Stronger

ConocoPhillips kicked off the U.S.-based majors’ 3Q2008 earnings reports on Wednesday, and it delivered much stronger net income than in the same period a year ago, with profit rising to $5.19 billion ($3.39/share) from $3.67 billion ($2.23) in 3Q2007. Revenues also were strong, jumping to $70 billion versus $46.1 billion a year ago.

Production from publicly traded companies, which was up 7% in the first quarter of the year, is being driven by stronger productivity from rapidly growing onshore resource plays like the Barnett Shale, temporarily overcoming the declining initial well productivity trends of core U.S. supply over the past decade, Raymond James & Associates said.

Production from publicly traded companies, which was up 7% in the first quarter of the year, is being driven by stronger productivity from rapidly growing onshore resource plays like the Barnett Shale, temporarily overcoming the declining initial well productivity trends of core U.S. supply over the past decade, Raymond James & Associates said Monday.

Stronger-than-expected earnings results in the first three months of this year has led several energy analysts to raise their 2008 forecasts for Canada’s exploration and production (E&P) sector.

Stronger-than-expected earnings results in the first three months of this year has led several energy analysts to raise their 2008 expectations for Canada’s exploration and production (E&P) companies.

Weather, the weakening U.S. dollar, stronger demand and North America’s inability to attract cargoes of liquefied natural gas (LNG) in a competitive world market are all expected to exert upward pressure on natural gas prices, according to this month’s “Short-Term Energy Outlook” from the U.S. Energy Information Administration (EIA).

Weather, the weakening U.S. dollar, stronger demand and North America’s inability to attract cargoes of liquefied natural gas (LNG) in a competitive world market are all expected to exert upward pressure on natural gas prices, according to this month’s “Short-Term Energy Outlook” from the U.S. Energy Information Administration (EIA).

In an interim report, Chevron Corp. said its 2Q2007 results will gain on higher upstream commodity prices, stronger refining margins and the sale of its interest in Dynegy Inc. Partially offsetting earnings will be net charges related to debt redemption and other corporate items. Based on data from the first two months of 2Q2007 (April and May), Chevron said U.S. oil-equivalent production increased an estimated 1% sequentially from 1Q2007. Oil-equivalent growth follows restoration of Gulf of Mexico volumes following third-party pipeline disruptions. However, the higher output was partially offset by scheduled maintenance and other downtime. U.S. oil-equivalent production reached 755,000 boe/d in the first two months of the quarter, compared with 768,000 boe/d for the entire 2Q2006. U.S. natural gas output reached 1,714 MMcf/d in the first two months, compared with 1,832 MMcf/d for the entire 2Q2006. For the entire 2Q2007, Chevron said U.S. natural gas realizations were up 16 cents/Mcf, but bidweek pricing was mixed. Henry Hub gas prices averaged $7.56/Mcf for the entire 2Q2007, compared with $6.81 in 2Q2006. Rocky Mountain gas prices averaged $3.72/Mcf for the entire quarter, down from $5.26 in 2Q2006. Chevron is scheduled to report its quarterly results on July 27.

In an interim report, Chevron Corp. said its 2Q2007 results will gain on higher upstream commodity prices, stronger refining margins and the sale of its interest in Dynegy Inc. Partially offsetting earnings will be net charges related to debt redemption and other corporate items.