Occidental Petroleum Announces First Quarter of 2012 Income

* Q1 2012 net income of $1.6 billion ($1.92 per diluted share)

* Q1 2012 total daily oil and gas production of 755,000 barrels of oil equivalent, the highest in Occidental’s history

* Q1 2012 domestic daily oil and gas production of 455,000 barrels of oil equivalent, record for the 6th consecutive quarter.

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Occidental Petroleum Corp. (NYSE:OXY) announced net income of $1.6 billion ($1.92 per diluted share) for the first quarter of 2012, compared with the first quarter of 2011 net income of $1.5 billion ($1.90 per diluted share).

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “For the quarter, we generated strong results with diluted EPS of $1.92 per share, cash flow from operations of $2.8 billion and annualized ROE of 16 percent. We increased our annual dividend rate by $0.32 per share, or 17 percent, to $2.16 per share.

“Our first quarter total company production of 755,000 barrels of oil equivalent per day was the highest in Occidental’s history and our domestic production of 455,000 barrels of oil equivalent per day was a record for the sixth consecutive quarter. We are the largest liquids producer in the lower 48 states and we increased our domestic liquids production by 6,000 barrels per day from the fourth quarter of 2011 and 35,000 barrels a day, or 12 percent, from the first quarter of 2011.”

Read the entire earnings report at oxy.com

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Chevron Reports Strong Earnings, Increases Dividend

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Chevron Corporation (NYSE: CVX) today reported earnings of $6.5 billion ($3.27 per share – diluted) for the first quarter 2012, compared with $6.2 billion ($3.09 per share – diluted) in the 2011 first quarter.

• Portfolio produces strong earnings and cash flows
• Key development projects on track to deliver longer-term volume growth
• Dividend increase raises yield to 3.4 percent

Sales and other operating revenues in the first quarter 2012 were $59 billion, compared to $58 billion in the year ago period.

Earnings Summary

                                                   Three Months

                                                   Ended March 31

Millions of dollars                                                                2012                 2011
Earnings by Business Segment
Upstream                                                                          $6,171              $5,977
Downstream                                                                         804                   622
All Other                                                                             (504)                 (388)

Total (1)(2)                                                                        $6,471              $6,211
(1) Includes foreign currency effects                                                            $(228)                     $(164)
(2) Net income attributable to Chevron Corporation (See the entire report)

“In the first quarter, we continued to post strong earnings and healthy cash flows,” said Chairman and CEO John Watson. “This has enabled us to both reward our shareholders with a substantial dividend increase, our third in just over a year, and to reinvest in profitable growth projects to help meet rising global energy demand. Our key development projects remain on track to deliver compelling volume growth over the next five years.” Watson continued, “New production is coming on as planned, and we continue to see strong customer interest in our Australia LNG projects that underpin our future growth.”

Read the entire report at Chevron.Com

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Gold Bears Still Have the Advantage Despite a Bullish Spike on Thursday

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June crude oil closed up $0.46 a barrel at $104.57 today. Prices closed nearer the session high again today. Bulls and bears are on a level near term technical playing field, but the bulls are having a good week.

June natural gas closed down 4.0 cents at $2.13 today. Prices closed near the session low but did hit a fresh three week high early on today. The bears still have the overall near term technical advantage. There are still no early clues to suggest a market low is close at hand.

June gold futures closed up $18.00 an ounce at $1,660.40 today. Prices closed nearer the session high today and hit a fresh two week high. Short covering and bargain hunting were featured today. The key “outside markets” were in a mildly bullish posture for gold today as the U.S. dollar index was weaker and crude oil prices were firmer.

Gold bears have the slight overall near term technical advantage. Prices still are in a two month old downtrend on the daily bar chart.

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PetroChina Blows Out Earnings Estimates

PetroChina Company Limited (NYSE:PTR) achieved stable and smooth production and operations in the first quarter of 2012 as it enhanced its management to cope with the complex and changing domestic and overseas environment. PetroChina successfully fulfilled its key operational indexes, made steady progress in the construction of key projects, engaged in the stable expansion of its overseas business, and continued to improve its safety and environmental protection. Through these efforts, PetroChina’s operational performance progressed steadily, thereby, getting off to a good start for the year.

