Lower production, prices hurt Chevron 3Q profit

Chevron Corp. said Friday its third-quarter net income fell 33 percent as production declined and it sold oil and gas at lower prices.

The nation's second-largest oil company earned $5.25 billion, or $2.69 per share, in the July-through-September quarter. That compared with net income of $7.83 billion, or $3.92 per share, in the year-ago quarter. Revenue fell to $55.66 billion from $61.26 billion.

The sluggish global economy has cut into worldwide demand for energy products, from gasoline and diesel to jet fuel. Concerns about economic growth have caused oil and natural gas prices to fall, hurting the bottom line for oil producers.

Exxon Mobil Corp., the nation's biggest oil company, on Thursday said net income fell 7 percent as production and prices fell. Improved refining results allowed it to beat Wall Street profit estimates, however. Chevron's refining business was hurt by the loss of a crude unit in an August refinery fire.

Chevron, which is based in San Ramon, Calif., said disruptions to its Gulf of Mexico operations from Hurricane Isaac and planned maintenance at some international facilities curtailed production. Also, its operations remain idle off the shore of Brazil pending investigations into two oil spills. Some of the loss was made up by increased production on other properties.

Chevron's net production totaled 2.52 million barrels per day worldwide, a decrease of 3 percent from a year ago. In the U.S., Chevron's production fell 4 percent to 637,000 barrels per day, partly because it sold Alaskan assets last year.

The company expects production to increase in the fourth quarter from the third quarter, reflecting completed maintenance and the restoration of Gulf operations.

Chevron sold oil and natural gas liquids for $91 per barrel in the U.S. during the quarter, compared with $97 per barrel a year ago. Natural gas prices averaged $2.63 per 1,000 cubic feet compared with $4.14 per 1,000 cubic feet a year ago.

Outside the U.S., the average price for oil and natural gas liquids was $98 per barrel, down from $103 per barrel a year ago. Natural gas sold for $6.03 per 1,000 cubic feet compared with $5.50 per 1,000 cubic feet.

Morningstar Inc. analyst Allen Good noted that Chevron's production of gasoline, diesel and other refined products was "particularly weak" because the damaged Richmond, Calif., refinery crude unit was out of operation. That lowered overall production at the refinery by about 118,000 barrels per day. The unit is expected to be back in operation sometime in the first quarter.

Good described the results as "a bad quarter for Chevron."

Argus Research analyst Phil Weiss said Chevron is still in a good position with a slate of projects in development. "As long as they execute on those projects, they're going to benefit the production and leave the company well-positioned for the future," he said.

Chevron shares fell $2.81, or 2.5 percent, to $108.65 in afternoon trading. In the past 52 weeks, the price has ranged from $92.29 to all-time high of $118.53 per share. Exxon shares dropped $1.01, or 1.1 percent, to $90.59. Oil futures were down nearly 2 percent in trading in New York.

Source: http://news.yahoo.com/lower-production-prices-hurt-chevron-3q-profit-125557229--finance.html

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The cost of prescription drugs: Comparison of two countries

ScienceDaily (Nov. 1, 2012) ? In the United States, the cost paid for statins (drugs to lower cholesterol) in people under the age of 65 who have private insurance continues to exceed comparable costs paid by the government in the United Kingdom (U.K.) by more than three fold. These results from Boston University's Boston Collaborative Drug Surveillance Program, are a follow up of an ongoing comparison of prescription drug costs between the U.S. and U.K. The initial results reported on relative drug costs in 2005.

The current updated results for 2009 appear this week in the journal Pharmacotherapy.

In a comparable base population of about 1.2 million people in each country, the estimated number prescribed a statin increased from 103,000 in 2005 to 125,000 in the U.S. in 2009 and from to 67,000 to105,000 in the U.K. The total estimated cost for statins in the U.S. paid by private health insurance companies was $87 million in 2005. In July 2006, simvastin (Zocor) was made available in a generic formulation and became the most widely prescribed statin. The cost per pill fell from $3.91 in 2005 to $0.20 in 2009. As a result, despite the increase in number of statin users in the U.S. the total private insurance cost for all statins fell from an estimated $87 million in 2005 to $47 million in 2009. In the U.K., where costs are paid for by the government and generic statins were widely available and prescribed, the total statin cost was estimated to be $17 million in 2005. Because the cost of generic statins continued to be reduced the total cost fell to $14 million in 2009 despite a large increase in the number of users.

