Trimmed

In addition to announcing a significant shift in its shale strategy, Fort Worth-based Range Resources said this week that it has trimmed its quarterly losses from $29.8 million, or 19 cents/share during 3Q2009 to $8.2 million, or 5 cents/share for 3Q2010.

SCANA Corp. trimmed operating and maintenance expenses by $15 million in 4Q2009, but the cost-control measures were not enough to offset electric margin erosion, dilution and reduced income from asset sales in 2008. The Cayce, SC-based company on Thursday reported 4Q009 earnings of $76 million (62 cents/share), an 11.6% decline compared with $86 million (73 cents) in 4Q2008.

SCANA Corp. trimmed operating and maintenance expenses by $15 million in 4Q2009, but the cost-control measures were not enough to offset electric margin erosion, dilution and reduced income from asset sales in 2008. The Cayce, SC-based company on Thursday reported 4Q009 earnings of $76 million (62 cents/share), an 11.6% decline compared with $86 million (73 cents) in 4Q2008.

Coming off Monday’s cold-induced 31.2-cent gain, the natural gas futures market reversed course Tuesday as the February contract trimmed 24.7 cents to close at $5.637. Despite the retracement, some traders believe the bulls — with weather on their side — still have their eye on another test of the psychological $6 level.

Friedman, Billings, Ramsey & Co. Inc. (FBR) has trimmed its forecast for U.S. natural gas prices for the next two years to reflect the “impending flood of shale gas.”

El Paso Corp.’s annual financial analyst meeting last week did nothing to quell talk that the company may restructure and split its bread-and-butter natural gas pipeline business from the exploration and production (E&P) unit to increase shareholder value. In fact, the CEO indicated it is a distinct possibility.

The National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center Thursday joined a growing number of forecasters that have trimmed the number of hurricanes they say will form this year, while still predicting an above-normal number of storms.

Kerr-McGee Corp. last week trimmed its third quarter oil and gas production outlook after running into problems in the Gulf of Mexico. The independent, which is maintaining its full-year guidance, warned that a wildcat well offshore under development could drop quarterly earnings 15 cents if it’s dry.

Kerr-McGee Corp. on Wednesday trimmed its third quarter oil and gas production outlook but maintained its full-year guidance after running into problems in the Gulf of Mexico. The independent also warned that a wildcat well offshore still being developed could drop quarterly earnings 15 cents if it’s dry.