Pride reports 4Q loss over possible settlement

Pride International Inc. on Thursday reported a fourth quarter loss as the offshore drilling contractor set aside $56.2 million to potentially resolve allegations that it made improper payments to foreign government officials.

Pride, based in Houston, had said earlier that it had built the reserve in anticipation of a possible settlement with the Department of Justice and the Securities and Exchange Commission. The company voluntarily disclosed to the agencies in 2006 information relating to initial allegations of improper payments to foreign government officials.

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The company said it has cooperated with the investigation and that the amount set aside is its best estimate of potential fines and other costs.

Pride lost $32.8 million, or 19 cents per share, for the quarter ended Dec. 31 that included a loss of $9.6 million, or 6 cents per share, for discontinued operations. [Read the full article]

Welcome to the Penn West Energy Trust fourth quarter and year-end conference call and webcast. I would now like to turn the call over to Mr. William Andrew, CEO of Penn West Energy. Mr. Andrew please go ahead, Sir. Thank you. Good morning. Welcome to our 2009 fourth quarter and year-end financial and operating results conference call. With me this morning at Penn West office in Calgary is our President and Chief Operating Officer, Murray Nunns as well as our Chief Financial Officer, Todd Takeyasu. We have members of our senior management team around the table as well this morning. Penn West Trust units are traded both on the New York Stock Exchange under the symbol PWE and on the Toronto Stock Exchange under the symbol PWT.UN. All references during this conference call are in Canadian dollars unless otherwise indicated and all conversions of natural gas to barrels of oil equivalent are done on a 6 to 1 conversion ratio. 2009 was a successful year for Penn West. [Read the full article]

The latest earnings report from a large oil services and drilling company confirms the continued upturn in the oil services and drilling cycle in North America. (Before investing into the energy markets, read Oil And Gas Industry Primer.) Get Free Stock Analysis By Email IN PICTURES: 10 Retirement-Wrecking Moves Patterson-UTI Energy, Inc. (Nasdaq: PTEN) reported a net loss of $18.2 million, or $0.12 per share for the fourth quarter of 2009. [Read the full article]

67 WALL STREET, New York – February 18, 2010 – The Wall Street Transcript has recently published its Oil & Gas Production and Distribution Report offering a timely review of the sector to serious investors and industry executives. This 76 page feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Master Limited Partnerships – MLPs v. The Broader Market – Canadian Pipeline – Natural Gas Growth – The Integrated Gas Space – Rebound in MLP Prices – Appeal for Long-Term Investors – Natural Gas-Fueled Transportation – Decrease in Marginal Cost of Production

Companies include: EOG Resources (EOG); Energy Transfer Partners (ETP); Lion Energy Corp. [Read the full article]

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