On the backs of strong drilling results and operational efficiency, Canadian Natural Resources Ltd. posted record annual net earnings of C$1.4 billion, or C$10.48 per share, compared with C$0.6 billion, or C$4.46 per share in 2002.
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Drilling Success Helps Canadian Natural Post Record 2003 Earnings
On the backs of strong drilling results and operational efficiency, Canadian Natural Resources Ltd. posted record annual net earnings of C$1.4 billion, or C$10.48 per share, compared with C$0.6 billion, or C$4.46 per share in 2002.
Devon’s Merger with Ocean Helps Boost ’03 Earnings 1,500%
Top U.S.-based independent Devon Energy Corp.’s earnings and production surged in 2003 on higher commodity prices and its significant acquisition of Ocean Energy, the company said Thursday. Net earnings climbed more than 1,500%, assuring last year as the most profitable in Devon’s history.
Lower Than Expected Storage Number Helps Send February Futures Down 54 Cents
Despite record gas demand in New England where temperatures plummeted well below zero Thursday, the EIA’s report of a lower than expected 153 Bcf withdrawal from storage last week sent the near-month gas futures contract plunging a massive 54.2 cents on the day to $5.845. Futures started to the upside but quickly lost footing, falling about 45 cents in 20 minutes after the EIA report was released at 10:30 a.m. EST.
Spreading Cold Helps Spur Substantial Price Rebound
They didn’t make up all the ground lost in Friday’s plunge, but prices did see solid across-the-board rebounds Monday. Sources cited the continuing creep eastward in the northern tier of states of cold weather that had been confined to the West last week as a significant factor, but also mentioned delayed influence from a screen surge Friday and the return of industrial load following a weekend.
Spreading Heat Helps Generate Mild Price Advances
Other than isolated softness at a couple of Rockies points and the Southern California border, the cash market ranged from flat to about a dime higher Wednesday. Although a majority of gains were quite small at a nickel or less, price movement was starting to be based more on hot-weather fundamentals and less on the screen’s previous-day performance.
Tropical Depression Helps August Gain 8.5 Cents in Short Covering Rally
Just when the impact of Hurricane Claudette was quickly fading away, Tropical Depression Six entered the scene with route projections into the eastern Gulf of Mexico. The storm may have been a catalyst for the market to begin a correction Monday. Significant short covering Monday morning and technical buying interest in the afternoon propelled the August contract to a high of $5.18 and left it up 8.5 cents for the day at $5.107. The daily low was $5.030.
Screen Helps May Aftermarket Get Strong Start
Bolstered primarily by fresh screen strength and also by hot weather in the Gulf Coast states and much of the West, the initial May aftermarket was launched Friday with across-the-board advances over end-of-May numbers. A few points were confined to single-digit gains, but the overall market’s upticks ranged from about a dime to 30 cents.
Rupture News Helps Boost Screen and Also Cash
Other than severe heat in the Southwest and inland California, gas wasn’t getting much weather support Wednesday, as much of the South turned decidedly mild in the wake of a cool front moving southeastward. But prices still managed fairly strong rebounds that were between 10 and 29 cents in most cases, and up to about 30 cents at the PG&E citygate and above 40 cents in San Juan Basin.
Strong Screen Helps Extend Cash Market Firmness
The cash market continued to be bolstered by a strong June gas futures contract Monday, emerging from the weekend with remarkably consistent across-the-board gains from about a dime to nearly 35 cents. Upticks at a majority of points were in the 15-25 cents range.