Cost estimates for Proton Pump Inhibitors show a similar pattern to those for statins. The total cost for continuous users was estimated to be $14 million in the U.S. compared to $4 million in the U.K. in 2005. Costs in both countries fell about 20 percent in 2009 as generic formulations became more available at lower cost.

In the U.S., over the past decade, roughly 180 million people below age 65 years have been covered annually by private health insurance companies. Based on the large sample of about 1.2 million people (0.7 percent) the researchers estimate that the total cost of branded statins paid by private insurance companies was more than $10 billion in 2005. Due to the availability of generic formulations of these drugs, the cost fell by half in 2009 for a savings of some $5 billion. Reductions related to other prescription drugs have regularly occurred.

"The cost of prescription drugs incur a tremendous burden to the U.S. economy, whether paid by private insurance companies through higher insurance premiums or paid by the government that provides this service for the military, other government employees, the elderly and others," said author of the accompany editorial Hershel Jick, MD, director emeritus of the Collaborative Drug Surveillance Program and associate professor of medicine at Boston University School of Medicine.

According to Jick, these results are based on reliable, inexpensive and transparent resources that can be used to form a basis for considering public and private policy related to the cost of prescription drugs. "Information on a substantial majority of drugs, including those prescribed primarily for children, can be derived from these continuous reliable electronic data resources. They yield critical insight into the difference in drug costs between the U.S. private sector compared to the U.K. government that can lead to creation of policy that provides greater efficiency and large cost savings," he added.

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Disclaimer: This article is not intended to provide medical advice, diagnosis or treatment. Views expressed here do not necessarily reflect those of ScienceDaily or its staff.

Source: http://feeds.sciencedaily.com/~r/sciencedaily/most_popular/~3/KYJvV6xL6q4/121101073150.htm

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NICE backs melanoma drugs after price cuts

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US college student stabbed in Rome after party

ROME (AP) ? A U.S. student at an American university in Rome was stabbed about 25 times by a fellow student as he slept following Halloween night partying at a club and is hospitalized in serious condition, police said Thursday.

The alleged assailant, an American-born student with both U.S. and Italian citizenship, was arrested early Thursday in a Rome apartment near the Colosseum and will likely face a court appearance on Friday, police said. The motive for the attack, which apparently followed a night of alcohol use, wasn't clear.

Police did not immediately release the name of the wounded student, who they said is about 20 years old. San Giovanni hospital, where he was taken, declined to give any details about his condition.

Both young men attend John Cabot University in Rome, university president Franco Pavoncello told The Associated Press. He declined to give other details Thursday night, except to say the hospitalized student's wounds didn't appear to be life-threatening.

Source: http://news.yahoo.com/us-college-student-stabbed-rome-party-220621948.html

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Skyfall- Movie Review | Entertainment | Know your city

Director: Sam Mendes

Cast: Daniel Craig, Naomie Harris, Judy Dench, Javier Bardem, Ralph Fiennes,?B?r?nice Marlohe, Albert Finney.

b! Says: *** & 1/2

?

What?s it about?
Bond (Daniel Craig) and agent Eve (Naomie Harris) are attempting to prevent the theft of a hard drive that contains the names of every undercover MI6 agent embedded in terrorist organizations across the globe. Eve takes a shot at the bad guy, but the bullet hits Bond instead. Agency head M (Judi Dench) believes that Bond is dead, but she has bigger problems to deal with. The hard drive has fallen into the wrong hands and identities of agents are leaked, thus compromising their safety. Bond crawls out of the shell he?s been hiding under after an explosion takes out the MI6 headquarters. He?s re-assigned the case and investigations lead Bond to femme fatale Severine (Berenice Marlohe), who takes him to Silva (Javier Bardem), a former MI6 agent gone rogue and seeking revenge against the organization.

Craig, having shaken off the emotional baggage ?Quantum of Solace? required him to carry, is back in fine form. He?s blessed with neither the refinement of?Pierce Brosnan?nor the charm of Sean Connery, but Craig brings a raw physicality to the character that is so attractive. Bardem is brilliant as the unhinged villain, whose smile alone would make you want to skitter away across the room. Whishaw makes for a delish boy genius and Dench is reliable as ever as the no-nonsense agency head.

