Contract drilling services provider Helmerich & Payne, Inc. (HP) reported solid fourth quarter results, buoyed by improving rig counts on the back of rebounding commodity prices. Earnings per share, excluding gains from non-operating items, came in at 47 cents, marginally better than the Zacks Consensus Estimate of 44 cents.   However, as has been the case with the other contract drillers that have already reported – Patterson-UTI Inc. (PTEN) and Nabors Industries (NBR) – earnings and revenue comparisons with the year-earlier period were quite ugly, severely hampered by lower rig utilization (especially in the U.S. land drilling market) amid weak demand for drilling services. Helmerich & Payne’s adjusted earnings per share slumped approximately 58.4%, while revenues declined 38.0% to $362.2 million.   U.S. Land Operations During the quarter, operating revenues totaled $269.1 million (74% of total revenue), down 38.5% year-over-year. Average rig revenue per operating day ...

As many readers are aware, the Russian government has been on a recent censorship tear, including talk of banning off-color and proudly offensive animated TV imports such as The Simpsons, Family Guy, and South Park (oddly, Venezuela's Hugo Chavez has already done the same).  No reason to stop at TV shows.  Today we're seeing reports that the government has ordered Russian retailers to pull the video game title Call of Duty: Modern Warfare 2 from its shelves while a ban on the game is considered.  The game, which pits players in bloody gunfights in a slew of imaginary international conflict zones, is already being called one of the decade's most successful product launches - hitting $310 million in one day alone....

The Trade Deficit decreased to $36.5 billion in September from $30.8 billion in August.  September exports increased by $3.7 billion to $132.0 billion, offset by the increase in imports by $9.3 billion to $168.4 billion.  The Commerce Department provided the September figures of the trade balance of the U.S. relative to selected trading partners, in billions of dollars, with surpluses in Hong Kong ($1.9), Australia ($0.9), Singapore ($0.3), and Egypt ($0.3).  Deficits were recorded, in billions of dollars, with China ($22.1), OPEC ($7.9),the European Union ($5.5), Mexico ($4.6), Japan ($4.1), Venezuela ($2.0), Nigeria ($1.9), Canada ($1.5), Korea ($0.8), and Taiwan ($0.7).

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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 ...

The Spanish newswire EFE is carrying a small story about how Russia has become the second-largest destination for exports from Uruguay after Brazil. From the Russia side of things, this will likely remain below the radar, but it is worth noting from a South American perspective for a few reasons.

One, following China's ascent to being Brazil's top trade partner, it alters just a little bit more the trade profile for the continent.

Two, with Brazil remaining far and away Uruguay's top destination for exports and Argentina now falling into third place, it brings trade with Russia closer into the Mercosur bloc, which could have additional interesting implications should Venezuela be approved to enter Mercosur.

Finally, it recalls a certain similarly

...

First Deputy Prime Minister Igor Shuvalov has pledged not to fire workers from near-insolvent Avtovaz, but to create new subsidiaries employing up to 15,000 people.  Auto sales declined by 51% in the first 10 months of 2009, compared with the same period last year.  At the annual Foreign Investment Advisory Council, Prime Minister Vladimir Putin has wooed foreign investors by concurring with their criticisms about 'excessive bureaucracy'.  The number of unemployed in Russia has begun to mount, having fallen successively for six months.  The Central Bank may buy gold from the state repository, says its First Deputy Chairman Alexei Ulyukayev.  Evraz Group plans to sell as much as $1.04 billion of 10-year bonds, the company has announced.  Coking coal miner Mechel has seen a reversal of fortune, now back to a pre-crisis level of production ...

Apparently U.N. inspectors have found 'nothing to be worried about' upon their first examination of the formerly clandestine uranium enrichment site in Qom in Iran.  'The [Obama] administration must consider whether it makes sense to grant the regime two more months of grace' says an op-ed in the Washington Post.  'Prospects for a breakthrough with Iran have narrowed dramatically since a high-level meeting in Geneva on Oct. 1', the paper adds, quoting a senior European diplomat.  Good news for Nord Stream - after considerable environmental concerns, it has received approval from both Finland and Sweden.  The construction of the Russia-Germany pipeline could spell the demise of Ukraine as a transit country, suggests the Wall Street Journal.   Lukoil has lost out on initial rights to develop Iraq's much-coveted West Qurna field, with an an Exxon ...

Naftogaz Ukrainy has apparently released a statement admitting that a 'dire economic situation' means that the company is struggling to pay its October gas bill.  The Moscow Times reports however that Ukrainian Energy Minister Yury Prodan has assured Russia that it will pay its $470 million bill on time - although there are hints that it will have to borrow the money - possibly from Moscow.  According to Reuters, the new gas deal between Polish and Russian companies will be approved within weeks.  Total and Statoil have both recorded a steep decline in third-quarter profits.  Lukoil will expand its trading business in the Asian zone, especially in naphtha and fuel oil, in the first six months of 2010.  A factbox on the buying and selling of European refineries here.  Gazprom has apparently made a ...

The Clorox Company (CLX) reported strong results for the first quarter of fiscal 2010 with earnings of $1.11 per share. Earnings were well above the Zacks Consensus Estimate of 95 cents and up 23.3% year-over-year. Net sales for the quarter were almost flat year-over-year, declining marginally by 0.8%. The decline was primarily attributable to unfavorable foreign exchange rates, unfavorable product mix and higher trade-promotion spending. These factors were partially offset by the benefit of price increases, especially in the International segment. Total volume increased 1%, primarily due to higher shipments of disinfecting wipes and bottled salad dressing, which were largely offset by lower shipments of trash bags and the company's exit from its private-label food bags business. Segment-wise In the Cleaning segment, sales increased 3% and volumes grew 4%. Volume increase was driven by increased shipments of disinfecting products to meet demand associated with ...

Colgate Palmolive Company (CL) reported results for the third quarter of 2009 with earnings of $1.12 per share, which was a penny above the Zacks Consensus Estimate of $1.11. Earnings were up 13.1% year-over-year, driven by effective price implementation and ongoing aggressive cost savings program. Net sales for the quarter were flat year-over-year declining marginally by 0.3% to $3.9 billion as unit volume increased 1.5% and pricing contributed 5.0%. This was partially offset by negative foreign exchange translation of 6.5%. Organic sales (excluding foreign exchange, acquisitions and divestitures) increased 7.0% in the quarter. North American sales increased 3.0% driven by 1.5% pricing and 5.0% unit volume growth, partially offset by 0.5% negative currency translations. In Latin America, sales grew 5.0% as unit volume increased 3.0% driven by solid gains in Venezuela which were partially offset by an 11.0% negative foreign exchange impact. In Europe/South Pacific, ...