Income

Houston-based midstream player Copano Energy LLC posted second quarter net income that was 74% greater than the year-ago period, $23.2 million (40 cents/unit) compared to $13.3 million (31 cents) a year ago. Credited for the improvement are abundant gas supplies and favorable commodity prices.

Houston-based midstream player Copano Energy LLC posted second quarter net income that was 74% greater than the year-ago period, $23.2 million (40 cents/unit) compared to $13.3 million (31 cents) a year ago. Credited for the improvement are abundant gas supplies and favorable commodity prices.

Canadian natural gas exporters, putting formerly negative currency and price trends behind them, are marching back into positive income and drilling territory, government and industry records show.

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.

Chesapeake Energy Corp.’s agreement to share costs and some of the future income from its emerging Haynesville Shale leasehold with Plains Exploration & Production Co. (PXP) is a “brilliant transaction,” one energy analyst said Wednesday. Investors appeared to agree, sending the Oklahoma City-based producer’s stock price at one point to an all-time high despite a down day for the overall market.

The Mullen Group Income Fund, which is based in Calgary, said Friday it will begin laying off up to 100 employees at several of its oilfield services units because of the uncertainty related to oil and natural gas drilling activity in Alberta.

Calgary-based AltaGas Income Trust and Devon Canada Corp. have shelved plans to develop the Noel natural gas pipeline and Pouce Coupe sour gas facility expansion project because of a market slowdown. The projects were announced earlier this year.

Calgary-based Advantage Energy Income Fund and Sound Energy Trust (SET) have struck a merger deal to create a natural gas-focused energy trust with an enterprise value of about C$2.7 billion (US$2.58 billion).