UPDATE 2-Occidental 2nd-qtr earnings rise on asset sales

(Reuters) - Net income rose to $1.41 billion, or $1.68 a share, from
$860 million, or 99 cents a share, a year earlier.




Excluding 50 cents in after-tax gains from the asset sales,
Occidental would have earned around $1.18 a share. The sales
included the company's stake in Lyondell Chemical Co. ,
assets in Pakistan, and a swap of assets with British oil major
BP Plc .


Read more at Reuters.com Mergers News

BP profits down less than expected as output falls

(Reuters) - London-based BP said in a statement that the drop in its second-quarter replacement cost net profit would have been larger had it not been for non-operating gains totaling $741 million, largely from the sale of oil fields and a UK refinery.




Stripping this gain out, the replacement cost profit, which excludes out changes in the value of inventories, fell 12.5 percent to $5.346 billion.


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Brent Crude Oil Rises Above $78 a Barrel, Nearing Record on Supply Concern

(Bloomberg) -- Brent crude oil rose above $78 a
barrel, nearing a record high, as a damaged pipeline in the North
Sea curtailed supplies and as speculators made their largest bet
yet on higher energy prices.

Brent gained after a BP Plc pipeline in the North Sea shut
down, limiting output from fields run by Chevron Corp. and
ConocoPhillips. Hedge-fund managers and other speculators increased
their bets on rising oil prices to a record last week, according to
U.S. Commodity Futures Trading Commission data.


Read more at Bloomberg Energy News

Oil Rises, Topping $77 in London, as Line Closing Cuts Output in North Sea

(Bloomberg) -- Crude oil rose to an 11-month high
above $77 a barrel in London and gained in New York after a
pipeline shutdown and maintenance work reduced North Sea
production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Energy News

Oil Falls on Report BP Is Starting Unit at Refinery in Whiting, Indiana

(Bloomberg) -- Crude oil fell on a report BP Plc
will begin startup today of a unit at its Whiting, Indiana,
refinery, the biggest in the Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance after a crack was discovered on a
piece of equipment, is expected to be at full rates by next
week, a person familiar with the plant's status said. The
refinery can normally process more than 400,000 barrels of oil a
day. Prices were higher until gasoline plunged on the Whiting
headlines.


Read more at Bloomberg Energy News

Oil Trades Near 11-Month High After Gaining on Higher U.S. Gasoline Price

(Bloomberg) -- Crude oil was little changed near an
11-month high in New York, after rising yesterday as gasoline
prices climbed on speculation U.S. output of the fuel may slow
because of unplanned refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said July 9. The refinery, the biggest in the Midwest, supplies
consumers in the Chicago area. Refineries in Texas and Kansas
shut units last week. Refinery operating rates rose to 90 percent
of capacity in the week ended June 29 to meet demand.


Read more at Bloomberg Commodities News

UPDATE 1-Valero Texas City refinery shut on power snag

(Reuters) - "We are still assessing the situation at the plant," Valero
spokesman Bill Day said, adding that the power failure was
weather-related.




Oil products traders in the U.S. Gulf Coast said they have
not heard of any similar outages at other area refineries such
as the giant 460,000-bpd BP Pls plant or the 72,000-bpd
Marathon Oil refinery.


Read more at Reuters.com Bonds News

BP Carson Refinery in California to Lower Rates for 10 Days, Person Says

(Bloomberg) -- BP Plc's Carson, California, refinery
will run at lower rates for about 10 days to allow Europe's
second-largest oil company to repair a compressor, a person
familiar with the plant's status said.

Output from the refinery will be cut by an estimated 10
percent to 15 percent from previous levels, said the person, who
couldn't provide the amounts in barrels.


Read more at Bloomberg Energy News

UPDATE 1-UniCredit faces hurdles in Polish talks-sources

(Reuters) - MILAN, July 5 - Italian bank UniCredit
is having a rough time clinching a deal to sell 200 bank outlets
in Poland as its counterpart GE Money maintains a tough
negotiating line, sources close to the talks said on Thursday.
In April, UniCredit entered exclusive talks with GE Money,
the financial arm of U.S. giant General Electric , to sell
200 BPH bank branches along with the BPH brand and
said at the time that a deal could be sealed in May.
But more than two months after the start of negotiations, a
deal is not yet in sight, meaning UniCredit risks delaying the
planned merger of the remaining BPH outlets into its other
Polish unit Bank Pekao .




"The Americans are playing hard ball," a source told
Reuters. "They know UniCredit is in a difficult situation and
that it wants to close this deal soon."


Read more at Reuters.com Mergers News

Conoco, Exxon to Quit Venezuelan Oil Projects as Talks Fail, Ramirez Says

(Bloomberg) -- ConocoPhillips and Exxon Mobil Corp.
will quit oil and natural-gas projects in Venezuela after the
failure of talks with President Hugo Chavez's government, the
country's energy minister said.

The minister, Rafael Ramirez, confirmed the departure of the
companies in signing ceremonies for agreements with four
companies that will continue heavy-oil operations in the country.
They are Chevron Corp., Statoil ASA, Total SA and BP Plc. The
departure of ConocoPhillips and Exxon Mobil was disclosed late
yesterday by a person on the government side of negotiations.


