TOTAL SA (TOT) reported third-quarter earnings of €0.84 per share ($1.20 per share), above the Zacks Consensus Estimate of $1.12 and second-quarter profit of €0.77. However, earnings declined from €1.81 reported a year ago. Earnings improved sequentially based on higher production, better realizations and lower costs.   Total revenues declined 31% from the year-ago quarter but improved 7% sequentially to €33.6 billion. The decline was caused mainly by lower realized oil and gas prices in the Upstream segment, reduced throughput volumes in the Downstream segment and a revenue decline at the chemicals segment.   Total hydrocarbon production averaged 2,243 thousand barrels of oil equivalent (MBOE) per day, up 0.5% from last year and 2.8% from the previous quarter. The increase was mainly due to production improvements and start-ups of new fields; offset by OPEC reductions and lower gas demand, disruptions in Nigeria, and changes in portfolio essentially in ...

Statoil ASA (STO) reported its third quarter results of 38 cents per share, compared to the Zacks Consensus Estimate of 40 cents and in line with the year-earlier quarter earnings. Revenue for the quarter was NOK 123.1 billion ($20.1 billion), down 29% year over year.  Though the company’s results were hurt by lower commodity prices, Statoil continues to maintain a high activity level both in Norway and internationally. Equity and entitlement productions were up 8% and 10% year over year, respectively, with the start-up of operations on several new oil and gas fields such as Tyrihans in the Norwegian Sea, Tune Sor in the North Sea and Thunder Hawk in the Gulf of Mexico.  Total oil and gas entitlement production during the quarter averaged 1.71 million barrels of oil equivalent per day (MMBOE/d), 62% of which was oil and 38% natural gas, compared to 1.55 MMBOE/d ...

Murphy Oil Corporation (MUR) posted earnings from continuing operations of 98 cents per share in the third quarter, almost in line with the Zacks Consensus Estimate of 97 cents. However, results were significantly below earnings of $3.04 reported last year, largely driven by lower commodity prices in the Exploration & Production (E&P) segment accompanied by lower earnings from the Refining & Marketing (R&M) operations.  Earnings from Murphy’s E&P business declined 65% from a year ago, primarily based on lower oil and gas prices, higher production costs and depreciation. Exploration expenses improved 55% to $37.9 million in the quarter versus $83.4 million last year, primarily attributable to lower dry hole costs in the Gulf of Mexico and offshore Malaysia, and lower undeveloped lease amortization expense for the Tupper properties. R&M earnings also fell by 57% from last year due to weaker U.S. retail marketing margins and U.K. refining ...

• DryShips (NASDAQ:DRYS) reported third quarter earnings of 27 cents a share, 6 cents above Zacks estimates, on revenues of $228.2 million, down 30.4%, but above Zacks projections of $211 million

• Baidu (NASDAQ:BIDU) offered downside fourth quarter guidance as third quarter results posted a slight miss at $2.07 versus $1.47 a year ago

• BP (NYSE:BP) posted 50% better-than-estimated interims as cost-cutting measures generated results of $4.98 billion, down 50% from last year, due to lower oil and gas prices

• Johnson Controls (NYSE:JCI) reported fourth quarter earnings of four cents above Zacks estimates at 52 cents, on inline revenues of $7.87 billion, off 15.5%

• US Steel (NYSE:X) posted a third quarter loss of $2.11, versus Zacks estimates of a $2.91 per share loss, on estimate-topping revenues of $2.82 billion, down 61.5%, but above estimates of $2.67 billion. Noting customer order rates below second quarter levels, the firm provided a cautious outlook

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Savoy Energy Corp., an independent oil and gas company specializing in the turnaround of abandoned wells, is in a rather unique position within the industry. While many oil and gas companies depend upon searching for and discovering new wells, still a largely speculative process in spite of all the technologies now being applied, Savoy goes after existing wells. These are wells that still have oil, but which were abandoned earlier because previously available technologies and processes were simply not able to economically extract the remaining stock. Using innovative approaches, Savoy is able to tap into those remaining resources, bringing the wells back online.

Savoy is currently producing oil from four wells, with another 18 being evaluated. This is expected to increase significantly over the next few years. However, the company is very careful in identifying and evaluating well candidates, a move

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“Work eight hours and sleep eight hours and make sure that they are not the same hours.”

– T. Boone Pickens

Inflation can do tricky things to markets. It creates distortions. In those distortions, an intrepid investor can find some big moneymaking ideas. I think we’ve got one opening up in oil and gas, and it is not without precedent in financial markets. In fact, it’s starting to look a little like the tail end of the 1970s in some respects.

In the spring of 1969, the Dow Jones industrial average stood at 969. By 1982, the Dow hit 1,071. That’s thirteen years of going nowhere. (We’ve had 10 years or so of going nowhere, though the ride between the poles has been anything but boring).

The problem is inflation makes that performance

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In today’s economic times, finding a company that has kept at it and done well is the real challenge. For a savvy investor, finding a company that has got right down into the muck and mud and gotten it done is one of the best ways to succeed and profit. Finding these gems can be difficult, but very rewarding in the end.

Evolution Petroleum Corp., a petroleum and associated petroleum products exploration and development company, works to find and exploit petroleum deposits primarily in Louisiana, Oklahoma and Texas. Currently, the company estimates that it has over 4 million barrels of proven petroleum reserves in varying developmental forms.

Although the company classifies itself as a petroleum exploration and development company, its primary focus areas can be better described as CO2 injection, well re-development and shallow shale gas exploitation. Where the CO2 project is concerned, revenue from its 7.2% overriding royalty can be expected

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Earlier today, CNOOC Ltd. (CEO) reported results for the six months ended June 30. Net income for the period was 12.4 billion yuan ($1.82 billion), down 55% from 27.54 billion yuan ($3.9 billion) a year earlier. The steep fall in net income was primarily due to significantly lower oil prices despite excellent production performance.   The average realized oil and gas prices for the period were $49.35 per barrel and $3.90 per thousand cubic feet, respectively.   During the first half, the company’s crude oil and natural gas production reached 87.3 million barrels and 106.3 billion cubic feet, respectively. Total net oil and gas production reached 105.8 million barrels-of-oil-equivalent (BOE), up 15.2% year over year. Net oil and gas production from overseas reached 15.0 million BOE, up 38.9% year over year.   CEO’s overseas production was boosted by successful start up of Akpo oilfield and Phase I of OML130

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Following the hydropower disaster, Vladimir Putin has instructed Energy Minister Sergei Shmatko to submit proposals for regulating the wholesale power market to prevent high increases in prices.  Anti-monopoly chief Igor Artemyev has said that oil companies should beware of a second crackdown.  The Ministry of Economic Development is apparently reconsidering its forecast for oil and gas prices in 2010.  On Medvedev's trip to Russia's second biggest trading partner, Mongolia, it is expected that joint cooperation on uranium mining will be high on the agenda.  China's state refiner Sinopec is planning 'rapid' expansion abroad after net income grew at a record rate.  Apparently Iraq needs to offer higher returns for companies bidding for control of oil fields newly opened to foreign investors, as the country still remains vulnerable to insurgency threats and security issues.  Turkish energy company ...

For Immediate Release

Chicago, IL – July 27, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Macy's (M), J.C. Penny (JCP), Family Dollar (FDO), Big Lots (BIG) and EnCana Corporation (ECA).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Friday’s Analyst Blog:

Sentiment Slips

The University of Michigan Consumer Sentiment index slipped to 66.0 in July from 70.8 in June, but was revised up from its preliminary reading of 64.6. The reading was slightly better than expected.

The index has two major components: the expectations about how the economy will look

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