ConocoPhillips (NYSE:COP) and CNOOC Limited (NYSE:CEO) agree to pay 1 billion Chinese yuan, or around $159 million, to settle compensation claims resulting from oil spills in China’s Bohai Bay. Though tiny compared with BP’s Plc (NYSE:BP) 2010 Gulf of Mexico disaster, the leaks had provoked stern criticism from Chinese authorities.

Investing Insights: Southern Company Earnings: Positive Earnings Streak.

McDermott (NYSE:MDR) gains after announcing it has won a $2 billion engineering and construction contract. The contract is from Japan’s Inpex Corporation related to a natural gas project off the coast of Australia. McDermott claims the deal is the “largest subsea contract” it has seen.

Eni (NYSE:ENI), an Italian oil and gas giant dives after sharing that it expects its refining and marketing unit to have posted a $714 million loss for 2011.

Earnings Report: Hess Corp Earnings: Profit Streak Snapped by a Loss.

Hess (NYSE:HES) drops after its fourth quarter earnings per share fell. The drop is largely due to a $525 million loss tied to shutting down a refinery in the United States Virgin Islands and $236 million in exploration expenses tied to dry hole costs for two wells in Indonesia. Production fell to 367,000 barrel of oil equivalent per day. Last year production was at 420,000 barrels over the same period.

RPC (NYSE:RES), an oilfield services company is down today, coming up short of estimates for its fourth quarter. Higher than anticipated employment, and raw material expenses, are partly to blame for not meeting expectations. Cost of revenues came in at $268 million, or 55.6% of revenues, compared to $174 million, or 53.2% in the year prior.

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