ConcocoPhillips Corporation (NYSE:COP) confirmed today its week-ago operations update that the company would take a $34 billion non-cash impairment charge in the fourth quarter of 2008. Adjusted earnings, after the charge, were $1.9 billion…
After the market closed yesterday, Chesapeake Energy Corporation (NYSE:CHK) announced that it would take a $1.8 billion non-cash, after-tax impairment charge, nearly all of which is allocated to the company’s oil and gas properties.…
Valero Energy Corporation reported earnings this morning, and it’s not pretty. The company had a net loss of $3.3 billion, or EPS of -$6.36. The loss includes an impairment charge against goodwill of $4.1…
Chesapeake Energy (NYSE: CHK) is trading marginally higher today on market chatter that BP plc (NYSE: BP) wants to acquire the company. We first noticed this in the trading for options volume in our…
The earnings reports from oil field services companies Halliburton Company (NYSE:HAL) and Weatherford International Inc. (NYSE:WFT) surprised investors on the upside this morning. Given the bad news out of Schlumberger Limited (NYSE:SLB) last week,…
Kinder Morgan Energy Partners L.P. (NYSE:KMP) reported earnings yesterday, and handily missed analysts expectations of $3.4 billion in revenue and earnings per limited partner unit of $0.53. Revenue for the fourth quarter totaled nearly…
Schlumberger Limited (NYSE:SLB) reported a clear miss on quarterly and annual revenue and EPS estimates, but shares rose more than 6%. On top of that, the company expects 2009 to be weak, with drops…
Last night, we covered a filing frin Energy Transfer Partners, L.P. (NYSE: ETP) to sell some 5 million units to raise cash. The deal not only priced this morning, but the company sold 6…
South African coal gasification company Sasol Limited (NYSE:SSL) forecast "robust growth" for its 2009 fiscal year which began in July. Yesterday, the company revised that forecast. It now expects "a moderate reduction" in its…
McMoran Exploration Company (NYSE:MMR) reported full-year 2008 and fourth quarter results yesterday, and it definitely wasn’t pretty. The company’s full-year EPS was -$3.79, and for the fourth quarter the EPS loss totaled -$4.39.
We have all heard over and over and how many ships were essentially being used as temporary floating storage terminals for oil. But now there is at least some quantifiable data on just how…
Energy Transfer Partners, L.P. (NYSE:ETP) is raising cash. The company is offering 5,000,000 common units that represent limited partner interests rather than common shares. The net proceeds from this sale will be used…
There is a lot of speculation on how clean energy and alternative energy programs are going to get off the ground under the new administration and under the current economic environment. Today’s Environmental Capital…
Yesterday’s New York Times carried a story about the commercial building boom in Calgary, Alberta. About 75% of Calgary’s office space is occupied by companies involved in extracting fossil fuels, and much of that…
A Houston-based company called Stallion Oilfield Services, Inc. has withdrawn its plans for an initial public offering. While the company did not formally call its reason as being "market conditions," it does not take…