Chevron gains China Sea exploration blocks
San Ramon-based Chevron said Wednesday its China subsidiary has gained access to more than 2,200 square miles of crude oil production acreage off the coast of China.
The Chevron unit has entered into production-sharing contracts with China National Offshore Oil Corp., or CNOOC, for two exploration blocks offshore. The blocks are in the Pearl River Mouth Basin of the South China Sea.
The subsidiary, Chevron China Energy, will hold a 100 percent interest in the two blocks.
During the exploration phase, Chevron China Energy will be the operator of the two blocks. The blocks are in shallow water and cover an area of about 2,233 square miles.
Jamba Juice reiterates its outlook for 2012
Emeryville-based Jamba Juice reiterated its guidance for fiscal 2012, which includes an increase in same store sales that should range from 4 percent to 6 percent.
Jamba also will develop 60 to 80 locations worldwide, including in the United States.
The smoothie and food retailer also said it will add up to 100 Smoothie Stations.
"We believe 2012 provides an excellent foundation for accelerated growth and continued progress in transforming Jamba," CEO James White said.
Schwab profit, sales rise in fourth quarter
San Francisco-based Charles Schwab reported that both profit and revenue rose in its fourth quarter.
The investment brokerage earned $189 million on revenue of $1.22 billion. Compared with the year-ago quarter, profit jumped 16 percent and revenue rose 9.9 percent.
For all of fiscal 2012, Schwab earned $883 million on revenue of $4.88 billion. Compared with 2011, profit rose 2.2 percent and revenue was up 4.1 percent.
Per-share profit during the quarter totaled 15 cents, which matched Wall Street's predictions.