Profits

In reporting decreased quarterly profits for the third quarter last Thursday, Xcel Energy CFO Ben Fowke said the global credit and liquidity crisis has begun to impact Xcel’s utility operations spread across eight states. Residential and some small commercial sales are beginning to lag.

In reporting decreased quarterly profits for the third quarter Thursday, Xcel Energy CFO Ben Fowke said the global credit and liquidity crisis has begun to impact Xcel’s utility operations spread across eight states. Residential and some small commercial sales are beginning to lag.

The federal government obtained a record of more than $630 million in civil penalties, restitution and disgorgement of unjust profits in fiscal year (FY) 2008 from companies and traders that engaged in fraud, manipulation and other misconduct in the futures markets, including energy futures, the Commodity Futures Trading Commission (CFTC) reported last Thursday.

The federal government obtained a record of more than $630 million in civil penalties, restitution and disgorgement of unjust profits in fiscal year (FY) 2008 from companies and traders that engaged in fraud, manipulation and other misconduct in the futures markets, including energy futures, the Commodity Futures Trading Commission (CFTC) reported Thursday.

Following years of record commodity prices and profits, the oil and natural gas industry is now traveling a bumpy road. The U.S. economy is weaker, the public’s climate change fears are high, access to reserves is tighter, output is lower and the workforce is smaller and getting older. For a smoother ride, energy executives urged their peers last week to invest in technology, build on efficiency measures and begin partnering with stakeholders around the world.

Following years of record commodity prices and profits, the oil and natural gas industry is now traveling a bumpy road. The U.S. economy is weaker, climate change is on the agenda, access to reserves is tighter, output is lower and the workforce is smaller. For a smoother ride, energy executives Tuesday urged their peers to invest in technology, build on efficiency measures and begin partnering with stakeholders around the world.

Fed by the success of its U.S. onshore natural gas operations, Devon Energy Corp. posted a 4.3% gain in quarterly profits and raised its year-end production guidance. The producer reported a 10% jump in quarterly oil and gas output — most of it through the drillbit — and it now expects to hit a 1 Bcf/d production rate by early 2009 in its core holding, the Barnett Shale.

Fed by the success of its U.S. onshore natural gas operations in 3Q2007, Devon Energy Corp. posted a 4.3% gain in profits and raised its year-end production guidance Wednesday. The producer showed a 10% jump in quarterly oil and gas output — most of it through the drillbit — and it now expects to hit a 1 Bcf/d production rate by early 2009 in its core holding, the Barnett Shale.

Alaska Gov. Sarah Palin said she will call state lawmakers into special session on Oct. 18 to reconsider the state’s petroleum profits tax (PPT), which, according to a recent report, is yielding $800 million less than was expected.