In the first quarter of 2012, according to both the International Financial Reporting Standards and the Chinese Accounting Standards, net profit attributable to the owners of the Company was RMB39.153 billion, representing an increase of 5.8% as compared with the same period last year, and the basic earnings per share was RMB0.21.

In respect of its exploration and production operations, the Company gave top priority to exploration and continued to implement the “Peak Growth in Oil and Gas Reserves” Program. By drawing on the favorable opportunity posed by the increase in global oil prices, the Company actively organized production and operations. Crude oil production increased steadily, while natural gas production grew rapidly. In the first quarter of 2012, the Company produced 227.0 million barrels of crude oil, representing an increase of 3.6% as compared with the same period last year, and 710.9 billion cubic feet of marketable natural gas, representing an increase of 11.2% as compared with the same period last year.

Read the entire report at PetroChina.Com

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ExxonMobil Disappoints, Misses on Earnings

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“First quarter results reflect our ongoing focus on developing and delivering energy needed to support job creation and economic growth. Despite continuing economic uncertainty, we are progressing our robust investment plans to meet the energy demands of the future.

“Capital and exploration expenditures were $8.8 billion as we continue with plans to invest about $37 billion per year over the next five years. “We continued to generate strong cash flow from operations and asset sales with $21.8 billion in the quarter.

“First quarter earnings of $9.5 billion were down 11% from the first quarter of 2011.
“Oil equivalent production was down over 5% from 2011. Excluding the impact of higher prices on entitlement volumes, OPEC quota effects and divestments, production was down 1%.
“The Corporation distributed more than $7 billion to shareholders in the first quarter through dividends and share purchases to reduce shares outstanding.”

FIRST QUARTER HIGHLIGHTS

Earnings of $9,450 million, which included gains from asset sales of about $400 million, decreased 11% or $1,200 million from the first quarter of 2011. Earnings per share (assuming dilution) were $2.00, a decrease of 7%. Capital and exploration expenditures were $8.8 billion, up 13% from the first quarter of 2011. Oil equivalent production decreased over 5% from the first quarter of 2011.

Excluding the impact of higher prices on entitlement volumes, OPEC quota effects and divestments, production was down 1%. Cash flow from operations and asset sales was $21.8 billion, including proceeds associated with asset sales of $2.5 billion. Share purchases to reduce shares outstanding were $5 billion. Dividends per share of $0.47 increased 7% compared to the first quarter of 2011.

ExxonMobil and Rosneft announced the signing of agreements to progress a long term Strategic Cooperation Agreement to jointly explore for and develop oil and natural gas in Russia, and to share technology and expertise. Additionally, Rosneft will take equity in exploration and development projects in the United States and Canada.

In Romania, ExxonMobil’s affiliate drilled a successful deepwater new play test on the Neptun block in the Black Sea with the Deepwater Champion drillship and has additional 3D seismic data acquisition planned to support future drilling opportunities on the block.

ExxonMobil participated in a successful exploration well offshore Tanzania which discovered approximately 5 trillion cubic feet of recoverable gas in a high quality reservoir. A second exploration well is planned to test another prospect on the block.

Get more details on year to year earnings at ExxonMobil.com

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Crude Oil Trades Near Highs of the Week as Fed Says it's Ready to Protect Growth

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Crude oil traded near the highest level in more than a week after Federal Reserve Chairman Ben S. Bernanke said that while further stimulus is unlikely, central banks “remain prepared to do more” to protect the economy.

Futures were little changed, paring an earlier gain after more Americans than forecast filed applications for unemployment benefits last week. Economic growth is expected to “remain moderate over coming quarters and then to pick up gradually,” the Federal Open Market Committee said in a statement. U.S. crude supplies gained more than estimated last week, and Iran’s envoy in Moscow said his country may halt the expansion of its atomic program to avert new Western sanctions.

