Profitability

Equitable Triples Earnings, Scales Back Spending

Despite continuing profitability with third quarter earnings nearly triple those of 3Q2007, Equitable Resources is approaching continued development cautiously, given the current financial environment, pulling back on midstream projects to emphasize drilling wells to fill current capacity.

October 27, 2008

Equitable Triples Earnings, Scales Back Spending

Despite continuing profitability with 3Q earnings nearly triple those of 3Q 2007, Equitable Resources is approaching continued development cautiously, given the current financial environment, pulling back on midstream projects to emphasize drilling wells to fill current capacity.

October 27, 2008

Sempra Ups 2006 Guidance, Puts Argentine Gas Assets on the Block

Due to increased profitability at its commodities business, San Diego-based Sempra Energy said Wednesday it expects full-year 2006 earnings from continuing operations, excluding impacts related to asset sales, to exceed $4 per share, a significant increase over the company’s previous estimate of $3.50 to $3.70. The company noted that final year-end and fourth quarter results will be announced on Feb. 22.

December 28, 2006

Sierra Pacific Resources Reports Return to Profitability in 2004

Reversing red ink in the same two periods in 2003, Sierra Pacific Resources Monday reported a return to profitability for both the fourth quarter and full year last year. Fourth quarter earnings were $27.3 million, or 15 cents/share, compared with a consolidated loss of $19.8 million, or 17 cents/share, for the same period in 2003, and for all of 2004, the company reported net income of $28.6 million, or 16 cents/share, compared with a loss of $140.5 million, or $1.21/share, for the overall prior year.

March 8, 2005

ChevronTexaco to Pare U.S. Fields to 400, Cut Some Western Canada Assets

ChevronTexaco Corp. has begun an ambitious plan to grow its upstream profitability in several core areas, which includes paring down its U.S. inventory to 400 fields and selling off some of its mature producing fields in western Canada.

February 9, 2004

ChevronTexaco to Pare U.S. Fields to 400, Cut Some Western Canada Assets

ChevronTexaco Corp. has begun an ambitious plan to grow its upstream profitability in several core areas, which includes paring down its U.S. inventory to 400 fields and selling off some of its mature producing fields in western Canada.

February 2, 2004

North American Drilling on the Rise

Oil and gas drilling in North America appears to be on the upswing, according to oil and gas industry service companies that keep track of offshore and onshore statistics. Offshore drilling in the Gulf of Mexico was up in July more than 5% over a year ago, according to GlobalSantaFe Corp.; Baker Hughes. Inc. found that the number of rigs actively exploring domestically has increased since the beginning of the month; and the Canadian service sector reports a summer drilling boom is more than making up for a slow spring.

August 20, 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

Study: Coal Threatens Profitability of Midwest Gas-Fired Plants

Natural gas-fired generators are going to find it increasingly difficult to be profitable as lower cost coal-fired generators continue to beat them to the market, and overcapacity of low-cost gas generation keeps power prices depressed, a new report looking at Midwest power markets concludes.

December 2, 2002

Tengasco Posts 2Q Loss; Expects Profitability By Year-end

Tengasco Inc. reported a second quarter loss of $858,197, or 9 cents per diluted share, versus a loss of $336,034, or 4 cents per diluted share for the second quarter in 2001. Among other things, the company attributed the loss to a “substantial decline” in natural gas and oil prices. Revenues declined 30% for the quarter and 23% for the first six months of the year.

August 15, 2002