Houston Wire & Cable Company Reports Results for the Fourth Quarter and Year Ended December 31, 2010

Houston Wire & Cable Company announced operating results for the fourth quarter and fiscal year ended December 31, 2010. Selected highlights for the quarter: * Record sales of $93.5 million * Gross margin up 110 basis points over the fourth quarter of 2009 * Revenues increased 47.3% over the fourth quarter of 2009 * Net income up 54.3% over fourth quarter of 2009 * Fully diluted earnings per share (EPS) were $0.16 * The... Read more..

U.S. issues second post-spill drill permit in Gulf

The government has given BHP Billiton the second new permit to drill in the Gulf of Mexico since the Macondo oil spill, the Bureau of Ocean Energy Management said Saturday. A BHP spokesman confirmed that the new permit has been issued for resumption of drilling of a production well at Shenzi. BOEMRE issued the first new permit since the lifting of a moratorium on drilling because of the 2010 spill to Noble Energy on February 28.  Read More →

Moody’s Confirms Nexen’s Investment Grade Credit Rating

Earlier today, Moody’s Investors Service announced the completion of their credit review and confirmed Nexen’s Baa3 rating with a negative outlook. We expect to retain this rating and remove the negative outlook by reducing our debt to levels commensurate with the rating by late this year or early 2012, and retaining sufficient cash to fund normal operating requirements. Meeting Moody’s leverage metrics can be achieved by a debt... Read more..

Callon Petroleum Company Announces Fourth Quarter, Full Year 2010 Reporting Date and Conference Call

Callon Petroleum Company today announced its fourth quarter and full year 2010 results of operations will be released on Monday afternoon, March 14, 2011. A conference call discussing the results and current activity is scheduled for 10 a.m. Central Daylight Time Tuesday, March 15, 2011. The conference call may be accessed live over the internet through the Events & Presentations Section of the company’s website at www.callon.com, and will be... Read more..

BP workers could have prevented rig accident: commission

BP had workers on the doomed Deepwater Horizon rig who could have prevented the missteps that led to the massive Gulf of Mexico oil spill, but they were not consulted, the White House oil spill commission said on Thursday. In an expanded report on the causes of the BP drilling disaster that killed 11 workers and ravaged the U.S. Gulf coast last summer, the commission released new details about the events that preceded the BP accident. The commission’s... Read more..

Former BP CEO in talks over Glencore role: report

Tony Hayward, the former head of BP who was reviled in the United States for his handling of the Gulf of Mexico oil spill, is in talks to join the board of commodities group Glencore, the Sunday Times reported. Hayward stepped down from the BP role in September after provoking outrage in the United States with a series of gaffes following the country’s worst-ever oil spill, which began with a deepsea rig explosion that killed 11 workers. Glencore... Read more..

Parker Drilling Schedules Fourth Quarter 2010 Earnings Release and Conference Call

Parker Drilling announced today it intends to report its financial results for the Fourth Quarter 2010 on Wednesday, Feb. 23. The Company expects to issue its earnings report that morning and will follow with a conference call at 10:00 a.m. CST (11:00 a.m. EST). Those interested in listening to the call by telephone may do so by dialing (480) 629-9722. Alternatively, the call can be accessed through the Investor Relations section of the Company’s... Read more..

BP’s U.S. spill experience a plus: Russian Minister

A Russian minister said BP’s experience in cleaning up the catastrophic Gulf of Mexico oil spill was one of the reasons Russia chose the British oil firm to help develop its fragile Arctic shelf oil fields. BP and Russia’s state-controlled Rosneft on Friday agreed to a multi-billion-dollar share swap, under which they will jointly explore for offshore oil in a deal that gives BP access to areas of the Arctic previously reserved for Russian... Read more..

Spill panel calls for offshore drilling reform

Blaming the massive BP oil spill on government and industry complacency, a White House panel on Tuesday called for a dramatic overhaul of the way the U.S. regulates offshore drilling. The White House oil spill commission, in its final report of the BP drilling disaster, said the U.S. government needs to expand its drilling regulations, as well as set up an independent drilling safety agency. But the report was immediately criticized by the main industry... Read more..

Archer Petroleum Plugs and Abandons Radway Prospect Well

Archer Petroleum Corp has been advised by South Bay Resources (the Operator) that they will be plugging and abandoning the SBRES WEASEL 2-17-58-20 well on the Radway Prospect in Alberta, Canada. As announced earlier Archer participated in the drilling of the SBRES WEASEL 2-17-58-20 well which “encountered approximately seven metres of apparent pay” in the well bore. The Operator determined that the well logs bore similar characteristics... Read more..