLB) and Smith International, Inc. (NYSE: SII) jointly announced today that their Boards of Directors have unanimously approved a definitive merger agreement in which the companies would combine in a stock-for-stock transaction.
The joint merger will leverage production capabilities of both firms, the companies say. If stockholders and regulators approve, the deal could close by Q4 this year, and Schlumberger expects the combination to be accretive to earnings per share in 2012.

Feb 22 · 12:30:00 PM · Source: Company Press Release · Related: Smith International
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by Jeffrey Epstein

ConocoPhillips (COP)

ConocoPhillips says it will spend $11.2 billion on capital projects in 2010, a 10 per cent drop from estimated 2009 spending.
The nation's third-largest oil company previously said it would cut capital expenditures and sell off assets to help pay off debt and improve its cash position amid sagging profits.

Feb 16 · 2:52:00 PM · Source: News 1130
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by Michael Oliveto

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