Market News

Double Eagle Petroleum Company (DBLE)

Double Eagle Petroleum Co. (Nasdaq: DBLE) announces that the Company achieved annual production for the year ended December 31, 2009 of 9.3 Bcfe, an increase of 39% over 2008 production of 6.7 Bcfe. The increase was driven primarily by the Company's operated Catalina Unit, which accounted for 73% of the year over year increase. Significant production increases were also realized from our interest in the Pinedale Anticline non-operated properties.
Company notes that amid falling natural gas prices, it managed to increase productivity through existing well and gathering system enhancements.

Mar 2 · 10:34:00 AM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Jeffrey Epstein

Hercules Offshore Inc. (HERO)

Hercules Offshore, Inc. (Nasdaq: HERO) reports a loss from continuing operations of $26.9 million, or $0.23 per diluted share, on revenues of $176.4 million for the fourth quarter ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.90 per diluted share, on revenues of $313.5 million for the quarter ended December 31, 2008. The Company reported a loss from continuing operations of $90.1 million, or $0.93 per diluted share, on revenues of $742.9 million for the twelve month period ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.25 per diluted share, on revenues of $1.1 billion for the twelve month period ended December 31, 2008.
The company says it tried hard to cut costs last year, and is hoping for improved results this year.

Mar 2 · 10:28:00 AM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Jeffrey Epstein

ECO International (ESV)

ECO International reported for the full year 2009 earnings of $779 million, or $5.48 per share, on sales of $1.946 billion. That compares to the prior year earnings of $1.151 billion, or $8.04 per share, on sales of $2.397 billion.
Chairman, President and Chief Executive Officer Dan Rabun stated, "In the fourth quarter, earnings grew significantly compared to the third quarter. The increase was driven by higher utilization across the fleet and our growing deepwater segment - which equaled one-quarter of total revenues in the fourth quarter. Looking ahead, we project deepwater segment revenue will continue to grow significantly as more of our new ultra-deepwater semisubmersibles commence drilling for our customers. Growth in our deepwater segment is expected to lessen the impact of declining average day rates in our jackup business - as rates from expiring jackup rig contracts are adjusted to today's lower market rates. Fortunately, market rates for premium jackup rigs have been stabilizing somewhat over the past several months."

Feb 25 · 10:30:00 PM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

American Oil & Gas Inc. (AEZ)

American Oil & Gas Inc. (NYSE Amex: AEZ) announces that drilling operations have commenced on American's Ron Viall 1-25H well located in 156N-98W Sections 24 and 25 in Williams County, ND. The well is currently drilling at an approximate vertical depth of 10,930' and a measured depth of 11,080'. Casing has been set around the curve and current operations are focused on drilling the planned 9,000' lateral in the Bakken formation. The Ron Viall well is spaced on 1,280 acres. American owns a 95% working interest in this well. The Tong Trust 1-20H well, located in Sections 17 and 20 of T157N-R96W, Williams County, ND, is scheduled for completion operations to commence in early March. This well is being drilled, completed and funded under the terms of a previously announced participation agreement. The casing, and the associated completion assembly have been set which will facilitate up to 26 fracture stimulation stages in the Bakken formation.
One more well in production.

Feb 25 · 9:05:00 PM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Jeffrey Epstein

Chevron (CVX)

Chevron Corporation today announced that executive vice president, Charles A. James, will leave the company effective May 2, 2010. James, who intends to retire from the active practice of law, will join the adjunct faculty of the law school at Arizona State University and pursue other charitable ventures. This move is part of a planned transition under which James led the recruitment of his successor, R. Hewitt Pate, vice president and general counsel. Pate joined the company in August 2009 and has reported to James during this transition period. "Charles has provided tremendous leadership to our global legal team over the past eight years," said John Watson, Chevron`s chairman and CEO. "During his tenure, he created a world-class law function and guided our legal strategy on a range of complex and important legal matters. Charles will have an ongoing consulting relationship with Chevron and we look forward to drawing on his deep understanding of the law and our business. We wish him well."
No known reason to think this is anything other than a pre-planned transition, expected to go smoothly. If not, oil sheen in the executive suite would be evident.

Feb 25 · 8:59:00 PM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Jeffrey Epstein

Contango Oil & Gas (MCF)

Three workers received minor injuries and an oil-gathering platform near Houston was temporarily shutdown after a rupture of a 20-inch wide underwater oil pipeline, Contango Oil & Gas Company said Wednesday. The company implemented its emergency spill response plan, even though it said it expect little oil loss, perhaps less than a barrel. The accident occurred when a dredge contracted by the Army Corps of Engineers to dredge the Atchafalaya River Channel, snagged the pipeline, Contango said. The three workers were apparently employees of the private dredging company performing the dredging, and received medical treatment. Kenneth R. Peak, Contango`s Chairman and Chief Executive Officer, said "We are fortunate that we have received no reports of serious injury and any environmental impact at this time appears to be minimal. We have worked closely with the Army Corps of Engineers, the United States Coast Guard, and the Minerals Management Service and are gratified by the assistance we have received. A fly-over by our crew spotted a light sheen that they estimated at less than a barrel. Repair vessels and a diving crew are en-route to the location to assess the extent of the damage to our pipeline." Six wells were "shut-in" but several others are unaffected, the company said. Contango is a Houston-based, independent natural gas and oil company.
This appears to be more of a headache for Contango than a long-term setback. Investigations and work in getting the pipeline back in service will take some time, but since many other wells and lines remain in service, production will likely not be severely affected.

Feb 25 · 8:53:00 PM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Exxon Mobil (XOM)

A strike squeezing French oil refineries spread Tuesday to facilities owned by ExxonMobil, raising the pressure on Total SA and the government to ward off gas shortages.
Workers at an ExxonMobil-owned Esso depot joined in the walkout Tuesday to support their Total colleagues, who have been striking since last week over plans to close a plant in northern France. The Esso depot in Port Jerome, on the English Channel, was closed before dawn for lack of workers, CGT union organizer Laurent Delaunay said. Workers at an Esso refinery in neighboring Notre-Dame-de-Gravenchon, France's second-largest refinery, were set to walk out later Tuesday. Together, Total and Esso refineries account for about 70 percent of France's refining capacity. A prolonged strike and serious gas shortages could be bruising for French President Nicolas Sarkozy's government as it faces regional elections in less than three weeks. The refinery blockages come amid other acts of unrest among French workers, including an air traffic controllers' strike canceling hundreds of flights Tuesday.

Feb 24 · 12:31:00 AM · Source: Forbes
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Exxon Mobil (XOM)

Qatar Petroleum and Exxon Mobil Corporation announced the Al Khaleej Gas-Phase 2 (AKG-2) project, with 1,250 million cubic feet per day (mcfd) of sales gas capacity, initiated operations in December 2009.
The new facilities are designed to meet the growing demand of local industries. Combined with Al Khaleej Gas-Phase 1 (AKG-1), which began production in 2005, AKG will have a total capacity of 2,000 mcfd, making it the largest source of domestic gas supply in the State of Qatar.

Feb 24 · 12:27:00 AM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Michael Oliveto

Previous · Next