“Bernanke will do something if things don’t get better,” said Hakan Kocayusufpasaoglu, chief investment officer at Archbridge Capital in Zug, Switzerland. “And when Bernanke says he’ll do whatever it takes to get the economic growth rate improving, that means the economic trajectory rises and oil demand increases over time. And his methods for doing something increase money supply, causing the dollar to depreciate and that lifts all commodities”

Read the entire Bloomberg article

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Ecopetrol Announces First Quarter 2012 Earnings Date, New Oil Discoveries

Ecopetrol of Columbia, which can be traded on the NYSE with ticker EC, will release on Monday, April 30th, 2012 after the markets close its results for the first quarter 2012.On Wednesday, May 2nd, Ecopetrol´s senior management will host two webcasts to review the results: Spanish Bogota 1:30 p.m.,New York / Toronto 2:30 p.m.and English Bogota 3:00 p.m.,4:00 p.m. New York / Toronto. We invite you to register for the webcast in English or in Spanish.


Ecopetrol announces the discovery of hydrocarbons in the Tisquirama Este-1 exploratory well, located in the municipality of San Martin, Cesar. In initial tests, the well produced 624 barrels of oil per day, with a water cut of less than 1% and API gravity of 23 degrees.


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Crude Oil Bulls and Bears Move into a Level Playing Field For Thusrday

June crude oil closed up $0.57 a barrel at $104.11 today. Prices closed nearer the session high today. Bulls and bears are on a level near term technical playing field amid choppy trading.

June natural gas closed up 12.5 cents at $2.188 today. Prices closed near the session high and hit a fresh two week high today. Short covering in a bear market was featured. The bears still have the overall near term technical advantage. There are still no early clues to suggest a market low is close at hand.

The June U.S. dollar index closed down 18 points at 79.14 today. Prices closed nearer the session low today and hit another fresh three week low. Bears have gained the slight near term technical advantage.

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National Oilwell Varco Announces First Quarter 2012 Earnings and Backlog

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National Oilwell Varco (NYSE: NOV) today reported that for its first quarter ended March 31, 2012 it earned net income of $606 million, or $1.42 per fully diluted share, compared to fourth quarter ended December 31, 2011 net income of $574 million, or $1.35 per fully diluted share. The first quarter 2012 results included transaction costs totaling $7 million pre-tax, and, excluding these, earnings were $612 million, or $1.44 per fully diluted share. Earnings per share improved 44 percent from the first quarter of 2011 and five percent from the fourth quarter of 2011, excluding transaction and devaluation charges from all periods.

Revenues for the first quarter of 2012 were $4.3 billion, an increase of one percent from the fourth quarter of 2011 and an increase of 37 percent from the first quarter of 2011. Operating profit for the quarter, excluding the transaction and devaluation charges, was $881 million, or 20.5 percent of sales. Sequentially, first quarter operating profit increased two percent, resulting in operating profit flow-through (change in operating profit divided by the change in revenue) of 48 percent, excluding transaction and devaluation charges. Year over year first quarter operating profit increased 40 percent, resulting in operating profit flow through of 22 percent, excluding transaction and devaluation charges.

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The First Movers in Eco Drilling .... Going "Dopeless"

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"Dope" is the accepted term for a strong adhesive commonly used to bind huge strings of casing and other tubular goods together in oil and natural gas operations, but Tenaris, a global manufacturer and supplier of steel pipe products and related services for energy and for other industrial applications, would like to see the entire petro world go "dopeless."

Tenaris is in the Environmentally Friendly Drilling (EFD) program, which is led by the Houston Advanced Research Center (HARC). The EFD project's objective is to identify, develop and test innovative technologies that reduce the environmental impact of O&G activities in sensitive areas, some of which have not yet been opened up for development. Tenaris' patented "dopeless" tubular connection technology ® is in HARC's portfolio of recommended products for the EFD initiative.

Read the entire Rigzone article.

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