Boosted

U.S. natural gas reserves, boosted by existing field extensions, increased for the seventh year in a row in 2005, with proved dry gas reserves up 6.2% from 2004 — the largest annual increase since 1970, the Energy Information Administration (EIA) reported last week. Onshore reserve additions were big enough to overcome a 10% decline in offshore Gulf of Mexico (GOM) numbers, which fell year-over-year partly because of last year’s hurricanes.

U.S. natural gas reserves, boosted by existing field extensions, increased for the seventh year in a row in 2005, with proved dry gas reserves up 6.2% from 2004 — the largest annual increase since 1970, the Energy Information Administration (EIA) reported Tuesday. Onshore reserve additions were big enough to overcome a 10% decline in offshore Gulf of Mexico (GOM) numbers, which fell year-over-year partly because of last year’s hurricanes.

Rapid City, SD-based Black Hills Corp. reported substantially increased first quarter earnings, boosted by a $7.6 million, or 23 cents/share, profit from discontinued operations, including an after-tax gain on the sale of oil marketing and transportation assets last March.

On the heels of its $275 million construction company sale that boosted profits, Bellevue, WA-based Puget Energy Thursday reported net income of $92.6 million, or 79 cents/diluted share, for the first quarter, compared with $71.1 million, or 71 cents/diluted share, for the same period last year. The first quarter profits included $18.9 million, or 16 cents/diluted share, from the company’s former construction services unit, InfrastruX Group.

Higher prices and overall record production boosted Apache Corp. earnings by 30 cents a share in the first quarter to $1.97/diluted share or $660 million, up from $559 million in 1Q 2005.

The Dallas-based Crosstex Energy LP on Friday reported 4Q2005 earnings surged 71%, boosted by a $2.3 million gain from mark-to-market valuation of derivatives bought to hedge against price changes from its South Louisiana processing business.

ConocoPhillips on Friday boosted its capital budget by $3.6 billion for 2006 to $10.5 billion, with 63% allocated for exploration and production (E&P). Most of the E&P budget is focused on international projects; however, about $900 million is earmarked for developments in the Lower 48 and Latin America, while $800 million will be spent in Alaska and another $800 million in Canada.

Chevron Corp. on Thursday boosted its 2006 capital and exploratory budget by 35%, to $14.9 billion, earmarking $3.3 billion for projects in the U.S. upstream, including the deepwater Gulf of Mexico, liquefied natural gas (LNG) and gas-to-liquids (GTL) facilities. Chevron also will repurchase another $5 billion in shares over the next three years; it has repurchased $5 billion in shares since April 2004.

San Diego-based Sempra Energy Tuesday reported flat second quarter results but boosted its 2005 earnings-per-share guidance to $3.20-$3.40 from the previous $3.10-$3.30 range.