Burlington Resources Inc., Anadarko Petroleum Corp., Devon Energy Inc. and Sunoco posted the “biggest earnings surprise” in the third quarter, with earnings 15-28% higher than expected, followed by ConocoPhillips, EOG Resources Inc. and Occidental Petroleum Corp. in the 13-14% range, according to a new report by CreditSights analysts.
Articles from Devon
A 2-3% decline in North American natural gas production may be forcing industrial and utility consumers to reduce gas consumption this year, according to a report by Lehman Brothers.
Crosstex Energy LP closed its purchase of the Vanderbilt System from Devon Energy. The system consists of more than 200 miles of gas gathering and transmission pipelines, including 105 miles of 14 inch mainline, gathering rich natural gas south and west of Houston. “This transaction continues our growth strategy in the Texas Gulf Coast area,” said Crosstex CEO Barry Davis. “We now have a major footprint in the area, with approximately 1,500 miles of pipeline and gathering systems from Corpus Christi to Houston.” The Vanderbilt System starts near Lavaca Bay in Jackson County and proceeds northwest through Wharton and Fort Bend counties, terminating near the Exxon Katy Plant in Waller County. The system gathers about 35 MMcf/day of rich gas and delivers it to the Exxon Katy Plant for processing. Crosstex intends to pursue gas supply efforts in the area in order to provide additional rich gas service to producers in the region. Crosstex operates more than 1,700 miles of pipeline, two processing plants, and 49 natural gas treating plants. It currently provides services for over 700,000 MMBtu/day of natural gas.