Profits

Barnett-Focused Quicksilver Had Weak 4Q

Shares of debt-burdened Quicksilver Resources Inc. fell Monday after the company reported lower profits and said production would be flat this year. Meanwhile, efforts on two joint venture deals continue, as the company targets more liquids-rich production, executives told financial analysts.

February 28, 2012

Consol Trims Gas Drilling, Spending Plans

Joint ventures (JV) in its domestic natural gas division helped Consol Energy Inc. to achieve record fourth quarter profits, but it said Thursday sustained low gas prices will require scaling back spending and drilling plans in 2012.

January 27, 2012

Drilling Gets a Boost from Governor in California, Oxy CEO Says

While reporting a big increase in 4Q2011 and full-year profits, Occidental Petroleum Corp. (Oxy) CEO Stephen Chazen on Wednesday said the permitting process for drilling in California had been streamlined, and he credited Gov. Jerry Brown for the turnaround.

January 27, 2012

Prices Still In a ‘Bear Cave,’ Yet Struggle Higher

January natural gas managed a small gain Wednesday as traders saw an ongoing tussle between algorithmic traders taking profits on short positions matched up against a cadre of willing sellers. At the close January natural gas had risen 2.7 cents to $3.155 and February had gained 2.8 cents to $3.198. February crude oil gained $1.43 to $98.67/bbl.

December 22, 2011

Ultra Eyes More Growth with $5 Gas

Expecting continued growth in production and profits, Houston-based Ultra Petroleum Corp. is projecting that its realized natural gas prices will rise to the $5 range this year and hit that level again in 2013, Ultra CEO Mike Watford told the Jefferies Global Energy Conference last Wednesday.

December 5, 2011

Ultra Has Lock on $5 Gas, Says CEO

Expecting continued growth in production and profits, Houston-based Ultra Petroleum Corp. is projecting that its realized natural gas prices will rise to the $5 range this year and hit that level again in 2013, Ultra CEO Mike Watford told the Jefferies Global Energy Conference Wednesday.

December 2, 2011

In Response to Oil Shale Growth, Shell Considers Pipe Reversal

With oil production from domestic shale plays growing, a Royal Dutch Shell plc subsidiary is considering a plan to reverse flows on its Houma-to-Houston (Ho-Ho) system, which now runs from Houma, LA, to oil processing facilities east of Houston. Reversing the 22-inch diameter pipeline would enable more than 300,000 b/d of crude to be distributed across the Gulf Coast region, the company said.

August 9, 2011

Rex Acquires Utica Shale Leases in Ohio

Rex Energy Corp. is joining the ranks of companies pursuing the Utica Shale of eastern Ohio. The State College, PA-based company recently acquired 11,000 net acres in Carroll County, OH, for an estimated $40 million and plans to continue acquiring acreage in preparation for a drilling program in 2012.

August 5, 2011

Rig Technology Demand Drives National Oilwell Varco Profits

National Oilwell Varco Inc. (NOV), the largest U.S. oilfield equipment manufacturer, on Tuesday posted higher than expected quarterly profits, in part on rig technology orders, which jumped 26% in the period.

July 27, 2011

Halliburton Profits Surge on North American Activity

North America’s onshore drilling activity continued to lift Halliburton in the second quarter, with profits up by 54% from a year earlier, the company reported Monday.

July 19, 2011