First quarter earnings for North American energy companies are sounding a varied tempo in the cacophony of record profits and natural gas production. Texaco Inc., Apache Corp. and Anadarko Petroleum Corp. jazzed up their bottom line with producing acquisitions. Mitchell Energy & Development Corp., however, relied on an old Texas saying to “dance with the one who brung ya.” Both ways, it appears, are playing equally well.
Producers
Articles from Producers
Commodity Prices Help Majors; Independents’ Production Up
High commodity price have sent profits soaring for both major producers and independents. Number one major Exxon Mobil Corp. reported nearly double the profits from a year ago, and fourth-ranked Conoco Inc. also jumped. Independents EOG Resources Inc. and Houston Exploration Co., meanwhile, attributed record earnings to not only prices, but robust domestic gas production.
Alliance, M&NP Increase Canadian Export Totals
While geologists, engineers and regulators continue to study how much more there can be, producers and exporters are showing that western Canadian natural gas supplies are still growing.
Alliance, M&NP Increase Canadian Export Totals
While geologists, engineers and regulators continue to study how much more there can be, producers and exporters are showing that western Canadian natural gas supplies are still growing.
Most Prices Up, But May Follow Screen Lower Today
Just as a couple of producers had predicted, the screen’s upturnMonday afternoon after being mildly negative earlier was enough togenerate a moderate cash rally Tuesday. Only the SouthernCalifornia border and Malin continued to head lower. Just as mostof Monday’s declines had been between 10 and 20 cents, the sameapproximate range applied to most of Tuesday’s rises.
Calgary-Based Producers to Merge
APF Energy Trust said yesterday it will pay C$90 millionincluding debt to acquire all of the outstanding shares of AllianceEnergy Inc., which will double APF’s daily oil and gas production.APF said it would pay the equivalent of 0.201 APF shares for eachAlliance share, or C$2.02 per share up to a maximum of 2.2 millionunits or C$35 million.
TRC Hears Calls for Less Regulation
The best way to ease the burden of high natural gas costs is tolet producers produce and not overly regulate generators, industryofficials told the Texas Railroad Commission this week. The TRC,which is preparing recommendations on the state’s natural gasmarket, will hear testimony from stakeholders again Thursday beforefinalizing its recommendations for state legislators.
Mushing the Huskies To the Grand Banks
With prices still at record highs by Canadian standards,interest is heating up among producers in accelerating natural gasdevelopment in the East Coast offshore, including remote prospectson the Grand Banks of Newfoundland.
Mushing the Huskies to the Grand Banks
With prices still at record highs by Canadian standards,interest is heating up among producers in accelerating natural gasdevelopment in the East Coast offshore, including remote prospectson the Grand Banks of Newfoundland.
Anadarko Buys Pinnacle, Boosts Texas Presence
Houston-based Anadarko Petroleum Corp. increased its presence inthe East Texas Bossier sand gas play yesterday, spending $38million to acquire Pinnacle Gas Treating Inc., which owns andoperates a natural gas pipeline and treating plant there. Pinnacleis a subsidiary of Western Gas Resources Inc. based in Denver, andit plans to use the sale to pay down debt.