Earning

India’s state-owned Oil and Natural Gas Corp. Ltd. (ONGC) announced Friday that it has signed a memorandum of understanding (MOU) with ConocoPhillips to explore and develop shale and deepwater resources in India and North America.

Despite a strong boost from increased sales, Petroleos Mexicanos’ (Pemex) net loss for full year 2003 grew by 37% over 2002’s loss. Attributing the fall-off to increased tax and royalty payments made to the federal government, Mexico’s state oil and gas monopoly posted a 2003 loss of $3.7 billion. Income before taxes and duties increased 29% to $30.3 billion. Taxes and duties for the year came in at $34 billion, an increase of 30% from 2002.

In the oil services sector, corporate earning estimates are down in 2003 while stock valuations are moving up — the first signs of an uptick in the cycle, which will lead to meaningful increases in the next 12 months as natural gas prices rise, according to analyst Marshall Adkins in Raymond James’ Stat of the Week.

With 2001 earning results out of the way, Denver-based Western Gas Resources Inc. announced its Dec. 31, 2001 reserve additions and its capital budget and hedging positions for 2002. The company replaced 275% of 2001 production of 36.3 Bcfe. Net production increased 31% in 2001 compared to 2000.

With 2001 earning results out of the way, Denver-based Western Gas Resources Inc. announced Thursday its Dec. 31, 2001 reserve additions and its capital budget and hedging positions for 2002. The company replaced 275% of 2001 production of 36.3 Bcfe. Net production increased 31% in 2001 compared to 2000.

San Jose, CA-based Calpine Corp. continued its buying/buildingspree last week, acquiring 205 Bcf of natural gas reserves in threedifferent North American locations for $206 million, bringing theaggressive merchant electric generating plantdeveloper/owner/operator’s portfolio of total proved serves to 430Bcf. The move followed Monday’s announcement of Second quarterearnings increase of 176%, compared to 2Q of last year, and a new$2.5 billion revolving credit facility with a consortium of banksto pay for Calpine’s large portfolio of power projects in theUnited States

San Jose, CA-based Calpine Corp. continued its buying/buildingspree Tuesday, acquiring 205 Bcf of natural gas reserves in threedifferent North American locations for $206 million, bringing theaggressive merchant electric generating plantdeveloper/owner/operator’s portfolio of total proved serves to 430Bcf. The move followed Monday’s announcement of Second quarterearnings increase of 176%, compared to 2Q of last year, and a new$2.5 billion revolving credit facility with a consortium of banksto pay for Calpine’s large portfolio of power projects in theUnited States

Despite record fourth-quarter production, Vastar Resourcesreported 1998 earnings that were down 43% from the previous year.Last year’s earnings were $136.4 million, compared to $240.5million in 1997.