Quarterly

Southwestern Energy Co. wowed energy analysts and investors with a 56% gain in quarterly output from its core Fayetteville Shale play, which the company said followed its use of longer lateral wells and more slick fracture stimulations.

Domestic natural gas drilling activity set a record for the third quarter, the American Petroleum Institute (API) said in its quarterly well completion report released last Monday.

Apache Corp. reported a 5% decline in quarterly profit Thursday, but the Houston-based independent showed gains on natural gas price realizations and an healthy increase in U.S. and Canadian gas production.

Apache Corp. reported a 5% decline in quarterly profit Thursday, but the Houston-based independent showed gains with better natural gas price realizations and an increase in U.S. and Canadian gas production.

Domestic natural gas drilling activity set a record for the third quarter, the American Petroleum Institute (API) said in its latest quarterly well completion report.

Quarterly results were essentially flat when excluding nonrecurring items for Southwest Gas Corp. which faces the challenge of fine tuning its strategy for maximizing its regulatory climate and gaining rate changes. Last week the Las Vegas, NV-based company reported a loss of $337,000, or 1 cent/share, for the second quarter, compared with profits of $3.7 million, or 9 cents/share, for the same period last year.

Disappointing trading results dragged Oneok Inc.’s quarterly earnings down 45%, to $35.2 million (31 cents/share) in 2Q2007, compared to $77.8 million (65 cents/share) in 2Q2006, but the company reaffirmed its earnings guidance for the year.

Disappointing trading results dragged Oneok Inc.’s quarterly earnings down 45%, to $35.2 million (31 cents/share) in 2Q2007, compared to $77.8 million (65 cents/share) in 2Q2006, but the company reaffirmed its earnings guidance for the year.

The Montana/Dakotas Bureau of Land Management (BLM) leased 49 parcels in Montana and North Dakota in a quarterly auction that raised more than $3.1 million on 28,834 acres of federal land. Sixteen parcels on about 17,100 acres were leased in Montana; in North Dakota, 33 parcels were leased on about 11,600 acres. Montana BLM spokesman Greg Albright told NGI that proceeds from the auction were the highest of any auction held by the regional BLM office this year. He said the sale did include six parcels in Carbon County, MT, that were being protested by conservation groups, including Trout Unlimited, over the potential negative effects of energy drilling on trout stocks in the Bighorn River. The BLM in July said it deferred leasing 73,600 acres of sage grouse winter habitat in Garfield, McCone and Carbon counties in Montana that had originally been scheduled for the sale (see Daily GPI, July 23).