While it’s no secret the majors are looking overseas for high returns, a new study by John S. Herold shows a much larger capital spending exodus from the United States than previously thought.
Returns
Articles from Returns
JP Morgan Drops Exxon Mobil Rating on Russian Deal, Lack of Dividend Hike
An industry leader in returns, financial strength and management, Exxon Mobil Corp.’s five-year volume growth at 5% will exceed investors’ 2-3% expectations, but growth acceleration likely will not be visible until 2005, JP Morgan said in a new research report, which lowered the Irving, TX-based major’s rating to “neutral” from “overweight” on Wednesday.
Power Returns in U.S., Canada After Massive Outages
Large swaths of the U.S. and Canadian power grids were left staggering last week after a series of gargantuan and unprecedented power outages hammered the Northeast, the Great Lakes region and eastern Canada leaving millions of customers without power.
Burlington Partially Returns Gas Production from Madden Field in WY
Burlington Resources Inc. reported the partial resumption of natural gas production from the Madden Field in Wyoming. Production has resumed from two of the six Madden Deep wells, and the Train II unit at the Lost Cabin Processing Plant has restarted, the company said. The wells are flowing at 65 MMcfe/d, yielding plant natural gas output of 40 MMcfe/d.
Burlington Partially Returns Gas Production from Madden Field in WY
Burlington Resources Inc. reported the partial resumption of natural gas production from the Madden Field in Wyoming. Production has resumed from two of the six Madden Deep wells, and the Train II unit at the Lost Cabin Processing Plant has restarted, the company said. The wells are flowing at 65 MMcfe/d, yielding plant natural gas output of 40 MMcfe/d.
KeySpan Posts Record Earnings on Strong Gas Distribution Segment Returns
Sparked primarily by customer conversion to natural gas and a colder than normal fourth quarter, KeySpan Corp. announced record 2002 consolidated earnings from continuing operations, less preferred stock dividends, of $391.6 million, or $2.77 per share, compared to earnings of $338.8 million, or $2.45 per share, for the same period in the prior year.
FBR: High Debt, Low Returns Will Keep Domestic E&D Spending Flat in 2003
Domestic oil and gas exploration and development (E&D) spending is expected to be flat (up 0.2%) this year as mid- to large-cap independents struggle with high debt-to-capitalization ratios and continue to divert capital to Canada and overseas for better rates of return. Most other operators (majors and small independents) show slight domestic budget increases, according to a spending survey of 190 E&P companies by Friedman, Billings, Ramsey & Co. (FBR).
FBR: High Debt, Low Returns Will Keep Domestic E&D Spending Flat in 2003
Domestic oil and gas exploration and development (E&D) spending is expected to be flat (up 0.2%) this year as mid- to large-cap independents struggle with high debt-to-capitalization ratios and continue to divert capital to Canada and overseas for better rates of return. Most other operators (majors and small independents) show slight domestic budget increases, according to a spending survey of 190 E&P companies by Friedman, Billings, Ramsey & Co. (FBR).
Dominion Reports Strong 3Q Earnings; Makes Stock Offering
Richmond, VA-based Dominion announced strong third quarter earnings bolstered by higher returns in its pipeline and E&P units, and saying it was on track to continue the trend into the fourth quarter and come close to its stated earnings guidance of $4.90 to $4.95.
El Nino Returns, But WSI Says Won’t Impact Summer Weather
The National Oceanic and Atmospheric Administration (NOAA) said last week that the little devil El Nino is back, warming up the waters in the equatorial Pacific region and possibly setting the stage for a weaker hurricane season but also an increase in the number of storms next winter along the East Coast.