FYI: Business
BY Staff and Wire reports
Saturday, January 26, 2013
1/26/13 at 3:01 AM
State drilling rig count jumps by eight to 190
The number of drilling rigs actively exploring for oil or natural gas in Oklahoma climbed by eight this week to 190, Baker Hughes Inc. reported Friday.
The tally is down 13 from a year ago, when it was 203.
Nationwide, the net number of active drilling units rose by four to 1,753 - the first gain in nine weeks.
A year ago, the U.S. rig count was 2,008, , according to Houston-based Baker Hughes' website.
Of the rigs operating across the country this week, 1,315, or 75 percent of the total, were drilling for oil, while 434 were exploring for gas. Four rigs were listed as miscellaneous. A year ago, 61 percent of active rigs were exploring for oil, according to Baker Hughes data.
Friday on the New York Mercantile Exchange, benchmark crude oil fell 7 cents to close at $95.88. per barrel. Natural gas finished the week unchanged at $3.44 per 1,000 cubic feet.
S&P 500 in longest win streak since 2004
The Standard & Poor's 500 index closed above 1,500 on Friday for the first time since the start of the Great Recession in 2007, lifted by strong earnings from Procter & Gamble and Starbucks.
The S&P 500 rose 8.14 points to 1,502.96. It was the eighth straight gain, the longest winning streak since November 2004.
The Dow Jones industrial average closed at 13,895.98, up 70.65 points. The Nasdaq composite gained 19.33 points to 3,149.71.
Procter & Gamble, the world's largest consumer products maker, gained $2.83 to $73.25 after reporting that its quarterly income more than doubled. P&G also raised its profit forecast for its full fiscal year. Starbucks rose $2.24 to $56.81 after reporting a 13 percent increase in profits.
"Earnings are growing," said Joe Tanious, a global market strategist at JPMorgan. "The bottom line is that corporate America is doing exceptionally well."
So far this year, the S&P 500 is up 5.4 percent and the Dow is up 5.5 percent.
Subway says sorry about short 'Footlong'
Subway is apologizing that its "Footlong" sandwiches fell about an inch short of expectations.
The world's largest fast-food chain faced widespread criticism last week after a man posted a photo online showing a "Footlong" next to a tape measure that showed it to be just 11 inches.
Subway said Friday that it's redoubling efforts to "ensure consistency and correct length" in all its sandwiches. The company noted last week that bread length could vary when franchisees don't bake to its specifications, and that it would reinforce policies to ensure the bread's consistency.
In a statement Friday, Subway expressed "regret" for "any instance where we did not fully deliver on our promise to our customers."
It declined to comment on lawsuit filed this week by two New Jersey men over the subs.
NGL Energy Partners ups cash distribution
NGL Energy Partners LP's board of directors raised its quarterly cash distribution to 46.25 cents per unit, the Tulsa-based propane and crude oil distributor announced Friday.
The distribution for the third fiscal quarter ending Dec. 31 is 1.25 cents higher than the payout for the previous quarter.
The payment will be made Feb. 14 to unitholders of record at Feb. 4's close of business.
NGL Energy Partners, which was founded in 2010 and taken public a year later, owns and operates wholesale and retail propane storage and distribution assets, crude oil logistics and water treatment services nationwide.
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