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Today's Trends: What Does The Market Like?

Thursday, July 29, 2010 - A valuation ranking of 33 small, mid, and large cap firms that includes each firms exposure to oil exploration.
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Industry Headlines

Today's Trends: What Does The Market Like?

Thursday, July 29, 2010 - A valuation ranking of 33 small, mid, and large cap firms that includes each firms exposure to oil exploration.

Commodity Corner: Oil Slides Below $77

Wednesday, July 28, 2010 - Oil traders looking for signs of growing demand were disappointed Wednesday.

BP: Removed Storm Plug From Relief Well at Spill Site

Wednesday, July 28, 2010 - BP said Wednesday that one of its drilling rigs successfully removed a storm plug placed on a relief well at the DH spill site.

BP to Pay Estimated $60MM in Advance Payments

Wednesday, July 28, 2010 - BP will pay at least $60 million in advance payments in August to claimants across the Gulf Coast who have lost income or net profit due to the spill in the GOM.

Salazar Visits Offshore Drilling Rigs in GOM

Wednesday, July 28, 2010 - Salazar visited three offshore drilling rigs in the GOM, where he received updates on the improved inspection process and additional safety requirements for blowout preventers and well construction.

BP Prices GOM Spill Costs at $32.2B

Tuesday, July 27, 2010 - BP has taken a pre-tax charge of $32.2B for the GOM oil spill, including the $20B escrow compensation fund previously announced.

Exploration

Deepwater Beckons as ConocoPhillips Sells Other Assets

Thursday, July 29, 2010 - ConocoPhillips may seek to expand in the deep-water Gulf of Mexico, where it is "under-represented" after regulatory uncertainty is cleared up.

CPC Uncorks Gas in Taiwan

Thursday, July 29, 2010 - CPC estimates the Miaoli discovery to be able to produce over 1B cubic meters of gas over 20 years, starting from the end of 2011.

AWE Commences Drilling at Tasman Bay Well

Thursday, July 29, 2010 - AWE advised that the Tuatara-1 exploration well started drilling at 1000 hours (NZ time) on Wednesday July 28, 2010.

American Petro-Hunter Details Development Plan for Ok. Shale Project

Thursday, July 29, 2010 - American Petro-Hunter updated details of the Company's North Oklahoma Project, and discuss the ongoing development plan for the 7 leases totaling over 1,000 acres located in Payne County, near Stillwater, Oklahoma.

Baker Hughes Moves 300 Workers Out of Gulf

Thursday, July 29, 2010 - The federal moratorium on deep-water offshore drilling has caused Baker Hughes to move hundreds of employees out of the Gulf of Mexico, said CEO Chad Deaton.

Origin Energy Drills Ahead at Perth Basin

Thursday, July 29, 2010 - This well is being drilled to appraise the extent of the gas accumulation discovered by the Redback South 1 well.

Different Towns, Different Rules for Gas Drilling

Thursday, July 29, 2010 - The mounting wave of Marcellus Shale gas drilling is creating a substantial challenge for local municipalities.

Sky Petroleum Finalizes Seismic Engagement on Albanian Blocks

Thursday, July 29, 2010 - Sky Petroleum announced that it is finalizing the engagement of a firm to conduct a geophysical review of the seismic and log data for the three exploration blocks, Four, Five and Dumre.

Alamo US Wells Encounter Hydrocarbons

Thursday, July 29, 2010 - Alamo provided an Update with all 7 new wells from the drilling campaigns in Texas, Kentucky and West Virginia encountering hydrocarbons.

Production

Acergy Clinches $1.3B Contract for Clov

Thursday, July 29, 2010 - Acergy has been awarded a contract valued at approximately $1.3B at Total's Clov deepwater development, offshore Angola.

Oil Search Preps Running Logs at Yemen Well

Thursday, July 29, 2010 - AWE reported that the Jebel Al Milh-1 well was at a depth of 3,677 meters and was pulling out of hole.

Oil Flows from Carnarvon's Thai Well

Thursday, July 29, 2010 - Carnarvon reported that the L33-1 exploration well free flowed 35 degree API oil at an average rate of approximately 1,100 barrels of oil per day gross (660 BOPD net POE).

Subsea7 Selects BlueView for New AIV Acoustic Imaging Systems

Thursday, July 29, 2010 - Subsea 7 has chosen BlueView Technologies to provide an acoustic imaging system for its new line of AIVs.

