Disappointing

Following an announcement earlier this month that it is embarking on a companywide restructuring, industry giant BP plc Tuesday released disappointing third quarter results — a 29% decline in net income — that were largely influenced by refinery problems, lower refining margins and weak marketing and trading results.

Disappointing trading results dragged Oneok Inc.’s quarterly earnings down 45%, to $35.2 million (31 cents/share) in 2Q2007, compared to $77.8 million (65 cents/share) in 2Q2006, but the company reaffirmed its earnings guidance for the year.

EOG Resources Inc. CEO Mark Papa predicted Friday that natural gas prices in the second half of 2007 will be “disappointing” because of higher liquefied natural gas (LNG) imports and rising domestic production. To compensate, the Houston producer will hedge more of its production and sell some shallow gas holdings in Appalachia.

EOG Resources Inc. CEO Mark Papa predicted Friday that natural gas prices in the second half of 2007 will be “disappointing” because of higher liquefied natural gas (LNG) imports and rising domestic production. To compensate, the Houston producer will hedge more of its production and sell some shallow gas holdings in Appalachia.

Disappointing trading results dragged Oneok Inc.’s quarterly earnings down 45%, to $35.2 million (31 cents/share) in 2Q2007, compared to $77.8 million (65 cents/share) in 2Q2006, but the company reaffirmed its earnings guidance for the year.

Rising costs, property sales and lower volumes from production-sharing contracts contributed to a disappointing quarter for BP plc, and the London-based major said last week production also is not rising at the rate it forecast. Oil and natural gas output this year is expected to range between 3.8-3.9 MMboe/d, nearly flat compared with 2006 annual production of 3.93 MMboe.

Rising costs, property sales and lower volumes from production-sharing contracts contributed to a disappointing quarter for BP plc on Tuesday. Going forward, the London-based major said 2007 oil and natural gas output will range between 3.8-3.9 MMboe/d, nearly flat compared with its 2006 annual production of 3.93 MMboe.

Devon Energy Corp. on Friday issued a disappointing production forecast through 2009, putting most of the blame on escalating costs in Western Canada, where 70% of its output is natural gas. The Oklahoma City-based independent said it is “significantly” reducing development of its conventional gas projects in Canada “until business conditions improve.”

Devon Energy Corp. on Friday issued a disappointing production forecast through 2009, putting most of the blame on escalating costs in Western Canada, where 70% of its output is natural gas. The Oklahoma City-based independent said it is “significantly” reducing development of its conventional gas projects in Canada “until business conditions improve.”