The film, apart from being packed with tributes and inside jokes to keep fanboys happy, is also extremely easy on the eye. The action sequences are beautifully shot and a scuffle captured in silhouette against the backdrop of neon city lights, makes for special mention.

However, there?s more than one shortcoming. The Bond girls have no spunk ? one, a simpering strumpet, the other, an adoring sidekick. Some of the methods employed by Bond to kick butt are so juvenile, they look like they were dreamt up by ten-year-olds. Also, the climax feels like it?s straight out of a Bollywood flick from the 70s ? tears, famous last words et al.

What to do?
Although it?s no ?Casino Royale?, the new Bond movie is far from a Skyfail. Watch it.

Source: http://know.burrp.com/arts-entertainment/skyfall-movie-review/45937

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China bans toy planes, pigeons to secure congress

BEIJING (AP) ? Don't roll down the taxi windows. Don't buy a remote-controlled plane without a police chief's permission. And don't release your pigeons.

Beijing is tightening security as its all-important Communist Party congress approaches, and some of the measures seem downright bizarre. Kitchen knives and pencil sharpeners reportedly have been pulled from store shelves, and there's even a rumor that authorities are on the lookout for seditious messages on pingpong balls.

The congress, which begins Nov. 8, will name new leaders to run the world's most populous country and second-largest economy for the next decade. Most of the security measures have been phased in in time for Thursday's opening of a meeting of the Central Committee, the roughly 370-member body that is finalizing preparations for the congress.

China always tightens security for high-profile events, like much of the rest of the world. London, for instance, restricted air traffic during the Olympics.

But many of Beijing's rules seem extraordinary, perhaps in an effort to smooth a once-a-decade transition that has already been bumpy.

Bo Xilai, once a candidate for the all-powerful Politburo's Standing Committee, suffered a spectacular fall from grace in which his wife was convicted of murder. One of President Hu Jintao's closest aides was demoted, apparently after his son was killed alongside two partially dressed women in an accident in his Ferrari. Meanwhile, protests over pollution, land seizures and local corruption continue across the country.

Human rights groups report that activists and petitioners are being rounded up ahead of the congress. But the broader security measures may best illustrate how China is trying to leave absolutely no room for disruptions.

The government has blocked searches for the phrase "18th Party Congress" on websites including China's popular Twitter-like Sina Weibo. Internet posters manage to get around that by using characters that sound like "party congress." One substitute: "Sparta."

Taxi drivers have been told to remove window handles, to avoid sensitive parts of the city and not to open their windows or doors if they pass "important venues." Some taxi drivers, but not all, have been told to ask passengers to sign a "traveling agreement" if they want to go near Tiananmen Square.

A man who answered the phone at Wan Quan Si taxi company in the south of the capital said the rule applies to all taxi companies in Beijing. He declined to give his name.

Beijing investment company worker Li Tianshu said she didn't believe colleagues' claims that door handles had been removed until she got into a taxi herself the other day.

"There were no handles for three of the four windows," she said. "The driver told me that their company asked them to do it to prevent passengers spreading leaflets. The driver complained that if they don't take the handles away or the passengers throw leaflets out of the taxis, they will be fired."

Citizens have taken to Weibo to post photos of doors with handles crudely ripped off. Liu Shi, a client manager in a mass communication company, wrote that the taxi driver had told him that power to electronic window buttons would also be cut.

A memo circulating on Weibo warned taxi drivers to be on guard against passengers who may want to cast balloons with slogans or throw "pingpong balls with reactionary words." It was unclear who issued the memo and its authenticity could not be confirmed.

A man who wouldn't give his name at Tong Hai taxi company in central Beijing said it had received orders "from higher authorities" to reinforce security measures and a memo, but he wouldn't elaborate.

Police in the capital are asking that Chinese show their ID cards and foreigners their passports when buying remote-controlled model aircraft over safety concerns, the official Global Times newspaper reported Tuesday.

One toy store owner said authorities had told him to stop selling medium and large-sized planes.

"This kind of plane can't fly over long distances and it can hardly carry anything," said Chen Ziping, holding up a model about half a meter (half a yard) long. "They just told me to stop selling it and I have to follow the order."