Casey Slips 'Fracking' Rules into Energy Bill

Thursday, July 29, 2010 - A provision to require disclosure of all chemicals used in fracturing Marcellus Shale to extract natural gas could wind up as part of the scaled-down national energy bill the U.S. Senate might consider soon.

Entek Updates Green River Basin Ops

Thursday, July 29, 2010 - Entek provided the following update on the Company's Green River Basin operations.

Finance and Investing

ExxonMobil Profit Soars 85% in 2Q10

Thursday, July 29, 2010 - "ExxonMobil's focus on operational excellence continues to deliver strong results," said Rex Tillerson.

Shell 2Q Profit Up 34%, Nearly Doubles Earnings

Thursday, July 29, 2010 - "Shell's cost programs have delivered over $3.5B of annualized underlying savings," said Peter Voser.

BP In Talks to Sell Stakes in Venezuela Oil Projects

Thursday, July 29, 2010 - BP is in talks to sell its stakes in oil projects in Venezuela to its Russian joint venture TNK-BP part of a $30 billion asset disposal program designed to help it meet the costs of the Gulf of Mexico oil spill.

Statoil Sees 32% Increase in Second Quarter 2010

Thursday, July 29, 2010 - Statoil's second quarter 2010 net operating income was NOK 26.6 billion, compared to NOK 24.3 billion in the second quarter of 2009.

Noble Energy Finishes 'Strong' in 2Q10

Thursday, July 29, 2010 - "The second quarter was very strong for Noble Energy, as we experienced robust volumes and good cost control across the business," said Charles Davidson.

National Oilwell Touts $2.94B in 2Q Revenues

Thursday, July 29, 2010 - "Our Company achieved solid earnings this quarter, thanks to the hard work of our dedicated employees, who provide great service, quality products, and remarkable technology to the oil and gas industry worldwide, every day," said Pete Miller.

Hornbeck Offshore Reports Revenue Increase in 2Q

Thursday, July 29, 2010 - Second quarter 2010 revenues increased 14.3% to $111.9 million compared to $97.9 million for the second quarter of 2009 and increased 29.8% compared to $86.2 million for the first quarter of 2010.

Pride Swings to Loss in 2Q Due to Jackup Lag

Thursday, July 29, 2010 - Revenues totaled $350.3 million during the second quarter of 2010 compared to $362.8 million and $439.5 million during the first quarter of 2010 and second quarter of 2009, respectively.

Baron, Kodiak Terminate Term Sheet

Thursday, July 29, 2010 - Baron announced that it and Kodiak Capital have mutually agreed to terminate the non-binding term sheet to furnish a $10 million equity line.

Company Operations

Shell Appoints New Non-Executive Director

Thursday, July 29, 2010 - Shell announced the appointment of Guy Elliott, Chief Financial Officer of Rio Tinto since 2002, as non executive director.

H&P to Build, Operate 9 Additional Rigs; Posts 2Q Results

Thursday, July 29, 2010 - Helmerich & Payne has signed contracts to build and operate nine additional FlexRigs.

Seafox Group, Keppel FELS Enter JV in Singapore

Thursday, July 29, 2010 - Seafox Group has officially entered into a joint-venture and construction agreement with Keppel FELS in Singapore for the Seafox 5.

SMD to Supply Quasar ROVs to Kreuz Subsea

Thursday, July 29, 2010 - SMD announced a contract award from Kreuz Subsea of Singapore for the supply of two Quasar workclass ROV systems both rated to 2,000m water depth.

CAMAC Waves Goodbye to CEO

Thursday, July 29, 2010 - CAMAC announced Frank C. Ingriselli will retire from his position as Chief Executive Officer, President and member of the Board of Directors, effective August 1, 2010.

Northern Offshore Notes Resignations of Senior VPs

Thursday, July 29, 2010 - Northern Offshore announced that the Company's Senior Vice President Marketing and Senior Vice President Operations have resigned from the Company effective in early September 2010.

Expro Creates Sonar Metering Centre of Excellence

Thursday, July 29, 2010 - Expro has created a Centre of Excellence in Aberdeen, providing specialist training to employees on its innovative sonar metering systems.

TAMM O&G Welcomes New CEO

Thursday, July 29, 2010 - TAMM O&G announced the appointment of Mr. Donald W. Hryhor as the new President and CEO effective immediately.