USA: CB&I Net Income at USD 255 Million

Mb50's "Liquid Mud" Rant

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CB&I reported net income for the fourth quarter of $70.5 million, versus $63.2 million in 2010. Revenue for the quarter was $1.3 billion, with new awards of $772.4 million.

For the full-year, net income was $255.0 million. CB&I’s consolidated 2011 revenue was $4.6 billion, up 25% over 2010. Cash and cash equivalents as of December 31, 2011 were $671.8 million, versus $481.7 million as of December 31, 2010.

I’m extremely proud of our employees for delivering another year of outstanding performance,” said Philip K. Asherman, President and CEO. “Looking to the future, we expect to continue to execute our healthy backlog, leverage our unique business model to capture growth opportunities, and help our clients meet the growing global demand for energy infrastructure, which gives us strong confidence in the future of CB&I.”

New Awards for 2011 totaled $6.8 billion, reflecting the company’s ability to capitalize…

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ExxonMobil, OMV Petrom Strike Gas Offshore Romania

Mb50's "Liquid Mud" Rant

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ExxonMobil’s affiliate EMEPRL Corporation and OMV Petrom SA, the 51% subsidiary of OMV Aktiengesellschaft, today confirmed a potentially significant gas discovery in the Black SeaoffshoreRomania.

Operated by ExxonMobil, the Domino-1 well is the first deep water exploration well offshore Romania and has a total depth of more than 3,000 meters below sea level. The Domino-1 well is located in the Neptun Block, 170 kilometers offshore in water approximately 930 meters deep.

The exploration well encountered 70.7 meters of net gas pay, resulting in a preliminary estimate for the accumulation ranging from 1.5 to 3 trillion cubic feet (42 to 84 billion cubic meters). Drilling operations started at year-end 2011 and are in the process to be finalized. ExxonMobil and OMV Petrom plan new 3D seismic acquisition during 2012. The evaluation of the Domino-1 well results and the new seismic will determine next steps.

Petrom’s report…

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Drilling permit slowdown having effect on St. Tammany businesses

Mb50's "Liquid Mud" Rant

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By Debbie Glover
St. Tammany News
Published on Wednesday, February 8, 2012 12:09 AM CST

St. Tammany Parish may seem an unlikely place for the drilling permit slowdown to affect business, but the 2010 BP oil spill and now delays from the permit moratorium and lack of permitting for deep water and shallow wells in the Gulf of Mexico are doing just that..

“Absolutely, St. Tammany has many businesses directly and indirectly connected to the oil industry, and they are affected by the industry slowdown caused by the permitting delays,” said Executive Director Brenda Reine Bertus of St. Tammany Economic Development Foundation.

“Some of the parish’s businesses service rigs, some rehab products used on rigs and many are tucked away in the parish. During the study completed by GNO Inc., it was evident many are simply trying to hold on until things turn around,” she said.

Suppliers of rigs, oil…

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The 5 Most Dangerous Muslim Brotherhood Front Groups Working to Destroy America from Within

Mb50's "Liquid Mud" Rant

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by Lisa Graas
Posted on February 20 2011 3:30 pm

According to the Team B II Report by a who’s-who of top, national security experts at The Center for Security Policy, “most Muslim organizations in America are controlled by the Muslim Brotherhood or a derivative group.” Meanwhile, the Obama Administration engages in “willful blindness-induced failures” to address “as great a threat as any enemy the nation has ever confronted.” The Muslim Brotherhood, also known as the Ikhwan, supports armed struggle against non-Muslims and has itself identified the Islamic Movement in America to be a part of the “grand jihad in eliminating and destroying the Western civilization from within and ‘sabotaging’ its miserable house by their hands and the hands of the believers so that it is eliminated….” This “stealth jihad“, referred to as “civilization jihad“, is based…

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