The Global Times quoted an unnamed police officer from Aoyuncun station in Chaoyang district as saying that people wanting to buy model planes during the congress should go to the vendor's local police station to register. When the buyer receives approval from the station's police chief, he can make the purchase, the officer said.

Still, they won't be allowed to fly model planes in the city, and balloons also are on the blacklist, the newspaper said. It cited another officer from Chaoyang district Public Security Bureau as saying that pigeon owners must keep their birds in their coops during the congress.

Chen Jieren had a run-in with the security rules Sunday after the handle of his knife broke while he was cooking dinner. He took his ID card to the supermarket, knowing that people must show identification when buying knives during sensitive periods.

"Well, it didn't work this time," Chen said in a telephone interview. "I was told by the police that no more knives can be sold, not even pencil sharpeners. And I don't think the shopkeeper was kidding, because several days ago I saw myself that police were asking the sales assistants in the stationer's not to sell pencil sharpeners.

"I went back and got an old knife and tried to sharpen it. I guess I have to live with it until the Congress finishes," he added, glumly.

Wang Ye, an engineer from Beijing who lives in Shanghai, was planning on returning to his home city to run a marathon, but it was postponed with no word on when it might be held. The date of a marathon in the eastern city of Hangzhou, near Shanghai, was also changed.

"There is no official explanation, but we all know that it is due to the 18th Congress," he said. "(The Beijing marathon) has been held regularly for the past 31 years.

"I guess I will give up running competitions in China and try to attend more abroad," said Wang. "At least they tell me the schedule one year before the event."

Source: http://news.yahoo.com/china-bans-toy-planes-pigeons-secure-congress-122422426.html

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In Nevada, Ryan Urges Early Voting One Day Before Deadline

RENO - Paul Ryan had a direct message for Nevadans Thursday: "Early voting doesn't end until tomorrow so don't forget that you can get out and early vote."

Ryan told several hundred people in this battleground state that Nevada is "crucial."

"A handful of states are going to determine this thing," Ryan said at the Reno-Sparks Convention Center.

Ryan then told the crowd to talk to those in their lives who may have helped Barack Obama defeat John McCain here four years ago. It's a theme he's struck at many campaign stops.

"In a state where you have unemployment above 11 percent, [hope and change is] not working," he said.

According to the Nevada Secretary of State, 533,064 votes have already been cast, which is 55 percent of the total votes cast in 2008. Of those ballots, 235, 514 are from registered Democrats, 200,678 are from registered Republicans, and 96,872 are from "other."

According to a Pew Research Center survey, the race is neck-and-neck among early voters, a stark contrast with this point in 2008, when Obama led John McCain by 19 points among those who had voted early.

Ryan is headed to Las Vegas next, where he will greet volunteers at a campaign office. The president was also in Las Vegas this afternoon holding a rally in front of several thousand on his first day back on the campaign trail after taking a break from politics to deal with the devastation of superstorm Sandy.

The president and Ryan have been circling each other today. Both stopped in Wisconsin and Colorado. The GOP vice presidential nominee began his day in his hometown of Janesville after taking his children trick-or treating last night, then holding an event in Greeley, Colo. The president was in Green Bay, where Ryan was yesterday, and will end his day with an event in Denver this evening.

In Reno, Ryan tailored his remarks for the Nevada audience and its six electoral votes, a state that has been hit incredibly hard by the home foreclosure crisis.

"When you also think about the economic damage, you don't have to look very far beyond the Reno city limits," Ryan said. "You don't have to look very far beyond the foreclosure rate here in Nevada. You don't have to look at all the underwater mortgages. This is not what a real recovery looks like."

Polls are tight here with most giving the president a small advantage. An NBC News/Wall Street Journal/Marist poll from Oct. 24 has Obama up by three points with 50 percent support to Romney's 47 percent. The latest ABC News/Washington Post national tracking poll from Thursday still has the two candidates tied with the president at 48.56 percent support and Romney at 48.49 percent.

Ryan will head back to Colorado tomorrow, stopping in Montrose before traveling to Iowa for a campaign event in Cedar Falls, and ending the day with a joint rally with his running mate, as well as scores of other surrogates in West Chester, Ohio.

ABC News' Elizabeth Hartfield contributed to this report.

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Source: http://news.yahoo.com/nevada-ryan-urges-early-voting-one-day-deadline-013305139--abc-news-politics.html

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