Industry

ConocoPhillips posted second-quarter earnings of US$3.4 billion which was an 18 per cent drop on last years Q2 2010 profits of US$4.2 billion.

Petrotechnics has opened a new office in Saudi Arabia that will help the company grow its regional presence and enable it to bring its IT solutions to a wider audience.

Occidental Petroleum Corporation (OXY) announced higher quarterly profits of $1.8 billion for the Q2 of 2011, compared with US$1.1 billion for Q2 in 2010, on the back of higher crude oil prices.

FMC Technologies announced that second quarter 2011 revenue hit US$1.2 billion, a rise of 21 per cent from the prior-year quarter , thanks to higher than expected demand in the North American market.