Profit

Colorado could profit with up to $1.2 billion in revenue in the first year of a federal plan to allow natural gas drilling on the Roan Plateau, according to a study by an industry-led energy advocacy group.

Colorado could profit with up to $1.2 billion in revenue in the first year of a federal plan to allow natural gas drilling on the Roan Plateau, according to a study by an energy advocacy group.

With Friday’s profit-taking rebound out of the way, traders resumed scouting for lower prices on Monday as August natural gas recorded a low of $6.555 before closing out the day’s regular session at $6.764, down almost a penny from Friday’s close.

Challenged by lower energy prices and production, ExxonMobil Corp. overcame the odds and finessed its way to a surprising 10% gain in 1Q2007 net profit from a year ago.

Seeking an unprecedented time frame of six years to lock in its general retail gas and electric utility charges, including profit levels, Sempra Energy’s two California utilities Friday filed joint general rate case proposals to the California Public Utilities Commission (CPUC), seeking increases of $251.9 million for San Diego Gas and Electric Co. and $211.million for Southern California Gas Co. operations, representing increases of 4% to 7%.

A dramatic decline in natural gas revenue and sky-high capital expenses slammed the quarterly profit of Houston-based EOG Resources Inc. The independent posted 10.9% production growth from a year ago, but gas revenue slumped 12% and expenses climbed 23%.

Higher commodity prices may have improved the net profit for producers, but as prices have risen, related service costs have escalated “tremendously,” forcing the exploration and production (E&P) sector to focus on appraisal and development projects rather than new long-lead-time exploration, according to a report by Cambridge Energy Research Associates (CERA). The latest IHS-CERA Capex Index for generic global projects found costs have risen 68% since 2000 and 18% in just the last six months.

Higher commodity prices may have improved the net profit for producers, but as prices have risen, related service costs have escalated “tremendously,” forcing the exploration and production (E&P) sector to focus on appraisal and development projects rather than new long-lead-time exploration, according to a report issued Tuesday by Cambridge Energy Research Associates (CERA). The latest IHS-CERA Capex Index for generic global projects found costs have risen 68% since 2000 and 18% in just the last six months.

ConocoPhillips second quarter profit jumped 65% over the year-ago period, according to figures announced by the company Wednesday.