Read more at Bloomberg Energy News

Spill shuts 10,000 bpd BP Alaska oil output: report

(Reuters) - The Daily News quoted a BP spokesman who said less than a gallon of crude oil was spilled from the 24-inch diameter pipeline and the oil was contained on a gravel pad.




BP workers are replacing an 80-foot section of the flow line, which carries produced crude oil, water and gas from a well to a separation center. The repairs are expected to be complete by Monday.


Read more at Reuters.com Business News

Russia to decide TNK-BP's Kovykta fate on Friday

(Reuters) - "We believe the delay in a final decision is plausible, but
ultimately the licence is likely to be recalled," said Steven
Dashevsky from Aton brokerage.




The Vedomosti daily newspaper quoted on Friday a source
close to TNK-BP as saying that the licensing agency, Rosnedra,
might postpone its decision on Kovykta until the end of the
Russian Economic Forum in St Petersburg on June 10.


Read more at Reuters.com Bonds News

European Stocks Decline, Paced by BHP Billiton, Rio Tinto; BP Shares Drop

(Bloomberg) -- European stocks headed for the biggest drop in more than a month after China's economy grew faster than economists expected, fueling concern the country is preparing to raise interest rates.

BHP Billiton Ltd. and Rio Tinto Group paced a decline by companies most affected by slowing demand from the world's fastest growing major economy. BP Plc slipped as Merrill Lynch & Co. recommended investors reduce their holdings in the company. Nokia Oyj gained after the average selling price of its mobile phones topped analysts' estimates.


Read more at Bloomberg Stocks News

European Stocks Decline, Paced by BHP Billiton, Rio on China Rate Concern

(Bloomberg) -- European stocks dropped, tracking Asian equities lower, on concern China is preparing to raise interest rates to control economic growth.

BHP Billiton Ltd. and Rio Tinto Group paced a decline by companies that generate a high proportion of sales in China. BP Plc slipped as Merrill Lynch & Co. recommended investors reduce their holdings in the company.


Read more at Bloomberg Stocks News

European stocks edge down as oil prices rise

(Reuters) - European stock markets drifted lower on Wednesday, as a 1.7 percent jump in U.S. crude oil prices to $64 a barrel supported oil firms Total and BP but hit the broader market.

Oil prices had briefly spiked above $68 on a rumour, quickly dismissed by the United States, of a conflict involving Iran.


Read more at Reuters Africa

European stocks slip as company updates disappoint

European shares retreated on Tuesday from six-year highs hit in the previous session, hurt by disappointing updates from firms including Cadbury Schweppes and Carlsberg.

Energy stocks also crowded the losers list, with Total and BP both down 0.5 percent as London Brent crude extended losses, down 0.5 percent at below $58 a barrel.

By 1225 GMT, the pan-European FTSEurofirst 300 index was 0.3 percent weaker at 1,545.1, easing from a six-year high of 1,552.6 struck on Monday.

The benchmark index is up about 4 percent so far this year, boosted by mostly stronger-than-expected results in recent weeks and mergers and acquisitions.

Read more at Reuters South Africa

FTSE eases after 6-yr closing high, results in focus

Britain's FTSE 100 index ticked lower in early trade on Tuesday after hitting a new six-year closing high the previous session as investors pocketed gains after a slew of corporate results.

Oil shares suffered as crude prices hovered around $58 a barrel after dropping 1 percent a day earlier.

BP slipped 0.3 percent, while both Royal Dutch Shell and BG Group shed 0.5 percent.

At 0841 GMT, the FTSE 100 was down 7.8 points, or 0.12 percent at 6,436.6, having ended up 0.39 percent at 6.444.4 the previous session, a new six-year closing high. European shares also inched down.

Read more at Reuters South Africa

FTSE up as commodities and broker upgrades boost

The FTSE 100 of Britain's leading shares was up 0.5 percent on Friday buoyed by commodities and a flurry of broker upgrades following a busy day of results in the previous session.

U.S. crude oil prices rallied above $60 a barrel for the first time in a month, extending a $2 gain a day earlier, on signs of falling crude exports from producer group OPEC and an outage at a U.S. oilfield. Oil heavyweights BP added 1 percent and rival Royal Dutch Shell tacked on 0.6 percent.

Oil explorer Cairn Energy was up 0.7 percent after it said Cairn India had won an interest in two new offshore exploration blocks in India.

In other commodity stocks, base and precious metal prices remained firm helping to push mining stocks higher. BHP Billiton added 1.1 percent, Anglo American climbed 1.2 percent and Xstrata was up 1.3 percent.

Read more at Reuters South Africa

FTSE down as commodities and Wall St drag

The FTSE 100 of Britain's leading shares was down 0.4 percent on Friday, dragged lower by commodities and after U.S. stocks fell sharply following weaker payroll and existing homes sales figures on Thursday.

With U.S. crude oil prices at below $55 after a 2 percent fall the previous day, heavyweight oil stocks dragged the FTSE 100 down. BP and Royal Dutch Shell both dipped 0.5 percent.

Mining stocks also featured on the downside, on economic worries and falling base and precious metals. BHP Billiton dropped 1.5 percent, Rio Tinto fell 1.4 percent and Kazakhmys lost 1 percent.

Read Full Article at Reuters South Africa