Expenses related to pipeline expansion projects were a drag on profits in 2Q2009, with earnings declining to $20.3 million (12 cents/share) compared with $64.7 million (50 cents/share) in 2Q2008, Houston-based Boardwalk Pipeline Partners said Monday.
Profits
Articles from Profits
U.S. E&P Adjusts to Setbacks, Readies for Upturn
The U.S. exploration and production (E&P) industry last year faced increased costs, a decline in year-end reserves and ultimately lower profits, but capital spending still was more than a third higher than in 2007 and natural gas reserves were up 4%, Ernst & Young LLP reported Thursday.
U.S. E&P Spending Higher in 2008 Despite Setbacks, Study Finds
The U.S. exploration and production (E&P) industry last year faced increased costs, a decline in year-end reserves and ultimately lower profits, but capital spending still was more than a third higher than in 2007 and natural gas reserves were up 4%, Ernst & Young LLP reported Thursday.
Majors Once Again Said Stalking North American Reserves
Earnings report season is quickly approaching for the energy sector, but some natural gas-focused investors may look beyond 1Q2009 profits to hear what’s ahead in the oversupplied domestic markets. Some energy analysts don’t foresee gains in gas prices until 2010, and at least one analyst thinks it is an opportune time for the majors to build their portfolios both onshore and offshore in North America.
Edison Mission Earnings Hit by Gas Prices, Carbon Issues
Despite reporting increased profits for all of 2008, Edison International senior executives were verbose about depressed natural gas prices, but downright closed mouth March 2 regarding a delayed general rate decision for its utility, Southern California Edison Co. (SCE). The lower gas prices, executives said, may impact near-term prospects for the holding company’s independent power unit, Edison Mission Group (EMG), which had a rough fourth quarter last year.
EnCana Foresees More Cost Cutting Down the Road
Calgary-based EnCana Corp. relied on hedging to keep its 4Q2008 profits flat year/year, but the CEO said Thursday that sustained lower natural gas prices will require more cost cutting if the economic environment does not improve.
EnCana Foresees More Cost Cutting Down the Road
Calgary-based EnCana Corp. relied on hedging to keep its 4Q2008 profits flat year/year, but the CEO said Thursday that sustained lower natural gas prices will require more cost cutting if the economic environment does not improve.
Lower Oil, Gas Prices Leave Black Hills Seeing Red
Rapid City, SD-based Black Hills Corp.’s profits were battered in the fourth quarter by sinking oil and natural gas prices. The company last Tuesday reported a net loss of $98.8 million, or a negative $2.58/share, for the fourth quarter, compared to net income of $23.8 million, or 62 cents/share, for the same period in 2007.
Depressed Oil, Gas Prices Leave Black Hills Seeing Red
Rapid City, SD-based Black Hills Corp.’s profits were battered in the fourth quarter by sinking oil and natural gas prices. The company on Tuesday reported a net loss of $98.8 million, or a negative $2.58/share, for the fourth quarter, compared to net income of $23.8 million, or 62 cents/share, for the same period in 2007.
Exxon’s Profits Higher than Ever, but Output Falls
ExxonMobil Corp. Thursday reported the highest quarterly profits ever by a public corporation, but the super major’s oil and natural gas reserves and production — despite record spending — once again failed to grow.