Quarterly

With all of its previously disrupted assets in service and the expansion of its East Texas gathering system completed, DCP Midstream Partners was able to slash quarterly losses, reporting a net loss of $42.1 million (minus $1.41/share) in 2Q2009, compared with a net loss of $153.1 million (minus $5.67) in 2Q2008.

After achieving the highest quarterly output in company history, Devon Energy Corp. through the rest of the year will voluntarily curtail around 3 million boe/d in the U.S. onshore, CEO Larry Nichols said last week.

After achieving the highest quarterly output in company history, Devon Energy Corp. through the rest of the year will voluntarily curtail around 3 million boe/d in the U.S. onshore, CEO Larry Nichols said Wednesday. However, the independent still expects annual natural gas and oil production to jump by 3%.

BP plc’s quarterly profits fell by half from the same period a year ago, but the company still is managing to surpass cost-cutting targets and increase its oil and natural gas output, CEO Tony Hayward said last week. The company, however, doesn’t think a global economic recovery — or energy demand growth — will happen this year.

BP plc’s quarterly profits fell by half from the same period a year ago, but the company is surpassing its cost-cutting targets and increasing output, CEO Tony Hayward told reporters Tuesday. The company, however, doesn’t think a global economic recovery — or energy demand growth — will happen this year.

Quest Resource Corp. (QRCP) has been granted its request to continue to be listed on NASDAQ subject to the condition that it file by Aug. 15 its required quarterly reports on Form 10-Q for 3Q2008, 1Q2009 and any required restatements. The exploration and production company and its related partnerships, which are based in Oklahoma City, have agreed to merge and form a publicly traded corporation (see Daily GPI, July 7). The entities have been rocked by scandal in the past year after the former CEO and former CFO allegedly siphoned millions of dollars from the company (see Daily GPI, June 18).

The Bureau of Land Management (BLM) Utah state office’s decision to put a hold on oil and natural gas lease parcels that producers won last Tuesday in a quarterly auction — the second botched auction in the last six months — is a “troubling trend” in the state, said an official with the Independent Petroleum Association of America (IPAA) last week.

New Orleans-based McMoRan Exploration Co. posted a quarterly loss for the first three months of the year, which it blamed partly on lower natural gas and oil prices and partly on lower production. Some of its gas-weighted output remains shut in because of third-party facility outages following last September’s hurricanes in the Gulf of Mexico (GOM).

Only about half of the parcels offered at the Bureau of Land Management’s (BLM) Utah office quarterly oil and natural gas lease sale were sold last Monday and the average bid was down sharply, the government agency said.