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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

Exxon Mobil (XOM)

Exxon Mobil Corporation announced today that additions to its proved reserves in 2009 totaled 2.0 billion oil-equivalent barrels, replacing 133 percent of production. Excluding the impact of asset sales, reserves additions replaced 134 percent of production.
“ExxonMobil is an industry leader in reserves replacement,” said Rex W. Tillerson, chairman and chief executive officer. “We have replaced more than 100 percent of production for 16 consecutive years, reflecting our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution. Adding new reserves ensures that ExxonMobil will continue to develop new supplies of energy to meet future demand and support economic growth and improved standards of living."

Feb 16 · 2:38:00 PM · Source: Company Press Release
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by Michael Oliveto

Nexen (NXY)

Nomura Holdings plans to buy the European natural gas and power trading businesses of Nexen in a deal reportedly worth about $55 million.

Feb 15 · 7:35:00 PM · Source: Reuters
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by Michael Oliveto

Mexco Energy (MXC)

Mexco Energy today reported net income of $167,145, or $0.09 per diluted share, for the quarter ending December 31, 2009, the Company's third quarter of fiscal 2010.
This was a 27% increase from $131,501 for the same quarter of fiscal 2009. Operating revenues in the third quarter of fiscal 2010 were $865,169, a 7% decrease from $927,644 for the third quarter of fiscal 2009.

Feb 15 · 7:30:00 PM · Source: Your Industry News
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by Michael Oliveto

Geokinetics (GOK)

Geokinetics announced today that it has completed its acquisition of Petroleum Geo-Services' ("PGS") onshore seismic data acquisition and multi-client data library business ("PGS Onshore").
"The combination of PGS Onshore and Geokinetics solidifies our position as the clear leader in the onshore seismic data acquisition business," said Richard F. Miles, President and Chief Executive Officer of Geokinetics. "It not only brings together two strong complementary seismic data acquisition operations, but it also accelerates our strategic initiatives in the multi-client library business."

Feb 15 · 7:24:00 PM · Source: Reuters
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by Michael Oliveto

Cano Petroleum (CFW)

Cano Petroleum announced that production for the quarter ended December 31, 2009 averaged 1,189 net barrels of equivalent oil per day (“BOEPD”). This is 1.2% lower as compared to production of 1,203 net BOEPD for the quarter ended December 31, 2008 (“Prior Year Quarter”) and 2.4% lower as compared to production of 1,218 net BOEPD for the quarter ended September 30, 2009. Production for the six-month period ended December 31, 2009 (“Current Six Months”) of 1,204 net BOEPD was 1.1% lower as compared to the six-month period ended December 31, 2008 (“Prior Year Six months”) of 1,218 net BOEPD.
Factors decreasing production for the Current Quarter include: (i) a 50 BOEPD temporary reduction to redistribute water injection at the Cato waterflood to enlarge the waterflood “footprint”, and (ii) a 22 BOEPD reduction due to curtailed Barnett Shale natural gas production at our Desdemona Properties. Otherwise, normal field declines of production were more than offset by consistent and increasing performance at waterfloods from both our Cato and Panhandle Properties.

Feb 15 · 7:05:00 PM · Source: Your Oil and Gas News
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by Michael Oliveto

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