Fortune Magazine releases the Fortune 500 list with Wal-Mart Taking the Top Spot

Fortune Magazine releases the Fortune 500 list with Wal-Mart Taking the Top Spot



May 5, 2011

This morning, the year's Fortune 500 list was released by Fortune magazine. The list is compiled by the publication based on revenues of the previous year.

On top was Wal-Mart again for the second year in a row, with revenues over $421 million dollars. The retail giant has topped the list eight times in the last decade, and has stayed in the top ten since 1995. It beat out Exxon Mobil, the oil giant that held the top spot two years prior.

Coming in at number 3 and 4 are energy companies Chevron and ConocoPhillips, respectively. Both had a great year in profitability, with both companies making over 80% more than in 2009.

Fannie Mae came in at number 5, up from number 81 the previous year, mostly due to the new accounting rules the company put in place. Right behind it is General Electric even after the reactor problems the company had during the nuclear crisis in Japan. Their spot is due to the possibility of a $53 billion dollar plan for a high-speed rail project awaiting the approval of Congress.

And rounding out the top ten were Berkshire Hathaway, General Motors, Bank of America Corp., and Ford Motor.

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Sterling Drills First Side-track in Cladhan Campaign

Sterling Drills First Side-track in Cladhan Campaign

Thursday, May 05, 2011
Sterling Resources Ltd.

Sterling Resources Ltd. on Thursday announced the completion of drilling of the 210/30a-4Z well on Block 210/30a in the United Kingdom North Sea. This is the second well (first side-track) drilled in the current four well campaign to appraise further the extent of the Cladhan reservoir.

The 210/30a-4Z well was drilled at a location 1.6 kilometers east and a further 1240 feet downdip of the most recent 210/30a-4 well, utilizing the Transocean Prospect rig from a centrally positioned location. The objectives of the 210/30a-4Z sidetrack well were to appraise the field further east of previous well control and prove sand and oil presence in a fan system considerably deeper than previous wells which have been drilled into channel systems on a terrace structure.

The 210/30a-4Z well was drilled to a total measured depth (MD) of 15,900 feet having encountered two separate Upper Jurassic reservoir zones of 12 and 169 feet (vertical thickness) with oil shows through both intervals. No oil-water contact was encountered. Petrophysical analysis of the open-hole logs showed porosities up to 13.5% but with a high degree of dolomitic cement. Pressure measurements were attempted but not obtained.

"We have been able to prove-up a large depositional feature as prognosed from our seismic interpretation and with hydrocarbons quite deep in the structure," remarked John Rapach, Sterling's Chief Operating Officer. "Our challenge will be to understand the variation in reservoir quality in the eastern area of the field. We are only half way through our current campaign of drilling; the next well will target the central channel and the final well will be drilled to the southern portion of northern channel. These wells are planned into areas with similar seismic characteristics that have already encountered movable hydrocarbons. Success with these wells will build on our resource base inventory and provide further information for our ongoing development planning," added Mr. Rapach.

"While we would have preferred to see better quality sands in what appears to be a large package of oil filled reservoir, this is the first well into a deeper portion of the field and we have to remember that we are still exploring in an area with little well control," stated Mike Azancot, Sterling's President and CEO. "As is usually the case in the early phase of field appraisal, a number of wells are required to delineate the field. The partnership is planning reprocessing of current seismic data along with possible further seismic acquisition, which should improve understanding of reservoir quality variation. We still see much promise in this eastern fan area and we will be updating the geological model potentially to unlock significant prospectivity. Given that the first two wells of the current campaign have still not encountered an oil-water contact, the uncertainty of the prospective oil in place at least in the terrace area has been significantly reduced and should be further refined by the next two wells," added Mr. Azancot.

On completion of this appraisal campaign and following analysis of all data obtained, the partnership intends to commission an updated independent resource evaluation.

