EOG Resources Inc. topped the list of the biggest percentage price gainers on the New York Stock Exchange last Thursday after it boosted its 2009 and 2010 organic production growth estimates and announced four new natural gas and crude oil discoveries.
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EOG Shares Soar on News of Discoveries, Higher Recovery Rates
EOG Resources Inc. topped the list of the biggest percentage price gainers on the New York Stock Exchange Thursday after it boosted its 2009 and 2010 organic production growth estimates and announced four new natural gas and crude oil discoveries.
Futures Traders Tread Water as Pipe Explosion Impact, Storm Potential Take Shape
Traders on Tuesday were taking stock of the current natural gas futures market following Monday’s 39-cent bump (see Daily GPI, Sept. 11), which was fueled largely by storm talk in the tropics and U.S. supply concerns following terrorist attacks on Mexico’s natural gas and oil pipeline infrastructure (see Daily GPI, Sept. 11). In quiet action Tuesday, the October contract traded between $5.820 and $5.960 before closing out the session at $5.934, up 4.3 cents on the day.
Pacific Energy Pays $400M and Stock for Forest’s Alaska Unit
Pacific Energy Resources Ltd. announced that it has completed the acquisition of Forest Oil Corp.’s and Forest Alaska Holding’s Alaska oil and gas properties for $400 million, 10 million shares of Pacific Energy common stock and a seven-year seller note to Forest with a net present value of approximately $30 million.
Industry Brief
ConocoPhillips said it will buy back up to $4 billion of its common stock this year, $3 billion more than the company announced just three weeks ago. Up to $1 billion is scheduled to be repurchased by the end of the first quarter. The Houston-based producer announced three separate $1 billion share buybacks in 2005, but there were no repurchase programs announced last year (see Daily GPI, Oct. 14, 2005). The repurchases this year will be made at management’s discretion at prevailing prices, and may be increased, decreased or discontinued at any time, ConocoPhillips noted. The company also announced a quarterly dividend rate hike of 14% to 41 cents/share from 36 cents. The dividend is payable March 1 to shareholders of record at close of business Feb. 20.
Citigroup Turns Bearish on Near-Term Gas Producer Stocks
Citigroup lowered its gas producer stock ratings last week because of high natural gas storage levels, current mild temperatures, growing domestic gas production and expectations for more liquefied natural gas imports (LNG). Citigroup producer analyst Gil Lang also cut his first quarter 2007 and second quarter 2007 Henry Hub price forecasts.
Citigroup Turns Bearish on Near-Term Gas Producer Stocks
Citigroup lowered its gas producer stock ratings Tuesday because of high natural gas storage levels, current mild temperatures, growing domestic gas production and expectations for more liquefied natural gas imports (LNG). Citigroup producer analyst Gil Lang also cut his first quarter 2007 and second quarter 2007 Henry Hub price forecasts.
Taxing Canadian Trusts: It’s Not All Bad, Say Some
Stock brokers, money managers and wealthy coupon-clippers cried foul, but cooler heads predicted natural gas industry activity and supplies will emerge as winners from a surprise move to tax income trusts by the Canadian government.
Gasco Picks Up Gas-Rich Acreage in Uinta, Green River Basins
Denver-based Gasco Energy Inc. on Wednesday agreed to purchase Brek Energy Corp. for equity consideration of approximately 11 million shares of Gasco common stock, which were estimated to be worth $30 million based on the closing price on Sept. 20. The acquisition is expected to simplify Gasco’s acreage portfolio by absorbing a working interest partner that previously owned 14% of its working interest in undeveloped acreage in both Utah and Wyoming.
ICE Files for Secondary Share Offering
IntercontinentalExchange (ICE) Friday said it has filed with the Securities and Exchange Commission (SEC) for a proposed secondary offering of 8 million shares of its common stock. The selling stockholders will offer 7,975,000 shares in the proposed offering, and ICE will offer 25,000 shares primarily to cover expenses it will incur in connection with the proposed offering.