EnCana Corp. reported a huge jump in 1Q2008 operating profit and cash flow last week, but the company’s net earnings sank 81% after it lost a big bet on natural gas prices. North American gas output rose 10% to 3.7 Bcf/d, and U.S. production climbed 27% — aided by rising volumes from the Deep Bossier trend in East Texas.
Earnings
Articles from Earnings
EnCana Suffers Hedging Losses, Hints Gas Plays on Horizon
EnCana Corp. reported a huge jump in 1Q2008 operating profit and cash flow on Tuesday, but the company’s net earnings sank 81% after it lost a big bet on natural gas prices. North American gas output rose 10% to 3.7 Bcf/d, and U.S. production climbed 27% — aided by rising volumes from the Deep Bossier trend in East Texas.
Weak Refining Hits ConocoPhillips 3Q Results
The nation’s third largest oil company, ConocoPhillips, reported third quarter earnings that were 5% below the year-ago period. The decline was largely due to weakness in the company’s refining business, it said last week.
ConocoPhillips: 3Q Hurt by Refining, Canada Operations Could See Spending Cut
The nation’s third largest oil company, ConocoPhillips, reported third quarter earnings that were 5% below the year-ago period. The decline was largely due to weakness in the company’s refining business, it said Wednesday.
Royalty Relief Provisions Axed in Bush Budget
Targeted by both Republicans and Democrats following record-high earnings by North American producers, royalty relief provisions for deepwater oil and natural gas exploration were cut from the fiscal 2008 budget President Bush submitted to Congress last week.
Royalty Relief Provisions Axed in Bush Budget
Targeted by both Republicans and Democrats following record-high earnings by North American producers, royalty relief provisions for deepwater oil and natural gas exploration were cut from the fiscal 2008 budget President Bush submitted to Congress on Monday.
More Organic, Riskier Growth for MLPs Forecast
The steady earnings from oil and natural gas pipeline and midstream assets will continue to be the backbone of energy-based master limited partnerships (MLP), but expect more organic, risker growth and commodity-driven partnerships in the future, an RBC Capital Markets energy analyst said Thursday.
Exodus of GOM Rigs Expected to Translate into Higher Service Costs
Up to 30 Gulf of Mexico (GOM) jack-up rigs will have been moved to international waters between late 2005 and early 2007 — a 25% capacity reduction in the GOM fleet in just over a year’s time — which will lead to domestic producers paying more and using more fixed contracts to tap into their reserves, Raymond James energy analysts noted in the latest “Stat of the Week.”
CEO: El Paso ‘Constantly’ Eyeing Possible Acquisitions
With its restructuring essentially completed and earnings on the rise, El Paso Corp. is keeping its eye on possible acquisitions, CEO Doug Foshee said Thursday. The deals, he said, could range from “small” $5 million tactical add-ons for its exploration and production (E&P) business to properties “in excess of $1 billion.”
PG&E Sees 7.5% Earnings Growth; Regulatory, Emission Success
Riding a $17.4 billion utility rate base, San Francisco-based PG&E Corp.’s transformation and investment plans are “on track” to generate average annual earnings-per-share growth of 7.5% over the next five years, according to PG&E’s CEO and CFO, who held a conference call for financial analysts Wednesday announcing flat first quarter results. A major 2007 general rate case and several emerging industry issues will have important impacts on the company’s ability to realize the growth now envisioned, the senior officials said.