SandRidge (SD) Soars After Upwardly Revised Oil Production Guidance

SandRidge (NYSE:SD) is up nearly 12% after raising its oil production guidance for the first time in six quarters.

It plans to produce 23.3 million barrels in 2011, up from the original 21.6 million.

The raised outlook came out with its fourth-quarter earnings release yesterday which reported a slightly narrower loss than analysts had expected.

It posted a net loss of $208.02 million or $0.53 per share, smaller than the $434.24 million in the same quarter in 2009.






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BP (NYSE:BP) And Russia Entering Energy 'Cold War'?

There is no doubt the entirety of the story surrounding the battle between BP (NYSE:BP) and their Russian billionaire partners, who each own 50 percent of TNK-BP, has been told, as the situation, while tempered for the moment, appears to be still boiling underneath the surface.

It's unknown as to the real level of the conflict between the entities, as it isn't known what the actual issues are, other than the obvious irritation by the billionaires over BP attempting to deal with Russia's state-owned Rosneft.

One important narrative that has emerged from the event is what position of strength BP has in Russia, and whether or not they're caught in the middle of a power struggle between the Russian government and the Russian energy billionaires.

It appears the public face of the battle isn't what is at issue, referring to a proposed deal with Rosneft to drill in the Arctic, while also retaining their current Arctic-drilling deal with the billionaires via TNK-BP, although that is what launched the battle.

Is it as simple as the Russian billionaires contend, that BP has snubbed them for another partner? Are the Russian billionaires wanting to take a bigger position in TNK-BP, or own it altogether? Or is it, as some believe, a battle between the Russian government and the billionaires over the energy resources of the country? Nobody outside knows at this time.

For now is seems a lot of the feathers have been smoothed, but as mentioned, there are too many rumbles beneath the surface to believe the issue has been taken care of to the satisfaction of the participants.

More than likely this isn't the end of the fight, and some believe there has been irreparable harm between BP and the billionaires, something that could do a lot of damage to the value of BP if it escalates further, as the partnership accounts for about 33 percent of BP's oil production.

If BP is able to maneuver itself into working with both, it could be an extraordinary deal for them, which could result in billions of dollars in revenue and profits if they find the amount of oil they believe resides in the region.

Strong Oil Demand Drives Exxon's (NYSE:XOM) Profits

Exxon Mobil (NYSE:XOM) beat expectations in the fourth quarter, as strong demand for oil pushed up the revenue and earnings for the company.

Revenue surged 17 percent in the fourth quarter, jumping to $105.2 billion, or earnings of $1.85 a share, a huge 23 cents a share better than the $1.62 a share analysts had estimated. Analysts had an estimate of $99.1 billion on revenue.

Exxon's Chairman Rex Tillerson said in a statement, “ExxonMobil continues to deliver strong financial and operating results. The full year 2010 earnings, excluding special items, were $30.5 billion, up 57 percent from 2009, driven by higher crude oil and natural gas realizations, stronger refining margins and record Chemical performance. Fourth quarter earnings were $9.3 billion, an increase of 53 percent."

Oil prices in the quarter rose by 12 percent, while Exxon's production grew 19 percent.

For all of 2010, revenue soared to $383 billion, a gain of 32 percent. Earnings for the year came in at $30.5 billion, or 6.22 a share, a huge increase over the $19.3 billion, or 3.98 a share in 2009.

Exxon was trading at $80.26, up $1.30, or 1.61 percent, as of 12:24 PM EST.

BP's (NYSE:BP) Oil Production in Azerbaijan to Reach 850,000 BPD in 2011

Oil production in Azerbaijan by BP (NYSE:BP) is expected to reach 850,000 barrels a day in 2011, similar to levels of production in 2010, according to BP-Azerbaijan president Rashid Jevanshir.

Jevanshir said, "According to preliminary estimates, production at Azeri, Chirag and Guneshli next year will be 850,000 bpd, almost the same level as in 2010."

Chirag, Azeri and Guneshli are oilfields in the Caspian Sea.

For full year 2010, oil production in the country should reach 42.1 million tons, up from the 40.3 million tons in 2009.

Production in the first nine months of 2010 has increased to $32.2 million tons, up from 31.4 million in the same period last year.