Income

ExxonMobil Corp. for the second year in a row tops a Forbes magazine list as the world’s most profitable company, with $44.9 billion in income in 2012, but its reign as the largest publicly traded company has been usurped by a Chinese bank.

Forest Oil Corp. has struck an agreement with Schlumberger that the company said will allow it to accelerate development of its Eagle Ford Shale acreage.

Hedge fund TPG-Axon Capital, one of SandRidge Energy’s largest investors, continues to push for changes at the Oklahoma City-based exploration and production company, calling for the replacement of SandRidge’s entire board of directors.

Marathon Oil Corp.’s third quarter profits jumped 11% year/year on strong revenue growth and increased production, especially from the Eagle Ford Shale.

Chevron Corp. on Friday said net income plunged in 3Q2012 by one-third from a year ago on lower production and lower sales prices.

With non-strategic assets sales behind it, The Woodlands, TX-based Newfield Exploration Co. is focusing on multiple oil and liquids-rich projects and is placing particular emphasis on drilling longer laterals.

Access Midstream Partners LP, formerly Chesapeake Midstream Partners LP, reported that net income jumped more than 25% year/year in part because of increased business in the Marcellus and Barnett shales.

Natural gas liquids (NGL) drilling has begun to deteriorate in some U.S. basins, Baker Hughes Inc. CEO Martin Craighead said Friday.

Penn Virginia Corp. (PVA) on Tuesday agreed to sell “substantially all” of its gassy Appalachian Basin portfolio, except the Marcellus Shale assets, to help fund development in the oily Eagle Ford Shale in South Texas.