Eni Commits to Additional Exploration, Development in Egypt

- Eni Commits to Additional Exploration, Development in Egypt

Tuesday, June 07, 2011
Eni S.p.A.

The Egyptian Minister of Petroleum Abdallah Ghorab and Eni COO Claudio Descalzi met in Cairo to support the renewed commitment of Eni towards exploration and development activities in Egypt, highlighting the importance of such commitment for both Egpc and Eni.

The additional activities will take place in the Western Desert, in the Mediterranean and in the Sinai, and will cover both development, through the drilling of additional wells and the acceleration of production from new discoveries, and exploration, by drilling 12 exploratory wells.

With these activities Eni's investments in Egypt for the current and subsequent years will amount to approximately US $3 billion. Eni will also sponsor a training plan for national staff working in the Petrobel and Agiba joint ventures with Egpc, with a commitment of US $4.5 million. Furthermore, in accordance with the Ministry of Petroleum, Eni will support the Sinai community with social activities.

Eni is the first international operator in Egypt with total operated production of round 500 thousand boe/day.

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Blake Receives Contract in the Gulf of Mexico

- Blake Receives Contract in the Gulf of Mexico

Tuesday, June 07, 2011
Blake International USA Rigs

Blake International recently received a three-well contract for the rig Blake 1006, a 1000 horsepower self-erecting platform rig. W&T Offshore, Inc. is scheduled to commence mobilization to South Timbalier 316 in mid-July 2011. The rig is being made ready at Blake International's 44-acre yard and fabrication facility in Houma, Louisiana.

Blake International USA Rigs is a privately-held offshore drilling contractor with a fleet of nine platform rigs that work in both the Mexican and U.S. waters of the Gulf of Mexico.

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General Motors' CEO Rallying for Higher Gas Taxes

- General Motors' CEO Rallying for Higher Gas Taxes



Jun 7, 2011

General Motors (NYSE:GM) CEO Dan Akerson recently spoke about the need for the federal government to boost the gast tax by as much as $1 per gallon in order to push consumers toward more fuel efficient vehicles. Akerson also believes the government will get rid of its remaining 26% stake in the company in the next six to 12 months.

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Navistar Reports Mixed Q2, Tightened Guidance Shows Upside vs. Estimates

- Navistar Reports Mixed Q2, Tightened Guidance Shows Upside vs. Estimates



Jun 7, 2011

Navistar International Corporation (NYSE:NAV) reported Q2 EPS of $1.02 today, falling short of the consensus estimate for $1.17 per share. Revenues for the quarter grew 22.3% year-over-year to $3.35 billion, above the consensus estimate for $3.30 billion.

Daniel C. Ustian, Navistar chairman, president and chief executive officer said, "The second quarter results represent good earnings and strong cash flow from operations while building to deliver to our 2011 and beyond objectives. We continue to see increasing customer acceptance of all our engine and vehicle families, confirming we have the right strategy in place and that we will deliver full year results toward the higher side of our previous guidance."

For the full year, the company tightened its guidance, and now sees 2011 EPS of $5.50 to $6.00, vs. the consensus estimate for $5.46 per share.

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