Devon Energy (NYSE:DVN) beat Street estimates for the quarter, generating production and profits beyond projections.
Excluding the properties they sold, Devon increased production by four percent for the latest quarter, as it moves away from offshore to onshore fields as their strategy.
Earnings for the quarter reached $1.44 a share, up from the $1.29 analysts had been expecting, on $2.1 billion.
Much of the profit gain was from the sale of assets they had held in Azerbaijan. They are also in the middle of selling off assets held in Brazil, which combined with Azerbaijan assets should reach $10 billion in pre-tax revenue for the year.
Showing posts with label Azerbaijan. Show all posts
Showing posts with label Azerbaijan. Show all posts
Wednesday, November 3, 2010
Friday, October 22, 2010
BP’s (NYSE:BP) Azerbaijan Gas Venture Won't be Sanctioned by EU
Plans to sanction Iran for their ongoing pursuit of expanding their nuclear program, won't include the gas venture of BP (NYSE:BP) with Azerbaijan.
Why it's even an issue is the Iranian government has a stake in the project.
The unnamed source said the Shah Deniz gas field in Azerbaijan won't be sanctioned. An official announcement will reportedly be made on October 26.
Technology from Europe used in the project won't be allowed to be exported to Iran, according to the source.
The project is part of Europe's initiative to move away from too much reliance on natural gas supply from Russia.
Other industries being sanctioned in Iran besides energy are shipping firms and banks.
Why it's even an issue is the Iranian government has a stake in the project.
The unnamed source said the Shah Deniz gas field in Azerbaijan won't be sanctioned. An official announcement will reportedly be made on October 26.
Technology from Europe used in the project won't be allowed to be exported to Iran, according to the source.
The project is part of Europe's initiative to move away from too much reliance on natural gas supply from Russia.
Other industries being sanctioned in Iran besides energy are shipping firms and banks.
Thursday, October 21, 2010
BP (NYSE:BP) Group Leads Production Increase in Azerbaijan
Oil and condensate production in Azerbaijan increased by 1.9 percent from January to September, over the same period the year before, based on a group led by BP (NYSE:BP).
Production in that period increased to 38.5 million tons.
Oilfields Azeri, Guneshli and Chirag were where the oil production boost came from, while the Shah Deniz gasfield was where condensate production rose. Condensate production grew to 32.2 million tons in the time period, up from 31.4 million tons in 2009.
Oil production in 2009 came in at 50.38 million tons, an increase of 13.5 percent. In 2010 the goal is to produce 52 million tons of oil in the country.
Production in that period increased to 38.5 million tons.
Oilfields Azeri, Guneshli and Chirag were where the oil production boost came from, while the Shah Deniz gasfield was where condensate production rose. Condensate production grew to 32.2 million tons in the time period, up from 31.4 million tons in 2009.
Oil production in 2009 came in at 50.38 million tons, an increase of 13.5 percent. In 2010 the goal is to produce 52 million tons of oil in the country.
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