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Caterpillar Says Sales will Grow Slower in 2013

The largest maker in the world of mining and construction equipment, Caterpillar Inc. has forecasted that sales growth during 2013 would slow down and be less than in the last three years, as a deceleration of the global economy takes place. The company said that its profit for 2012 would be between $9.00 and $9.25 per share based on revenue of close to $66 billion. That is compared to a forecast in July for earnings of $9.60 per share on S68 billion in sales. Sales in 2013 would be between 5% less to 5% more that results of 2012, said company officials.... 
 

California Gas Prices Hit Record Highs

Over the weekend, the price of gasoline in California hit new record highs. The new highs were reached after a surge in prices at the pumps had been propelled by a downfall in inventories in the area to historic lows. The average price for one gallon of gasoline in California was $4.614, which edged past the previous high of $4.61 that was set back in 2008, said data released by AAA. However, prices in some areas of the state were over $5 per gallon. On Saturday, one gas station in Los Angeles was selling gas at $5.49 per gallon for regular grade. Just... 
 

Wednesday’s Top NYSE Energy Gainers, Losers (SM, CZZ, PTEN, YZC, DK, BP)

SM Energy Co. (NYSE:SM) blew up Wednesday trading with a daily percentage gain of 8.11% and closed at $51.56 per share.  SM Energy announced today that their Eagle Ford shale program averaged 230 MMCFE/d in July 2012 and that for the second quarter of 2012, net production in this program averaged 207 MMCFE/d. SM Energy also announced that it is starting up additional tank batteries to allow for continued production growth in its operated Eagle Ford shale program. Cosan Limited (USA) (NYSE:CZZ) shares rose 3.25% during Wednesday trading and closed... 
 

Shell’s Subsidiary SPDC Sells OML 40 Interest to Elcrest and Production Nigeria

Royal Dutch Shell plc (NYSE:RDS.A)(NYSE:RDS.B) announced today that their subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed its sale of their 30% interest in Nigerian Oil Mining Lease (OML) 40 for approximately $102 million dollars (USD) to Elcrest Exploration and Production Nigeria Limited. Shell said that the sale will help the company focus on its onshore interests in Nigeria, according to a company statement. “These divestments mark another step in the strategy to re-focus the SPDC portfolio. SPDC... 
 

Natural Resoure Partners Completes Fifth Coal Reserve Acquisition

Natural Resource Partners L.P. (NYSE:NRP) has completed its fifth coal reserve acquisition at Deer Run mine near Hillsboro, Illinois, according to a company statement released earlier today. The new acquisition comes at the expense of $40 million dollars (in cash) which were paid by Colt LLC, an affiliate of the Cline Group.  Natural Resource Partners has already paid $215 million dollars of the $255 million slated for the acquisition of approximately 200 million tons of reserves. According to NRP, the final acquisition for $40 million will be... 
 

Penn Virginia Resource Partners (PVR) Gains Pipeline Easement Option

Penn Virginia Resource Partners, L.P. (NYSE: PVR) has announced that they have acquired an option to purchase a pipeline easement in Susquehanna County which puts them closer to serving producers in the region. The easement involves a 28.8 mile right-of-way corridor in Pennsylvanian Marcellus Shale and they are considering the construction of a brand new natural gas gathering pipeline.  Should Penn Virginia Resource Partners choose to construct the new pipeline, it could have an interconnection to the Tennessee system. The easement option itself... 
 

Chevron (CVX) Details 2012 Exploratory Budget

Chevron (NYSE:CVX) announced today the amount of cash it would use for 2012 exploration – $32.7 billion dollars. The forecast $32.7 billion dollar figure for 2012 exploration is slightly down from 2011’s estimated number, $33 billion.  Included in 2012’s number is $3 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron, according to the company.  Note, the 2011 estimate includes approximately $28 billion of capital and exploratory expenditures including $4.5 billion dollars for the acquisition... 
 

Shell (RDSA) Signs Oil Contract with PETRONAS

Royal Dutch Shell plc (LON:RDSA) announced today that they have signed a Heads of Agreement (HOA) contract with PETRONAS. The deal is a pair of 30-year production sharing contracts (PSC’s) for enhanced oil recovery (EOR) projects offshore Sarawak and Sabah.  Sarawak  is one of two Malaysian stateson the island of Borneo.  Much like Sarawak, Sabah is located on the Malaysian island of Borneo. Shell said that the HOA will see staged work activities and new investments from shell and its joint venture partner PETRONAS Carigali Sdn Bhd (PCSB),... 
 

Caterpillar (CAT) Finalizes Acquisition of MWM Holding GmbH

Caterpillar (NYSE:CAT) announced today that they have formally completed the acquisition of MWM Holding GmbH.  On October 19th, 2011, the European Commission paved the way for Caterpillar to acquire MWM, which they have officially completed. Caterpillar bought MWM from 3i and funds managed by 3i for about $800 million dollars (or, €580 million) in the purchase of MWM. The company mentioned today that the acquisition of MWM will enable them to “significantly expand customer options for sustainable power generation solutions.” Caterpillar... 
 

General Electric (GE) Provides Components to ProWater Systems

General Electric Company (NYSE:GE) announced today that they will be providing components to ProWater for their Centerline modular saltwater disposal (SWD) and deep injection well (DIW) systems, which the company indicates that it separates oil, water and other byproducts produced in oil and gas operations. Removal of well contaminants are on the rise and ProWater is in the business of doing exactly that.  The company develops technology for disposing saltwater produced from oil and gas wells.  The Centerline SWD systems are poised to be used... 
 

