Energy industry insiders appear to be more optimistic this year, but they expect 2010 natural gas prices to average about 10% below Wall Street expectations, according to the results of an informal survey by analysts with Raymond James & Associates Inc.
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E&P Execs Found More Pessimistic than Wall Street
Exploration and production (E&P) company insiders have a “profound sense of near-term caution” for 2009 and now expect natural gas and oil prices to average roughly 20% lower than Wall Street expectations, according to an informal survey by Raymond James & Associates Inc.
E&P Execs Found More Pessimistic than Wall Street
Exploration and production (E&P) company insiders have a “profound sense of near-term caution” for 2009 and now expect natural gas and oil prices to average roughly 20% lower than Wall Street expectations, according to an informal survey by Raymond James & Associates Inc.
ConocoPhillips Delivers Hefty Profits for 3Q
ConocoPhillips kicked off the U.S.-based majors’ 3Q2008 earnings reports on Wednesday, and it delivered much stronger net income than in the same period a year ago, with profit rising to $5.19 billion ($3.39/share) from $3.67 billion ($2.23) in 3Q2007. Revenues also were strong, jumping to $70 billion versus $46.1 billion a year ago.
Dolly’s a Hurricane; Markets Discount Shut-In Impact
Dolly was promoted from a tropical storm to a full-fledged hurricane late Tuesday afternoon and precautionary measures — including shut-ins — continued during the day at exploration and production infrastructure off the lower Texas coast. But the markets were affirming a general belief that barring an unlikely turn to the north, the storm will have minimal impact on offshore operations. Cash gas fell at all points, accompanied by a futures plunge.
Utilities: Oregon Winter Gas Prices to Rise as Much as 40%
The three major natural gas distribution utilities serving Oregon told a workshop for state energy officials and stakeholders Tuesday to expect retail natural gas prices to increase this winter in the range of 10-40%, with the state’s biggest distributor predicting hikes in the 35-40% range.
Chesapeake CEO Says Ready to Partner in Fayetteville, Marcellus
Don’t expect a joint venture with Plains Exploration & Production Co. (PXP) to explore the Haynesville Shale to be Chesapeake Energy Corp.’s last big announcement. The Oklahoma City-based independent is pursing minority partners for projects in the Fayetteville and Marcellus shales — and possibly others — CEO Aubrey McClendon said Wednesday.
Chesapeake Wants to Partner Up in Fayetteville, Marcellus
Don’t expect last week’s announcement by Chesapeake Energy Corp. to bring on Plains Exploration & Production Co. (PXP) as a minority partner to explore the Haynesville Shale to be the company’s last joint venture. The Oklahoma City-based independent is pursing minority partners for projects in the Fayetteville and Marcellus shales — and possibly others — CEO Aubrey McClendon said Wednesday.
Raymond James: Oilpatch Demand for New Technology Surging
With oil and natural gas prices soaring, don’t expect oilpatch investments to slow down anytime soon, Raymond James & Associates Inc. said Monday.
Ziff Finds Cost Challenges in GOM, Alberta, Shale Plays
Operators in emerging shale gas plays can expect to experience high costs as the plays are developed because drilling and completion is akin to research and development. However, costs fall as operators build their land positions in a particular play and develop drilling programs with the right type of rigs and completion services, according to Houston-based Ziff Energy Group.