Market Overview

Market Update

Shares of BHP Billiton Ltd (NYSE: BHP) gained about 2.1% after the company reported a 22% rise in its three-month iron ore production. BHP Billiton's quarterly production rose to 41.1 million tonnes. Its quarterly petroleum production climbed 56% y/y, while copper production fell 7%.

Shares of CNOOC Ltd (NYSE: CEO) dropped about 0.8% after the company announced its plans to produce 2.4% more oil and gas in 2012. CNOOC expects to produce 330 to 340 million barrels of oil equivalent (boe) this year, versus projected output of 331 to 332 million boe in 2011. In August last year, CNOOC cut its 2011 output forecast from 355 to 365 million barrels of oil equivalent to 331 to 341 million.

Shares of Marsh & McLennan Companies Inc (NYSE: MMC) rose about 0.03% after the company appointed Julio A. Portalatin as president and chief executive of the company's human resources consulting unit Mercer.

Shares of Laredo Petroleum Holdings Inc (NYSE: LPI) fell about 0.5% after the company projected a 25% rise in average production in 2012. Laredo Petroleum projects to produce around 10.6 million barrels of oil equivalents (MMboe) in 2012, up from 8.5 MMboe, in the year-earlier period.

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