Production increases and a 22% increase in oil and gas revenues helped Newfield Exploration Co. report net income of $113 million (86 cents/share) in 4Q2009 compared with a loss of $789 million ($6.09/share) in the year-ago period.
Increases
Articles from Increases
Spikes in Northeast Lead Gains at Most Points
Northeast spikes, including one of about a dollar by Transco Zone 6-New York, led further price increases at a large majority of points Tuesday as widespread frigid weather continued to stoke major heating load and prompted some analysts to predict that a very large storage withdrawal will be reported for the preceding week. The 16.9-cent rise by January futures a day earlier also helped boost Tuesday’s cash market.
Cold Weather Unable to Deter Cash Market Softness
The cash market finally bowed to futures weakness by falling at nearly all points Thursday despite some increases in heating load due Friday. Even with low temperatures predicted to reach sub-freezing levels at some locations in the northern sections of the South, it appeared that many buyers preferred to start tapping their storage accounts rather than procure more expensive spot gas.
Most Gains Top $1 Based on Frigid Forecast, Screen
A modest majority of points recorded price increases in triple digits Monday as frigid weather continued spreading into Canada and most of the northern half of the U.S. All of the cash market racked up big gains, getting extra support from the 39.7-cent pre-Thanksgiving spike by January futures.
ICE, CME Earnings Rise; Exchanges Eye Regulatory Reform
Trading exchange profitability continued to grow during the third quarter as IntercontinentaExchange (ICE) and CME Group posted 16% and 20% net income increases, respectively, over their third quarter 2008 results.
ICE, CME Group Post Big Gains in 3Q Profit
Trading exchange profitability continued to grow during the third quarter as IntercontinentaExchange (ICE) and CME Group posted 16% and 20% net income increases, respectively, over their third quarter 2008 results.
Cold Trumps Screen Softness in Boosting Most Points
In spite of another prior-day futures decline, the cash market found enough cold weather in the forecast to justify increases at most locations Thursday.
Pipelines Receive Operating Pressure Clearances
The Pipelines Hazardous Materials Safety Administration (PHMSA) has authorized increases in the maximum allowable operating pressure (MAOP) from 0.72 to 0.8 design on portions of the Midcontinent Express (MEP) and Rockies Express (REX) pipelines and on all of the Kinder Morgan Louisiana Pipeline. Additionally, Boardwalk Pipeline Partners LP’s Texas Gas Transmission LLC subsidiary received authorization to operate its Fayetteville and Greenville laterals at standard operating pressures (0.72).
Pipelines Approved for Higher MAOP
The Pipelines Hazardous Materials Safety Administration (PHMSA) has authorized increases in the maximum allowable operating pressure (MAOP) from 0.72 to 0.8 design on portions of the Midcontinent Express (MEP) and Rockies Express (REX) pipelines and on all of the Kinder Morgan Louisiana Pipeline.
Further All-Points Gains Are Smaller Than Tuesday’s
Even as already modest weather-based demand continued to diminish or see only slight increases, prices again registered fairly strong gains at all points Wednesday in an extension of this week’s post-holiday rally. It wasn’t much, but the previous day’s futures increase of 7.9 cents gave some backing to the cash market, and the fact that prices were still fairly low compared to previous months may have attracted buyers who still had options on where to place the supplies.