Profits

TransCanada Corp. reported that a one-time charge for the Mackenzie Gas Project offset its fourth quarter profits. Excluding charge, the Calgary-based company saw comparable earnings increase C$56 million from 4Q2009.

Drilling equipment demand in the global offshore, combined with unstoppable pressure pumping activity across North America, boosted the year/year performance for Houston’s National Oilwell Varco (NOV).

Profits and revenue for Baker Hughes Inc. hit record highs in the final three months of 2010, for which the company credited ongoing strength in onshore North American drilling. However, Baker Hughes is “concerned” about the pace of offshore permit approvals in the Gulf of Mexico (GOM), the CEO said.

“High return” natural gas plays like the Marcellus Shale and Colorado’s Pinedale Anticline, which generate profits even at sub-$4/Mcf gas prices, should see rig activity jump a total of 18% over the coming year, according to an analysis by Raymond James & Associates Inc.

“High return” natural gas plays like the Marcellus Shale and Colorado’s Pinedale Anticline, which generate profits even at sub-$4/Mcf gas prices, should see rig activity jump a total of 18% over the coming year, according to an analysis by Raymond James & Associates Inc.

Irving, TX-based super major ExxonMobil Corp. delivered the goods in 2Q2010, reporting that its net profits jumped 85% and production rose 8% from the year-ago period. Excluding one-time charges, ExxonMobil earned $7.56 billion ($1.60/share), compared with $3.95 billion (85 cents) in 2Q2009.

Irving, TX-based super major ExxonMobil Corp. delivered the goods on Thursday, reporting that its 2Q2010 net profits jumped 85% and production was up by 8% from the year-ago period. Excluding one-time charges, ExxonMobil earned $7.56 billion ($1.60/share), compared with $3.95 billion (85 cents) in 2Q2009.

Profits and revenues in 2Q2010 surged for Houston-based Boardwalk Pipeline Partners LP, but the natural gas pipeline operator failed to hit Wall Street expectations because of higher operating costs and interest expenses, it said Monday.

Canadian natural gas producers and processors are discovering a way to increase supplies and profits without expensive drilling through increased efficiency.