Profit

Anadarko Execs Tout Focus on Increased Production

As it sells off some of its lower-margin properties to focus attention on plays with more profit potential, Anadarko Petroleum Corp. will spend more on finding and development (F&D) costs this year, executives said this week.

February 25, 2004

Futures Shift Lower on Profit Taking Ahead of Storage Data

Weighed down by falling cash market prices, the natural gas futures market slipped lower Wednesday as traders took profits following a two-day, 90-cent rally earlier in the week. Bearish expectations ahead of Thursday’s storage report were also seen as a factor, and the market was quick to react with a gap-lower opening Wednesday morning. The February contract finished at $6.878, down 20.4 cents for the session.

January 8, 2004

Profit-Taking Casts Doubt on Monday’s Rally; Bears Await Storage Data

After spending most of the session near Monday’s $4.94 high, the November natural gas futures contract sold off late in the session Tuesday as weak longs took profits ahead of the Thursday release of potentially bearish storage data.

October 1, 2003

EPRI Rolls Out Campaign to Raise $100B for Grid Upgrades

A Palo Alto, CA-based non-profit, private energy-related research firm last week rolled out a public-education campaign aimed at raising $100 billion over a 10-year period to upgrade major electric transmission and distribution facilities, and to introduce technological changes to bring the power network in touch with the 21st Century.

September 1, 2003

ChevronTexaco to Sell 400 North American Fields, Others to Boost Profitability

The third largest major, which posted a quadruple profit in the quarter, expects to sell about 400 fields in North America, as well as interests in Papua New Guinea and the North Sea, according to CEO Dave O’Reilly. However, he noted that worldwide, CVX has a “significant and growing resource base of about 50 billion boe.”

August 4, 2003

Futures Unable to Test $6.00 as Profit Taking Weighs on Prices

A spate of selling followed Thursday’s runaway 36-cent screen rise, as traders took profits ahead of the weekend and July natural gas futures sank 13.6 cents to close at $5.805 Friday. Meanwhile the 12-month strip slipped 8.4 cents to close at $5.821. At 60,140, estimated volume was weak.

June 23, 2003

EIA: Independent Producers Reap Profits as Prices Rise

The combined net profit of 22 surveyed independent oil and natural gas producers rocketed to $449 million in the first quarter of this year from a deficit of $10 million in the comparable period in 2002 amid escalating gas and oil prices, according to the Energy Information Administration (EIA) in a new report.

June 9, 2003

EIA: Independent Producers Reap Profits as Prices Rise

The combined net profit of 22 surveyed independent oil and natural gas producers rocketed to $449 million in the first quarter of this year from a deficit of $10 million in the comparable period in 2002 amid escalating gas and oil prices, according to the Energy Information Administration (EIA) in a new report.

June 3, 2003

After Trotting Higher Last Week, Bulls Gallop Past $6.00

After a quick check to the downside failed to attract much profit-taking, natural gas futures continued higher Tuesday amid waves of local short covering and speculative trader new long accumulation. With that the June contract rebounded easily back above the $6.00 level, advancing 32.5 cents to close at $6.308.

May 14, 2003

Black Hills Posts Profit on High Commodity Prices

Despite rising profits due to higher oil and natural gas prices, Rapid City, SD-based Black Hills Corp. announced that net earnings for the quarter remained near flat due to an accounting charge. The company posted $14.1 million, or 52 cents per share for the quarter, compared with earnings of $14 million, or 52 cents per share for the same quarter last year.

May 12, 2003
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