Chevron Corp. said about 1,100 employees were eligible for severance payments at the end of the first quarter, after the nation's second largest oil company eliminated the positions as part of a restructuring and reorganization plan.

Dril-Quip Inc., which makes offshore drilling and production equipment, said Friday it authorized a buyback of up to $100 million of its common stock.

Dril-Quip Inc., which makes offshore drilling and production equipment, on Friday issued a second-quarter earnings prediction below Wall Street expectations.

A Lehman Brothers analyst says high oil prices will keep Hess shares around their current price, and he upgraded the stock as a result. Paul Cheung raised his rating on New York-based Hess Corp. to "Equal weight" from "Underweight," and raised his profit estimates for the last three quarters of 2008...

Following is a summary of top stories in the energy sector Thursday afternoon: Oil prices, gas at the pump rise to new records

Offshore oilfield service provider Atwood Oceanics Inc. said Thursday its fiscal second-quarter profit rose 32 percent on a 20 percent jump in revenue.

Oil and gas producer SandRidge Energy Inc. said Thursday its first-quarter loss widened on a hefty one-time charge related to a change in value of certain financial contracts, but revenue soared on booming production.

Forest Oil Corp. extended its bank line of credit to $1.8 billion to give it more capital for potential acquisitions, the oil and natural-gas exploration company said Thursday.

Oil and gas producer Plains Exploration & Production Co. said late Wednesday its first-quarter profit rose as a result of recent acquisitions and higher commodity prices.

Oil and gas producer Arena Resources Inc. said Thursday its first-quarter profit more than tripled on higher prices and volumes produced. Net income for the three months ended March 31 climbed to $18.3 million, or 51 cents per share, compared with $5.7 million, or 18 cents per share, in the year-ear...

Oil and natural-gas producer Swift Energy Co. said Thursday its first-quarter profit jumped 75 percent on higher prices. Net income for the three months ended March 31 rose to $48.4 million, compared with $26.5 million in the year-earlier quarter.

ATP Oil & Gas Corp. said Thursday its first-quarter earnings leaped 71 percent on higher production and soaring sales of oil and gas. The results blasted past Wall Street's expectations. Shares jumped $2.40, or 7.1 percent, to $36.01 in premarket trading, from their close at $33.61.

Natural-gas provider El Paso Corp. said Thursday it expects to post a 2008 profit "sharply higher" than its previous estimate of $1 to $1.10 per share, citing benefits from its hedging strategy.

At least two major oil companies said late Wednesday they have agreed to settle lawsuits over the use of the gasoline additive MTBE, a potential carcinogen that has been found in drinking water.

Federal prosecutors violated the rights of victims of a deadly 2005 explosion at a BP PLC plant when they didn't consult them about a plea agreement to settle criminal conduct in connection with the blast, a federal appeals court ruled Wednesday.

Oil industry contractor Willbros Group Inc. on Wednesday raised its full-year earnings forecast range by 5 cents per share, sending shares up after hours.

Oil industry contractor Willbros Group Inc. said Wednesday it swung to a profit in the first quarter as sales more than doubled on strength at a recently acquired Canadian pipeline construction business.

Energy company Penn Virginia Corp. said Wednesday its first-quarter profit fell 11 percent, as a jump in derivatives expense offset revenue growth. For the quarter ended March 31, Penn Virginia earned $3.9 million, or 9 cents per share, compared with $4.4 million, or 11 cents per share, for the same...

French oil company Total SA said Wednesday its first-quarter net profit jumped 18 percent as record oil prices made up for the weak dollar and a drop in refining margins.