Turned

It hasn’t taken long for the domestic natural gas market to be turned on its head, an Ultra Petroleum Corp. executive said last week.

El Paso Corp. turned its recent losses on their head in 1Q2010, reporting Thursday that it had net profits of $388 million (54 cents/share) versus a loss of $969 million (minus $1.41) in the year-ago period.

El Paso Corp. turned its recent losses on their head in 1Q2010, reporting Thursday that it had net profits of $388 million (54 cents/share) versus a loss of $969 million (minus $1.41) in the year-ago period.

Producers seeking better returns than dry gas provides these days have turned much of their attention to natural gas liquids (NGL)-rich plays, hoping to capitalize on strong NGL economics. This has sparked a midstream infrastructure buildout that could ultimately rustle NGL flow patterns as products from new supply areas seek markets.

El Paso Corp.’s fortunes turned around in 4Q2009 from its year-ago losses, with adjusted earnings up 62%, the company said Monday.

El Paso Corp.’s fortunes turned around in 4Q2009 from its year-ago losses, with adjusted earnings up 62%, the company said Monday.

A request to resume the first offshore drilling in state waters in 40 years was turned down Thursday by the three-member California State Lands Commission on a 2-1 vote at a meeting in Santa Barbara, CA. Plains Exploration and Production Company (PXP), which holds the federal lease for the offshore Point Pedernales Field about 50 miles northwest of Santa Barbara, had applied for two state offshore leases to develop the Tranquillon Ridge Oil Field.

Spectra Energy Corp. last week turned in a weaker third quarter performance compared with a year ago due largely to lower commodity prices. However, management pointed to expansion projects that are generating returns near the top of expectations. Further, the U.S. Southeast and Western Canada both offer opportunities, executives said.

Spectra Energy Corp. Thursday turned in a weaker third quarter performance compared with a year ago due largely to lower commodity prices. However, management pointed to expansion projects that are generating returns near the top of expectations. Further, the U.S. Southeast and Western Canada both offer opportunities, executives said.