City of Industry, CA –(www.FinancialNewsUSA.com)– 10/29/2008 - Oil and Gas Exploration industry news provided by Financial News USA (OTC: FNWU). Premier Energy Corp. (OTCBB: PNRC) announced today that it has initiated the process to acquire a major property in Texas with substantial oil and gas production and reserves as well as other operating business interests. The property is in excess of 400,000 contiguous acres encompassing a number of Texas counties. Its oil and gas production has produced 150,000,000+ barrels of oil since its initial production. The property is currently producing 35,000+ barrels per month. At one time, production was upwards of 300,000 barrels per month, and management believes that by reworking old wells with today’s new technology, this production could again be attained. This does not include potential production from new wells.

British oil company BP PLC (NYSE: BP) reported an 83 percent profit rise on Tuesday for the third quarter on the back of high energy prices that peaked in July. The company said it was well-placed to continue to reap profits despite the fact that the price of oil has now more than halved from July’s all-time high of $147. Oil traded around $64 per barrel Tuesday. British politicians called for BP to pass on falling fuel prices to consumers. BP, Europe’s second-biggest oil producer behind Royal Dutch Shell PLC, said it earned $8.05 billion for the three months ended in September, up from $4.41 billion in the same period a year earlier. Revenue rose 45 percent to $103.2 billion from $71.3 billion the previous year. “The high oil price of the third quarter obviously helped our absolute result,” said Chief Executive Tony Hayward.

PetroChina Co. (NYSE: PTR) , Asia’s largest oil and gas producer, said Wednesday its net income for the three months ending Sept. 30 climbed 30% from a year earlier, as the firm benefited from growth in crude oil and natural gas output, higher petroleum prices, and as a government subsidy helped to offset refining losses. Net profit totaled 39.89 billion yuan ($5.83 billion), up from 30.70 billion yuan a year earlier. The result exceeded forecasts of 34.9 billion yuan in profit, according to Reuters, which averaged three analysts estimates. Crude oil output during the quarter rose 2.8% to 652.6 million barrels, and natural gas increased 16.3% to 1.368 trillion cubic feet. PetroChina said its averaged realized price for crude came to $97.24 per barrel, compared to $60.93 per barrel in the year earlier period

Chevron Corp. (NYSE: CVX) has surpassed British oil giant BP as the world’s third-largest international oil company in market value, behind Exxon Mobil and Royal Dutch Shell. The San Ramon Company’s market capitalization now stands at $131.3 billion, according to data from Bloomberg. BP’s market capitalization is $130.5 billion, while Shell’s is $141.7 billion. All three are far behind Exxon Mobil, worth a total of $358.6 billion. Chevron’s stock price fell $2.20 Monday to close at $61.71. But all publicly traded oil companies have seen their shares drop lately, dragged down by the stock market sell-off and the plunging price of crude oil. Chevron will report its third-quarter profit Friday.

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Posted on Wednesday, October 29th, 2008 at 3:35 pm and is filed under Energy Trading.
Tags: BP Plc, Earnings Announcement, Europe, Financial News USA, high energy prices, high oil price, Industry, oil, oil and gas, oil and gas production, oil producer, Royal Dutch Shell plc, Texas, Tony Hayward, USD.