Profit

Canada “is a nation built on energy, and energy is a key part of our economic and political reality,” so Canada should act to become a global “energy powerhouse,” said the non-profit Energy Policy Institute of Canada (EPIC), which on Thursday released a 151-page report laying out the conclusions of a two-year examination of the country’s energy issues and opportunities.

McMoRan Exploration Co. surprised analysts Tuesday after reporting that it swung to a profit in the final three months of 2011, propelled by increased natural gas-weighted output and lower operating expenses.

Noble Corp.’s profit fell 75% in the second quarter, in part because of rig service interruptions in the Gulf of Mexico (GOM), CEO David Williams said Thursday.

Noble Corp.’s profit fell 75% in the second quarter, in part because of rig service interruptions in the Gulf of Mexico (GOM), CEO David Williams said Thursday.

June natural gas futures continued to flounder Monday as traders see no upward momentum and look for a test of key psychological support. At the close June futures had fallen 8.1 cents to $4.154 and July had retreated 8.1 cents as well to $4.216. June crude oil, however, rocketed higher by $5.37 to $102.55/bbl.

The growth of natural gas liquids (NGL) production from North American shale plays helped Enterprise Products Partners LP (EPD) set a net income record in 2010, according to COO Jim Teague.

One of the nation’s largest not-for-profit electric generation/transmission operators, North Dakota-based Basin Electric Power Cooperative, recently received more than a half-billion dollars in loan guarantees from the U.S. Department of Agriculture (USDA) as part of the federal agency’s $2.9 billion rural energy infrastructure financing program.

Coming off of Wednesday’s decline on a round of profit taking, the July natural gas futures contract on Thursday got most of it back as the prompt-month contract gained 18.4 cents to finish at $5.162.

Chevron Corp., the second largest U.S. energy company, on Friday reported its largest profit jump in at least 10 years, exceeding Wall Street estimates.