1Q2007

Denver-based Gasco Energy reported record-breaking production volumes for 2Q2007 of 1.1 Bcfe, which was 8% higher sequentially than in 1Q2007 and 30% above 2Q2006. However, with none of its production protected by hedging, the price differentials for Rocky Mountain natural gas played havoc with the company’s balance sheet and sent it to a loss for the quarter.

Challenged by lower energy prices and production, ExxonMobil Corp. overcame the odds and finessed its way to a surprising 10% gain in 1Q2007 net profit from a year ago.

In a retreat from the record profits of a year ago, BP plc reported Tuesday that 1Q2007 profit fell 17% from the same period in 2006 on falling energy prices and lower oil and natural gas production. Occidental Petroleum Corp. (Oxy), the fourth-largest U.S. oil company, reported a 1.5% decline in profit.