Sterling holds a 39.9% interest in license P1064 which contains Cladhan, and is the operator. The partners are Wintershall (UK North Sea) Ltd 33.5 percent, Encore Petroleum Ltd 16.6 percent and Dyas UK Ltd 10.0 percent.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary, Alberta with assets in the United Kingdom, Romania, France and the Netherlands.

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Natural Gas Producers, Distributors to Promote NGVs, Infrastructure

Natural Gas Producers, Distributors to Promote NGVs, Infrastructure

Thursday, May 05, 2011
America's Natural Gas Alliance; American Gas Assoc

America's Natural Gas Alliance (ANGA) and the American Gas Association (AGA) are working collaboratively to advance the development and utilization of natural gas vehicles and fueling infrastructure in the North American marketplace.

More than 50 producers and distributors of natural gas will work together to enhance domestic energy security and advance clean air by promoting the development of natural gas vehicles and infrastructure.

"Advancing our country's energy independence is vital and we are pleased to work directly with AGA to develop and promote policies that will make an American natural gas transportation network a reality," said ANGA President and CEO Regina Hopper. "This will make it easier for businesses and consumers to embrace this clean, affordable and domestic transportation choice."

The ANGA-AGA joint initiative will encourage stakeholder dialogue to advance greater use of North American natural gas for transportation. Specifically, the collective effort will focus on infrastructure development, greater fleet usage, vehicle production, and marketing and education for natural gas transportation.

"Natural gas producers and distributors recognize that the private sector must play a leading role," said Kathryn Clay, Executive Director of the joint effort. "This joint work will continue important efforts to help manufacturers meet demands for vehicles that run on natural gas, and ensure that the infrastructure is in place to fill them up. Our message is simple from well to fuel dispenser, we will work to expand the use of these vehicles."

"Kathryn's deep roots in the automotive industry will be a great asset to the natural gas industry as it seeks to expand the role natural gas will play in our nation's transportation sector," said AGA President and CEO Dave McCurdy. "As an engineer and scientist, she understands the important role natural gas will play in enhancing national and energy security, improving air quality, and providing North America with a more affordable and secure transportation fuel."

America's Natural Gas Alliance (ANGA) represents 30 of the nation's leading independent natural gas exploration and production companies.

The American Gas Association, founded in 1918, represents 199 local energy companies that deliver clean natural gas throughout the United States. There are more than 70 million residential, commercial and industrial natural gas customers in the U.S., of which 91 percent — more than 64 million customers —receive their gas from AGA members. Today, natural gas meets almost one-fourth of the United States' energy needs.

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Lufkin Names Cestero VP, General Counsel

Lufkin Names Cestero VP, General Counsel

Thursday, May 05, 2011
Lufkin Industries, Inc.

Lufkin Industries, Inc. on Thursday announced that Alejandro "Alex" Cestero has been named Vice President and General Counsel for the Company, effective May 9, 2011. The Company's current General Counsel, Paul Perez, will stay on as Lufkin's Corporate Secretary until his planned retirement later this year.

"I'm very pleased to welcome Alex to the Lufkin management team," said John F. "Jay" Glick, President and Chief Executive Officer. "In addition to his professional background as a General Counsel, Alex also has extensive international finance and operations experience within the oil and gas industry.

"Paul Perez has been a valuable member of the Lufkin team for nearly two decades. I am grateful for his contributions to the Company, and his assistance during the transition will ensure a smooth handover of responsibilities."

Mr. Cestero most recently served as Senior Vice President, General Counsel, Chief Compliance Officer and Secretary for Seahawk Drilling, Inc., a publicly traded offshore oil and gas drilling company. Seahawk Drilling was spun off from Pride International in 2009, where Cestero served in various positions within the general counsel's office since 2002. Prior to Pride International, he was an attorney with Bracewell & Giuliani, L.L.P. and Vinson & Elkins, L.L.P. Cestero has a J.D. from Stanford University and an M.B.A. and B.A. from Rice University.

Lufkin Industries, Inc. sells and services oilfield pumping units, foundry castings and power transmission products throughout the world. The Company has vertically integrated all vital technologies required to design, manufacture and market its products.

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