July 26, 2012 |
Exxon Mobil Corp.andOccidental Petroleum Corp.said second-quarter earnings took a hit from lower oil and natural gas prices, a pattern that analysts expect to be repeated throughout the energy industry. But in an economy that is struggling to gain momentum, the oil business is still posting numbers that many others would love to have. Exxon Mobil, in fact, reported record profits, but it needed the help of asset sales to do it. Analysts said the stage for this week's earnings reports was set when oil declined nearly 9% and natural gas plunged 46% during the quarter compared with year-earlier prices.
June 15, 2012
Ratings gold for 'Dallas' TNT's reboot of the "Dallas" has struck oil. Its Wednesday premiere drew 6.8 million viewers, making it the No. 1 scripted series premiere on all of cable so far this year. The rebirth of the classic CBS series, which stars veterans Larry Hagman and Linda Gray reprising their roles as JR and Sue Ellen Ewing, even outdid the broadcast networks during its 9-11 p.m. showing. But considering the numbers the soap generated during its original run, its Wednesday showing was extremely undersized.
March 11, 2012
Japan tourism: An article in the March 8 Business section about the rebound of Japan's tourism industry said that Japan's Tourism Agency sought to boost tourism by giving away free airfare to 10,000 visitors to the country. In fact, Japan's government has rejected funding the free airfare and the promotion has been scrapped. Arctic drilling: An article in the March 4 Section A about oil exploration off the Alaska coast said that Shell's drilling program would eventually add 500,000 gallons a day of oil to the Trans-Alaska pipeline.
January 25, 2012 |
Occidental Petroleum Corp. kicked off the oil industry's fourth-quarter earnings results Wednesday. It announced a net profit increase of 35% to $1.63 billion compared to the same quarter a year ago as the company rode the crest of a high oil-price wave and record U.S. crude production levels. Westwood-based Occidental is the nation's fourth largest oil exploration and production company. It has a reputation among analysts as being one of the industry's best managed firms. In 2011, Occidental and the rest of the oil industry enjoyed the highest average oil prices ever, but analysts said the company is built to maximize earnings even when oil prices are low. "In our view," said Phil Weiss, an oil industry analyst with Argus Research, "Occidental's low cost structure and use of enhanced oil-recovery techniques to increase production and build reserves will enable it to maintain strong cash flow and profitability in almost any price environment.
CALIFORNIA | LOCAL
January 9, 2012 |
It almost seemed as though oil drilling rigs were ready to tap into Los Angeles' first petroleum field again. But the workers setting up a pair of derricks south of Echo Park last week were plugging some of the city's oldest wells — not drilling new ones. The sealing of the long-abandoned wells by Allenco Energy to make way for a 45-unit affordable housing project marks the end of an era for the Los Angeles City Oil Field, which sparked Southern California's oil boom 120 years ago. The city's first commercially successful oil well was drilled about 350 feet away, at the corner of Glendale Boulevard and Rockwood Street.
September 10, 2011
Thursday's night's Green Bay Packers victory over the New Orleans Saints delivered reliably huge ratings for NBC but fell just shy of last year's NFL season kickoff. Nielsen reported Friday that the game averaged 27.2 million viewers, compared with the record 27.5 million who tuned in for last year's opener between the Saints and the Minnesota Vikings. Besides being the second-most-watched "NFL Kickoff" ever, NBC said Thursday's down-to-the-wire contest was the second-most-watched regular-season prime-time game ever on the network.