Exxon profit up, tops Street on taxes and output

Exxon Mobil Corp reported a better-than-expected 53 percent increase in quarterly profit, helped by a lower tax rate and a surge in natural gas production in the United States and Qatar. Oil demand rose last year and the U.S. government expects another 1.5 percent gain this year as businesses’ and consumers’ appetite for fuels like diesel... 

Massey disputes U.S. allegation on deadly coal mine blast

Massey Energy Co said federal investigators’ claims that excessive coal dust at its West Virginia mine last year fueled the deadliest U.S. mine explosion in 40 years were based on faulty data. Instead, the explosion that killed 28 miners last April spread the coal dust at the mine, Massey general counsel Shane Harvey told reporters on a conference... 

Chevron profit climbs, but reserves data weigh

Chevron Corp’s 72 percent rise in quarterly profit easily beat Wall Street forecasts, but anemic growth in its oil reserves disappointed investors and its shares fell 1.5 percent. Like smaller rivals ConocoPhillips and Occidental Petroleum Corp, earnings at the second-largest U.S. oil company were lifted by the strength of oil prices. But Chevron... 

Gulf Shores Acquires Bakken Acreage

Gulf Shores Resources Ltd. has entered into an arms length agreement with Crown Point Ventures Ltd. (Crown Point) whereby the Company will purchase Crown Point’s 47.5% interest in 2,328 acres of Petroleum & Natural Gas rights in the Wapella area of South-East Saskatchewan for a purchase price of CDN$280,000. The acreage is prospective for... 

Alpha close to $7 billion Massey deal: sources

Alpha Natural Resources is close to a $7 billion deal to buy Massey Energy Co, which was rocked by a deadly coal mining accident last year, sources familiar with the matter said on Friday. One of the sources said Massey shareholders will receive slightly more than one Alpha share for each Massey share in addition to $10 per share in cash, for a value... 

Kirby Corporation Announces 2010 Fourth Quarter and Year Results

Kirby Corporation today announced net earnings attributable to Kirby for the fourth quarter ended December 31, 2010 of $31.6 million, or $.59 per share, compared with $29.2 million, or $.54 per share, for the 2009 fourth quarter. The 2009 fourth quarter results included a $4.8 million before taxes, or $.05 per share, charge for shore staff reductions,... 

Global Oil and Gas Upstream M&A 2010 Review

Record $211 billion in deals announced in 2010; Study sees another strong year in 2011 with more than $90 billion of properties on the market. PLS Inc., with international partner Derrick Petroleum Services and further analysis from Rystad Energy, reports global upstream oil and gas M&A activity for 2010 reached a record $211 billion. That volume... 

Penn Virginia Resource Partners, L.P. Declares Quarterly Distribution and Completes Acquisition of Coal Reserves

Penn Virginia Resource Partners, L.P. today declared a quarterly cash distribution of $0.47 per unit. The distribution, which equates to $1.88 per unit on an annualized basis, remains unchanged from the distribution paid with respect to the prior quarter. The quarterly distribution covers the period October 1 through December 31, 2010, and is payable... 

Receipt of Notice of Cancellation of Mietkauf Contracts

The Board of Directors of PVG GP, LLC, the general partner of Penn Virginia GP Holdings, L.P. today declared a quarterly cash distribution of $0.39 per unit. This distribution, which equates to $1.56 per unit on an annualized basis, remains unchanged from the distribution paid with respect to the prior quarter. The quarterly distribution covers the... 

Range’s Proved Reserves Increase 42%

RANGE RESOURCES CORPORATION announced today that its proved reserves as of December 31, 2010 increased 42% to 4.4 Tcfe. From all sources, Range replaced 931% of production in 2010 with 840% reserve replacement occurring through the drill bit and positive performance revisions. Finding and development costs from all sources, including acquisitions,...