Earnings

The story related time and again by natural gas producers in their 2Q2009 earnings presentations has been the same at both large and small natural gas-weighted independents: lower costs and hedging cushioned the impact of low prices, but better technology continues to boost output.

The story related time and again by natural gas producers in their 2Q2009 earnings presentations has been the same at both large and small natural gas-weighted independents: lower costs and hedging cushioned the impact of low prices, but better technology continues to boost output.

Expenses related to pipeline expansion projects were a drag on profits in 2Q2009, with earnings declining to $20.3 million (12 cents/share) compared with $64.7 million (50 cents/share) in 2Q2008, Houston-based Boardwalk Pipeline Partners said Monday.

With the North American natural gas rig count in “free fall,” FBR Capital Markets Friday lowered 4Q2008 earnings estimates for the oil services sector by 9% and slashed 2009 estimates by an average of 21%.

With the North American natural gas rig count in “free fall,” FBR Capital Markets Friday lowered 4Q2008 earnings estimates for the oil services sector by 9% and slashed 2009 estimates by an average of 21%.

Third quarter earnings for commodity exchange heavyweights and rivals IntercontinentalExchange Inc. (ICE) and CME Group Inc. read like A Tale of Two Cities with ICE recording a 12% jump and CME Group posting a 16% drop in net incomes when compared to the companies’ respective 3Q2007 results. Likewise, ICE says it saw trading volumes rise in 3Q2008 over 3Q2007, while CME Group reported a small decline.

Third quarter earnings for commodity exchange heavyweights and rivals IntercontinentalExchange Inc. (ICE) and CME Group Inc. read like A Tale of Two Cities with ICE recording a 12% jump and CME Group posting a 16% drop in net incomes when compared to the companies’ respective 3Q2007 results. Likewise, ICE says it saw trading volumes rise in 3Q2008 over 3Q2007, while CME Group reported a small decline.

Houston-based TEPPCO Partners LP reported net income of $47.7 million (42 cents/share) for 2Q2008, compared with $47.8 million (44 cents/share) in 2Q2007, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $128.1 million, up 19% from the $107.2 million posted in the same period last year.

Houston-based TEPPCO Partners LP reported net income of $47.7 million (42 cents/share) for 2Q2008, compared with $47.8 million (44 cents/share) in 2Q2007, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $128.1 million, up 19% from the $107.2 million posted in the same period last year.