Canada has far and away surpassed 2001’s record level of natural gas well completions, but the unprecedented number has only modestly increased overall production, according to a report by Dallas-based Southwest Securities.
Surpassed
Articles from Surpassed
Production Increases, Commodity Prices Rocket Burlington Earnings
Burlington Resources Inc. easily surpassed Wall Street’s expectations Wednesday, reporting a 238% increase in net income in the third quarter on higher commodity prices and a 3% overall boost in natural gas, natural gas liquids (NGLs) and crude oil production. Progress in the company’s cost containment efforts also helped the bottom line.
Financial Briefs
Apache Corp.’s third quarter results surpassed analysts’ profittarget by 11 cents mainly because of increases in gas and oilprices. Apache’s U.S. gas production grew 15% to 572 MMcf/d.. Thecompany’s earnings were $201.3 million, or $1.61 per share, morethan double the year-earlier profit of $67.8 million, or 59 centsper share. The company’s revenues rose 83 percent to $624.6million. Apache’s average realized price for oil was up 42% to$29.11/bbl and its U.S. natural gas prices were up 64% to$4.22/Mcf. During the quarter, the company completed acquisitionsof producing properties in South Texas and the Permian Basin fromCollins and Ware and in the Gulf of Mexico from OccidentalPetroleum. On Oct. 9, Apache said it planned to buy the Canadianassets of New Zealand’s Fletcher Challenge Energy in a joint bidwith Royal Dutch/Shell Group, which plans to acquire the rest ofthe company. Regulators have blocked the deal, but Shell and Apachehope to win approval for an amended bid. Apache said the Fletcherdeal would bring its oil and gas property acquisitions to about$1.5 billion this year.
Financial Briefs
Apache Corp.’s third quarter results surpassed analysts’ profittarget by 11 cents mainly because of increases in gas and oilprices. Apache’s U.S. gas production grew 15% to 572 MMcf/d.. Thecompany’s earnings were $201.3 million, or $1.61 per share, morethan double the year-earlier profit of $67.8 million, or 59 centsper share. Revenues rose 83% to $624.6 million. Apache’s averagerealized price for oil was up 42% to $29.11/bbl and its U.S.natural gas prices were up 64% to $4.22/Mcf. During the quarter,the company completed acquisitions of producing properties in SouthTexas and the Permian Basin from Collins and Ware and in the Gulfof Mexico from Occidental Petroleum. On Oct. 9, Apache said itplanned to buy the Canadian assets of New Zealand’s FletcherChallenge Energy in a joint bid with Royal Dutch/Shell Group, whichplans to acquire the rest of the company. Regulators have blockedthe deal, but Shell and Apache hope to win approval for an amendedbid. Apache said the Fletcher deal would bring its oil and gasproperty acquisitions to about $1.5 billion this year.
ExxonMobil, Chevron, Texaco Earnings Soar
Third quarter earnings for the three largest U.S. oil companies— ExxonMobil, Chevron and Texaco — handily surpassed analysts’expectations on the wave of surging oil and gas prices. ExxonMobilbeat predictions by six cents, Texaco beat the estimates by 12cents and Chevron also soared, rolling over an expected earningsforecast by 54 cents. All three released their quarterly statementsyesterday.