Profit

Devon Energy Corp., which is repositioning itself as a North American onshore producer, easily beat Wall Street’s profit forecasts for 4Q2009 and lifted estimated onshore proved reserves by a record amount in 2009, the Oklahoma City-based independent reported Wednesday.

Marathon Oil Corp. reversed the losses it incurred a year earlier to post a strong profit in the final quarter of 2009, but with troubles in its refining and marketing (R&M) sector, the producer plans to divert more spending in 2010 to the upstream to concentrate on its unconventional gas and oil shale plays.

Marathon Oil Corp. reversed the losses it incurred a year earlier to post a strong profit in the final quarter of 2009, but with troubles in its refining and marketing (R&M) sector, the producer plans to divert more spending in 2010 to the upstream to concentrate on its unconventional gas and oil shale plays.

Marathon Oil Corp. reversed the losses it incurred a year earlier to post a strong profit in the final quarter of 2009, but with troubles in its refining and marketing (R&M) sector, the producer plans to divert more spending in 2010 to the upstream to concentrate on its unconventional gas and oil shale plays.

Rapid City, SD-based Black Hills Corp. showed a profit for all of last year and in the fourth quarter, compared to a sea of red ink for the same 12-month and fourth-quarter periods in 2008. The company attributed the turnaround to successful utility and hedging initiatives. Nonutility oil and gas operations suffered in both periods last year due to substantial impact from low wholesale natural gas prices.

Rapid City, SD-based Black Hills Corp. showed a profit for all of last year and in the fourth quarter, compared to a sea of red ink for the same 12-month and fourth-quarter periods in 2008. The company attributed the turnaround to successful utility and hedging initiatives. Nonutility oil and gas operations suffered in both periods last year due to substantial impact from low wholesale natural gas prices.

Rapid City, SD-based Black Hills Corp. showed a profit for all of last year and in the fourth quarter, compared to a sea of red ink for the same 12-month and fourth-quarter periods in 2008. The company attributed the turnaround to successful utility and hedging initiatives. Nonutility oil and gas operations suffered in both periods last year due to substantial impact from low wholesale natural gas prices.

Williams on Thursday lifted its full-year 2009 profit guidance and said it plans to increase spending in 2010 and 2011 as natural gas prices move “sharply higher.”

Williams on Thursday lifted its full-year 2009 profit guidance and said it plans to up its spending in 2010 and 2011 as natural gas prices move “sharply higher.”