Energy-focused engineering and construction company, McDermott International Inc. (MDR) reported better-than-expected third-quarter earnings, driven by robust performance from the Offshore Oil and Gas Construction segment. Earnings per share came in at 50 cents, 10 cents above the Zacks Consensus Estimate and 13 cents above the prior-year period. Revenues were up marginally (by 0.7%) to $1.7 billion.   Offshore Oil and Gas Construction   McDermott’s Offshore Oil and Gas Construction segment revenues were up 26% to a record $1 billion, as higher sales in the Middle East and Caspian regions more than offset reduced levels in other areas. Operating income for the quarter came in at $106.5 million (second highest quarterly income ever), compared to a loss of $19.7 million during the third quarter of 2008, reflecting strength in the Asia Pacific and Middle East regions. As of Sept 30, 2009, segment backlog was $3.9 billion, as against a backlog

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VANCOUVER, BRITISH COLUMBIA, Oct. 30, 2009 (Marketwire) — Magma Energy Corp. (TSX:MXY) is pleased to announce that its US subsidiary, Magma Energy (US) Corp. (”Magma”), has been awarded $10 million in American Recovery and Reinvestment Act funding for two of its Nevada geothermal exploration properties, Soda Lake and McCoy. The grants will reimburse 50 – 80% of Magma’s planned innovative exploration expenditures on those properties over the next 24 months. At Soda Lake, Magma will apply new oil and gas technology to discover geothermal resources, and at McCoy, Magma will validate a combination of innovative exploration technologies in its search for a large geothermal reservoir on the property. The funding is part of $98.1 million allocated by the US Department of Energy under the Recovery Act for innovative geothermal exploration and drilling projects.

Dr. Frank Monastero, Magma’s President, said, “We are very pleased with this financial support through the

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Southwest Airlines (NYSE: LUV) and ITA Software, Inc., the leader in developing innovative solutions for the travel industry, today announced advanced capabilities that support Southwest’s website enhancements and allows the airline to further extend the capabilities of southwest.com moving forward. Southwest selected ITA’s QPX(TM) system to support its recent website updates, making it even easier for customers to take advantage of the airline’s industry-leading low fares.

Midcontinent Express Pipeline (MEP) has received authorization from the Pipelines Hazardous

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Friday August 21, 2009

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Albina Community Bancorp (OTCBB:ACBC), Portland’s only certified community development bank, announced today that it will receive a $216,547 Bank Enterprise Award (BEA), from the U.S. Department of the Treasury’s Community Development Financial Institution Fund (CDFI), for its 2008 community development work in Portland, Oregon. CDFI funds are awarded to viable financial institutions that have the financial and managerial capacity to provide affordable and appropriate financial products and services that positively impact their communities.

China Crescent Enterprises, Inc. (OTCBB: CCTR) today announced that the Company remains listed on the Regulation SHO Threshold Security List. SEC Regulation SHO targets abusive naked short

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Turkey has apparently approved 'in principle' plans for the South Stream pipeline to pass through its waters.  Russia may decrease the price at which it will offer to sell power from a proposed nuclear plant to be built in Turkey.  The Economic Development Ministry has sent a proposal to the government to lower export duties on light oil products from 2012.  Ukraine has reportedly paid Gazprom for its $605 million gas supplies in July.  Ukrainian Prime Minister Yulia Tymoshenko promises, 'we will continue to pay for gas on time'.  Gazprom's official in charge of talks for the proposed South Stream gas pipeline to Europe has resigned.  Russia and Venezuela have discussed prospects for building nuclear research reactors and distillation reactors.  Gulf Keystone Petroleum Ltd has made a 'significant oil discovery' in the Kurdish region ...

POINT ROBERTS, WA and DELTA, BC - August 5, 2009 - Investorideas.com and www.RenewableEnergyStocks.com, a leading global investor and industry portal for the renewable energy sector within Investorideas.com, feature recent news from solar/wind company GWS Technologies, Inc. (OTCBB: GWSC), green gas company MagneGas Corporation (OTCBB: MNGA) and oil and gas solutions technology company Wescorp Energy Inc. (OTC.BB: WSCE).

Deputy Energy Minister Sergei Kudryashov has lamented Gazprom's slow sales during the period of high gas prices as a mark of 'incompetence'.  Gazprom expects export sales to fall to $40 million in 2009.  A Natural Resources and Environment Ministry official has said that guidelines for foreign companies accessing oil and gas in Russia should be changed so as to ensure foreign investors are not deterred.  Lukoil has revealed that bank VEB owns roughly 2% of the gas company.  Bloomberg comments on the fact that if talks to reduce nuclear weapons between Russia and the US succeed, a large amount of stockpiled uranium will come onto the market.  Russia's pipeline operator, Transneft, may use its loans as part of an oil supply deal to pay debts it owes to Sberbank.  Russia's competition watchdog has said it ...

I thought Richard Lourie's column today in the Moscow Times was particularly interesting, and reminded me of several conversations I had during my last trip to Caracas.  A friend commented to me that a true totalitarian, whether you're talking about Mr. Hugo Chavez or Vladimir Putin, is not satisfied with the simple dominance of the political realm and the powers of the state.  A true totalitarian, she said, is a totalitarian of the mind - occupying every sphere of public and cultural life, creating a name and cult of a personality much, much larger than their office.  Chavez, who just attempted to broadcast four straight days on the radio, is obsessive about always holding the nation's (and world's) attention.  Putin is arguably less focused in this regard, at least in my opinion, though we do get the occasional topless fishing trip ...

Russia is willing to invest up to $10 billion from its reserves into the IMF's first bond issue, in an apparent attempt to gain more clout in the organization Discreet businessman Gennady Timchenko has announced that he has built up an 18% stake in gas firm Novatek.  To learn more about the oil tycoon, look here.  According to Bloomberg, Angela Merkel will be under pressure to choose Magna as the buyer for Opel.  Sberbank could be set to enter the grocery business having acquired 250,000 square meters of space from the Alpi chain.  Whilst Putin has urged Russia to use innovation to diversify the economy, Medvedev is apparently skeptical about the potential of this sector.  Russia's $22.5 billion lawsuit against Bank of New York Mellon may be started again from scratch if the case ...

Russia and Japan have concluded a deal on more extensive cooperation in the nuclear industry, that may path the way for a flurry of contracts, including supplying Japan with $100 million worth of low enriched uranium for nuclear power plants.  Gazprom has signed a 'memorandum of understanding' with Japan to explore possible gas ventures in the Vladivostok area.  The Khabarovsk Oil Refinery has attained a $650 million long-term loan from Vneshekonombank which means it can continue with construction of a hydroprocessing plant.  Crude-producer Rosneft will begin construction of a huge $14 billion petrochemical works near the Pacific Ocean as part of a drive to increase exports to Asia.  Serbia's gas provider Srbijagas and Gazprom will sign an agreement on developing its part of the South Stream pipeline.  Greece is also reportedly set to ...