The Boeing Company’s (NYSE:BA) joint venture with Lockheed Martin (NYSE:LMT) will sell as many as 36 rocket launches for government satellites to the United States Air Force under a plan that has been okayed by the Defense Department, according to Reuters.
Caterpillar (NYSE:CAT) and Ariel Corporation have formed a 50-50 joint venture that will supply well service pressure pumping products to customers in the worldwide oil and gas industry. The combined venture, Black Horse, also reported the purchase of the pump maker ProSource of Houston. Through the terms, executives from Caterpillar’s Marine and Petroleum Power Division and Ariel Corporation will jointly lead Black Horse while the acquisition of ProSource, which designs and makes reciprocating pressure pumps, allows the venture firm to serve the well service market. Black Horse will leverage Caterpillar and Ariel engineering and manufacturing expertise to broaden ProSource’s existing product line to better serve world oil and gas customers.
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The Travelers Companies’ (NYSE:TRV) preliminary estimate of net losses from Sandy is around $650 million after taxes including estimated recoveries from reinsurance. This $650 million estimate reflects a gross loss calculation (pre-tax and before reinsurance) of $1.135 billion and is based upon an analysis of claims that are already reported or projected to be reported along with estimated values of properties in the affected areas, estimates of damage from wind and other perils, and other factors that require considerable judgment.
Chevron Corporation (NYSE:CVX): Domestic crude-oil production hit its highest level in almost 15 years in September, due in large part to the drilling method known as hydraulic fracturing, according to the United States Energy Information Administration. Daily output averaged around 6.5 million barrels, representing an increase of 16 percent or about 900,000 barrels year-over-year from September 2011, according to the Wall Street Journal.