exploration and production

Chevron Corp. said Tuesday that it expects to report lower earnings for its oil exploration and production business in the third quarter, reflecting a sharp drop in oil-equivalent production for the period.

BP PLC says it isn't paying bonuses for 2010 to company executives who had responsibility for operations in the Gulf of Mexico, including former Chief Executive Tony Hayward and former head of exploration and production Andy Inglis.

Williams Cos. plans to split into separate companies — one for oil exploration and production, and the other to operate pipelines.

Its shares jumped in aftermarket trading.

Offshore drilling services company Hercules Offshore Inc. said Wednesday it posted a $48.3 million third-quarter loss, citing a steep drop in U.S. exploration and production capital spending.

Halliburton says its second-quarter profit tumbled 48 percent as sluggish exploration and production activity, particularly in North America, crimped results.

Halliburton said Monday its second-quarter profit tumbled 48 percent as sluggish exploration and production activity, particularly in North America, crimped results.

Its earnings beat Wall Street forecasts, though the company offered little hope for an uptick in drilling before year's end.