Tulsa World: FYI: Business

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FYI: Business

By Staff and Wire Reports
Published: 10/24/2009 2:24 AM
Last Modified: 10/24/2009 5:17 AM

Oklahoma rig count dips by one to 73

The number of drilling rigs actively exploring for oil or gas in Oklahoma fell by one this week to 73, Baker Hughes Inc. reported Friday.

The state's rig count is 61 percent below the year-ago level of 187.

Nationwide, the net number of active drilling units grew by eight this week to 1,048, according to Houston-based Baker Hughes. A year ago, the total was 1,964.

Of the other major oil- and gas-producing states, Louisiana grew by three rigs this week, and California gained one. North Dakota dropped two rigs this week, while Alaska and New Mexico lost one each.

The number of rigs in Arkansas and Colorado were unchanged.

The rig count tally peaked at 4,530 in 1981 and was a record low of 488 in 1999.

Whirlpool profit slips; cost-cuts raise outlook

Whirlpool Corp., the world's biggest home appliance maker, raised its profit outlook for the year on Friday, saying cost-cutting that has tempered steep sales declines will pay off in the final quarter of the year.

A slumping demand, which has been going on for months, took a toll on the company's third quarter, as its profit fell 47 percent. Whirlpool has cut jobs and closed a factory to deal with lower sales.

The company manufactures kitchen ranges at a plant in north Tulsa County.

The improved outlook and earnings that handily topped expectations led Whirlpool shares to jump $3.59, or nearly 5 percent, to $77.13 in trading Friday.

The company also boosted its expectations slightly for the U.S. industry this year, although it still expects total industry shipments to decline 10 percent.

For the quarter, Whirlpool, based in Benton Harbor, Mich., earned $87 million, or $1.15 per share in the quarter, down from $163 million, or $2.15 per share, a year earlier.

American, others hike round-trip fares

AMR Corp.'s American Airlines raised fares on round-trip flights by $10 and was followed by UAL Corp.'s United Airlines and US Airways Group Inc., according to FareCompare.com.

The boost is the fifth this year and the second in two weeks, Rick Seaney, CEO of the Dallas-based provider of ticket-price information, said in a report.

There were 15 fare increases in 2008, he said.

"Airfare hikes that are matched this quickly by all network airlines rarely fail," Seaney said in the report.

American Thursday matched the increase of $5 one way and $10 round trip, which was started by Delta Air Lines Inc. on Oct. 21 and applies to most U.S. flights, said Steve Schlachter, a spokesman for Fort Worth, Texas-based American. By Staff and Wire Reports

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