U.S. DOE allocates $57.5M for smart grid tech

The U.S. Energy Department announced a total of $57.5 million in funding from the stimulus package to continue eight projects to advance smart grid technologies.

China and Ecuador in talks for 2-year oil supply

Ecuador continued in talks with China on Monday, to supply oil to the Asian country under a two-year contract. China would give Ecuador a $1 billion down payment for oil sales, according to Ecuador's Economic Policy Minister Diego Borja, Reuters noted.

Halliburton 2Q profit drops

Halliburton Co., the world’s second largest oil services firm, reported its second quarter net profit fell $262 million or 29 cents per share, from $504 million or 55 cents per share a year earlier. Its earnings results were affected by weak demand and lower prices but they surpassed analysts' forecasts.