Chevron (CVX) Shares Reach New High Pre-Earnings

Chevron Corporation (NYSE:CVX) reaches new 52-week high leading up to tomorrow’s earnings report, details are below. The company will host its quarterly conference call tomorrow at 11:00 A.M., Eastern.  Chevron has said that Mike Wirth, Executive Vice President, Downstream and Chemicals Pat Yarrington, Vice President and Chief Financial Officer Jeanette Ourada, General Manager, Investor Relations will be speakers tomorrow during the conference call. EPS poised to beat Q3 2010 number according to analysts Chevron posted Q3 2010 EPS of $1.87... 
 

BP Makes Strides on Devenick Gas Project

BP (NYSE:BP) announced today that they have made strides on their Devenick gas project in the central North Sea.  First discovered in 1983, the Devenick field is located 35 kilometers north of Marathon Oil’s East Brae platform. BP said that on September, 29th that a 600-tonne module developed by Aker Solutions was placed onto the East Brae platform without any problems and is the new host for subsea development.  The module allows gas and condensate to be received from the Devenick reservoir and will separate them before transport through the... 
 

Chevron Augments Oil Production with Solar Thermal Power

Chevron has approached oil production with a novel use of solar power.  Today, the company announced they demonstrated what thermal solar power can do with some mirrors in conjunction with oil production. “Solar thermal” differs from “solar power” in that while both indeed mean power at the end of the day, the ‘thermal’ part of “solar thermal” is from many mirrors directed to one spot and usually used in the production of steam which can power a turbine. In the case of Chevron, the demonstration had... 
 

ExxonMobil Affiliate Plans Twin Liberty Class Crude Carriers

ExxonMobil announced today that their affiliate, SeaRiver Maritime, Inc. has signed an agreement with Aker Philadelphia Shipyard for the construction of two Liberty-class crude carriers. ExxonMobil said that the ships are double-hulled which are helpful in icy waters and the project makes over 1,000 jobs.  The ships themselves are valued at $400 million USD. The crude carriers will be used to transport Alaskan crude to the west coast of the United States.  Since these are to be newly constructed vessels, ExxonMobil said that they will be equipped... 
 

Chevron Begins Australian Wheatstone Project

Chevron announced today that they will begin their Australian whetstone project that they have been mulling over. Whetstone Project Details:  It is a processing platform down about 240 feet in the water off the coast of western Australia.  From the platform base will be a pipeline that will run to an onshore processing facility at Ashburton North.  The pipeline will have the capability of transporting gas and liquids.  The initial volume expected to be funneled through the pipeline will be two trains of 8.9 million tons on a yearly basis with... 
 

GE Signs Service Agreement with Iraq’s Mass Global

GE announced today that they have signed a service agreement with Iaq’s Mass Global.  Mass Global delivers electricity to northern Iraq. The agreement will provide Mass Global with a 12-year contract for parts and repair of Mass Global’s 18 gas-powered turbines in Arbil, Sulaimaniyah and Dohuk Power Plants in the Kurdistan Region.  The turbines are GE Frame 9E gas turbine units.  Reportedly, the contract will also enhance Mass Global’s expertise in the maintaining and operating of the turbines with a program that will help train... 
 

Chevron Discovers Oil in United States Gulf of Mexico

Chevron has discovered oil in the Gulf of Mexico in deep-water according to a company announcement. The oil was discovered within Chevron’s Moccasin prospect at the Keathley Canyon Block 736 Well No. 1. which encountered more than 380 feet of net pay in the Lower Tertiary Wilcox Sands. The well is located 216 miles off Louisiana’s shore and is down 6,759 feet in the Gulf.  It also extends 31,545 feet into the crust of the Earth. Chevron said in a company statement, “The Moccasin discovery underscores the importance of the deepwater... 
 

BP Acknowledges Halliburton Lawsuit

BP announced today that they have acknowledged the lawsuit filed by Halliburton against the company. Wrote in a company statement, BP said, “BP is aware of the claims filed against the company on 1 September 2011 by Halliburton. The company is now reviewing the contents of the claims and until this is complete cannot comment in detail.” BP has pointed out that the lawsuit brought against the company by Halliburton is an attempt to “divert attention from its role in the Deepwater Horizon incident” and (Halliburton) is not... 
 

bpTT Begins Natural Gas Production at Serrette Field

BP Trinidad and Tobago (bpTT) has announced that they have begun natural gas production at the Serrette field which is offshore of Trinidad. bpTT says that the natural gas is being produced at 280 feet under water off Trinidad’s south east coast and that the company holds one hundred percent interest in production at the field. With the Serratte platform underway in production, bpTT now has 13 offshore Trinidad platforms in operation at this time.  BPTT operates in 904,000 acres off Trinidad’s east coast.  It has 13 offshore platforms... 
 

GE is Bookrunner of $300 Million Loan to Entegra Power Group

General Electric is the bookrunner of a joint effort in providing $300 million dollars in senior secured credit facilities to Entegra Power Group who uses natural gas plants to provide electricity to customers in southeastern and southwestern USA. Other companies in the effort include WestLB, Union Bank along with BNP Paribas CIT which will serve as joint lead arrangers. Entegra will use the senior secured credit facilities for debt repayment and general corporate purposes.  The credit facilities are on a six year term loan and are also for two... 
 
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