Oliver Valves Seals Supply Deal with Brazilian Co

- Oliver Valves Seals Supply Deal with Brazilian Co

Friday, August 26, 2011
Oliver Valves

Oliver Valves has secured a £7.2m deal to supply two projects for Brazil's leading oil and gas firm.

The deal, which is the biggest single contract in the firm's 30-year history, is for delivery of 391 valves, ranging in size from 2" to 12" in diameter.

Delivery of the first units has already begun and all installations are scheduled to be completed by September 2012.

The valves will be used on two Floating Production, Storage and Offloading (FPSO) vessels operating of the coast of Rio de Janeiro.

David Cornwell, managing director of Oliver Valves, said, "This is a landmark contract for the business as it is not only the biggest we have ever secured but it also represents a major success in an international market that is relatively new to us.

"Just five years ago, Brazil was hardly even on our radar in terms of sales, but this year it will generate more revenue for the business than any other territory.

"We secured this project on the basis of our technical ability, rather than by beating our competitors commercially.

"We undertook nine months of specification work before securing the project and we committed the time up front to ensure we would be delivering the best possible solution.

"This approach has clearly paid off and this demonstrates that it is possible for British manufacturers to compete internationally by outperforming others in terms of quality, if not always on price."

The win follows a series of other international contract wins in 2011 including a £1 million order to supply subsea valves for a project in the Gulf of Mexico, a separate £800,000 order from a major Brazilian oil company, and Oliver Valves' first subsea contract in Chinese waters – worth £400,000.

David Cornwell said, "We have achieved a lot of success in securing new orders in the past six months, and delivering these projects will mean increasing the capacity of the business through significant recruitment."

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Range Resources CEO: Balance Sheet Strongest in Co History

- Range Resources CEO: Balance Sheet Strongest in Co History

Tuesday, July 26, 2011
Dow Jones Newswires
HOUSTON
by Ryan Dezember

Range Resources Chief Executive John Pinkerton said Tuesday that the natural gas explorer's balance sheet, fattened by the recent sale of its Barnett Shale assets, is in the best shape it has ever been in.

Range in May sold some 52,000 acres in the Barnett Shale formation near its headquarters in Fort Worth, Texas, to a private buyer for $900 million. Proceeds went toward paying off debt and accelerating drilling in Pennsylvania's prolific Marcellus Shale formation, which accounts for most of Range's production and spending.

"The Barnett sale was hugely important for our company," Pinkerton told investors during a conference call to discuss Range's second-quarter results. "The proceeds generated by the sale are the catalyst for Range becoming internally funded by the end of 2013," so long as natural gas prices don't collapse.

Range ended the second quarter with $290 million cash on hand, no bank debt and no bond maturities until 2017, Pinkerton said.

Range Resources posted second-quarter net profit of $51.3 million, or 32 cents a share, up from $9.1 million, or 6 cents a share, a year earlier. Excluding items, earnings were 27 cents, up from 9 cents. Revenue jumped 60% to $306.6 million on higher oil and gas sales.

Analysts polled by Thomson Reuters expected a profit of 19 cents on revenue of $262 million.

Shares recently traded 2.1% higher at $65.14.

The Barnett Shale accounted for about 20% of Range's output, but accelerated drilling, primarily in the Marcellus, replaced half of the lost Texas production in the second quarter, Pinkerton said. The remaining half should be replaced this quarter, he said.

Range anticipates third-quarter production rising about 3% year-over-year to the equivalent of 515 million to 520 million cubic feet per day, Pinkerton said. Fourth-quarter growth is expected to rise about 13% to between 606/MMcfe and 611/MMcfe per day.

In 2012, Range expects production to grow 25% to 30%, Pinkerton said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Marathon Completes Spin-Off, Launches New Co.

- Marathon Completes Spin-Off, Launches New Co.

Friday, July 01, 2011
Marathon Oil Corp.

Marathon Oil has completed the spin-off of Marathon Petroleum Corporation, making Marathon Oil an independent upstream company.

Marathon Oil has a strong and geographically diverse portfolio of assets leveraged to crude oil production. The Company will continue to be based in Houston.

"This is an exciting day and a major milestone in the nearly 125-year history of Marathon Oil Corporation," said Clarence P. Cazalot Jr., Marathon Oil's chairman, president and CEO. "As an independent upstream company, we have the capacity to perform at a higher level by focusing on strategic priorities while providing greater transparency for investors. Operationally, we're poised to capitalize on a broad base of opportunities by exhibiting the speed, agility and flexibility of an independent and retaining our proven ability to accomplish large and technologically challenging projects. What isn't going to change is our focus on long-held core values of health and safety, environmental stewardship, honesty and integrity, corporate citizenship and a high performance team culture. Together, these attributes create the foundation for a strong, competitive Company with a goal of continuing to deliver long-term value growth for our shareholders."

With this change and effective July 1, Cazalot becomes chairman of the board of Marathon Oil Corporation in addition to his responsibilities as president and CEO. Additionally, David E. Roberts Jr. takes on the newly established role of executive vice president and chief operating officer. Janet F. Clark will continue in her role as executive vice president and chief financial officer.

* Shares of Marathon Oil Corp. (NYSE:MRO) are down 38% on news that Marathon Petroleum was spun off from the company.

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Dejour Discovers Hydrocarbons at Co. Well

- Dejour Discovers Hydrocarbons at Co. Well

Tuesday, June 21, 2011
Dejour Enterprises Ltd.

Dejour has drilled and set casing on an initial vertical well to test the Mancos/Niobrara potential on its South Rangely leasehold in Rio Blanco County, Colorado.

The test well was drilled to a depth of 3863' and encountered approximately 90 feet of hydrocarbon bearing siltstone in the Lower Mancos "C" sands. After a thorough review of the well data the well will be completed, fractured and flow tested to determine the commercial potential of the Lower Mancos "C" Sand in this area. Definitive results of this test well will be forthcoming in Q3 2011.

Dejour has a 30% WI in the test well and an average 56% WI in the surrounding 8000 acres.

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Cimarex Energy Reports Mixed Q1, EPS Misses By $0.21, Revenue Beats

Cimarex Energy Reports Mixed Q1, EPS Misses By $0.21, Revenue Beats



May 6, 2011

Cimarex Energy Co. (NYSE:XEC) reported Q1 EPS of $1.37 today, missing the consensus estimate for $1.58 per share. Revenues for the quarter were down 5% year-over-year to $426.60 million, beating the consensus estimate for $413.69 million.

F.H. Merelli, Chairman, President and Chief Executive Officer said, "We remain focused on profitable growth and maximizing our return on investment. We have a large inventory of drilling opportunities and limited lease expirations."

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