El Paso Corp., which is preparing for a takeover by Kinder Morgan Inc. (KMI) and a blockbuster deal to sell its exploration unit, said fourth quarter profits more than doubled. The natural gas pipeline franchise also reported a solid performance, lifted by rising volumes from the Marcellus Shale. A consortium of private equity investors led by Apollo Global Management LLC late last month agreed to buy the exploration business, EP Energy, for about $7.15 billion (see NGI, Feb. 27). The KMI deal and the sale both are expected to close by the end of June (see related story). Beyond the big deals, El Paso’s net profits reached $185 million (24 cents/share) in 4Q2011, compared with $62 million (9 cents) in the year-ago period. After adjusting for the impacts of financial derivatives and other one-time charges, the company earned 28 cents in 4Q2011, versus 20 cents in 4Q2010. Net income in 2011, which was impacted by derivatives losses, fell to $141 million (18 cents/share), versus $721 million ($1.00) for 2010. Throughput for the Pipeline Group, including equity investments, rose 8% in 4Q2011 from a year earlier, primarily because of higher Marcellus Shale volumes on Tennessee Gas Pipeline. The Pipeline Group earned $417 million in 4Q2011, compared with $439 million in 4Q2010. E&P production volumes rose 11% from a year earlier to 880 MMcfe/d; the year-end production exit rate exceeded 900 MMcfe/d.
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Ahead of Major Deals, El Paso Quarterly Profits Double
El Paso Corp., which at the end of last week clinched a blockbuster deal to sell its exploration unit, on Monday said fourth quarter profits more than doubled. The natural gas pipeline franchise also reported a solid performance, lifted by rising volumes from the Marcellus Shale.
Pennsylvania’s Impact Fee Bill: ‘Not Perfect, But…’
As Pennsylvania prepares to put in place a unique mega-law (HB 1950) to regulate and tax its blockbuster baby, the Marcellus Shale, nobody thinks it’s perfect, but most are prepared to live with it and work to improve it.
Pennsylvania’s Impact Fee Bill: ‘Not Perfect, But…’
As Pennsylvania prepares to put in place a unique mega-law ( H.B. 1950) to regulate and tax its blockbuster baby, the Marcellus Shale, nobody thinks it’s perfect, but most are prepared to live with it and work to improve it (see related story).
Anadarko Divestitures Reveal Value of Asset Base, Say Analysts
Since its blockbuster acquisitions of Kerr-McGee Corp. and Western Gas Resources Inc. (see NGI, Aug. 28, 2006; June 26, 2006), Anadarko Petroleum Corp. has been on a divestiture tear, cutting down acquisition debt through multiple asset sales. So far, the company’s plan to end 2007 with $12 billion of debt is on track, according to analysts.
Anadarko Divestitures Reveal Value of Asset Base, Say Analysts
Since its blockbuster acquisitions of Kerr-McGee Corp. and Western Gas Resources Inc. (see Daily GPI, June 26, 2006), Anadarko Petroleum Corp. has been on a divestiture tear, cutting down acquisition debt through multiple asset sales. So far, the company’s plan to end 2007 with $12 billion of debt is on track, according to analysts.
Calpine Puts in Blockbuster Week
In a week that saw it sign a 10-year supply deal with the stateof California, double its gas reserves with a billion-dollarCanadian acquisition and dip into the financial markets for morethan a billion, it seemed only fitting that San Jose, CA-basedCalpine Corp. should announce bullish earning results for 2000.
High Commodity Prices Spur Record Profits
The five largest U.S. energy companies reported blockbuster fourth quarter and year-end profits last week, charmed by soaring commodity prices in the oil and gas marketplace. ExxonMobil Corp. was the leader of the pack, stunning Wall Street with the highest ever annual profit report for a listed company with net earnings that were twice those reported by Microsoft in the fourth quarter of 2000.
High Commodity Prices Spur Record Profits
Four of the five largest U.S. energy companies reportedblockbuster fourth quarter and year-end profits yesterday, charmedby soaring commodity prices in the oil and gas marketplace.ExxonMobil Corp. was the leader of the pack, stunning Wall Streetwith the highest ever annual profit report for a listed companywith net earnings that were twice those reported by Microsoft inthe fourth quarter of 2000.
High Prices, Production Send PanCanadian Soaring
High prices and increased production led to a blockbuster thirdquarter for PanCanadian Petroleum. The company’s cash flow morethan doubled to $654 million, or $2.59 per share, up from $303million, or $1.21 per share, during the same period last year. Netincome increased 194% to $297 million, or $1.17 per share comparedto $101 million, or $0.40 per share.
