Royal Dutch Shell plc Thursday reported a 60% rise in profit in the last three months of 2007, attributing the gains to higher commodity prices and asset sales. The Anglo-Dutch major also reported hiring more than 4,500 energy professionals and adding 43,000 square kilometers (16,602 square miles) to its exploration portfolio as it rejuvenates its company resources.
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Gastar Attributes 162% Increase in Proven Reserves to East Texas Play
Gastar Exploration Ltd. increased its net proven reserves 162% in 2004, attributing most of the increase from its Deep Bossier Hilltop play in East Texas. Year-end 2004 net proven reserves totaled 20.7 Bcfe and year-end net proven plus probable reserves totaled 62.2 Bcfe.
Accounting Change Impacts Oneok’s 2Q Results
Attributing the decline in earnings to an accounting change, Oneok Inc. announced 2Q2003 net income of $22.5 million, or 23 cents per diluted share of common stock for the second quarter 2003, compared with $35.4 million, or 29 cents per diluted share, for the same quarter a year ago.
NW Natural Keeps Earning Estimates on Target, Despite Failed PGE Buy
Portland, OR-based Northwest Natural Gas Co. (NNG) Monday is keeping its 2002 earning estimates at the $1.90 to $2.05/share level, attributing a lot of the good news to an approved settlement it reached earlier with the Oregon Public Utilities Commission (PUC). These estimates take into consideration a one-time, second quarter charge of 32 cents/share for NNG’s failed bid to buy neighboring utility Portland General Electric (PGE) from bankruptcy-mired Enron Corp.