Houston-based Burlington Resources Inc. marched forward in the second quarter, with a 42% gain in earnings and a record 4% increase in overall production volumes. The producer reported net earnings of $537 million ($1.40/share), ahead of $379 million (96 cents) for the same period a year ago, and revenue rose to $1.69 billion from $1.33 billion.
Volumes
Articles from Volumes
Anadarko Secures Capacity Agreements for Proposed LNG Terminal in Nova Scotia
Anadarko Petroleum Corp. has signed agreements for nominated capacity on a planned expansion of the Maritimes & Northeast Pipeline system to deliver volumes into Canadian and U.S. markets from the producer’s planned Bear Head liquefied natural gas (LNG) import terminal, which is scheduled to start up in 2008.
Lehman Brothers Estimates 2Q U.S. Gas Production Rose Sequentially
U.S. natural gas production rose about 0.2% during the second quarter compared to first quarter volumes but was down 3.6% compared to the same period last year, according to estimates by Lehman Brothers analyst Thomas Driscoll. In comparison, Driscoll said his survey of about 46 producers shows total North American gas production rose 0.2% sequentially but fell 2.7% compared to 2Q2004.
Despite Montana Court Ruling, MDU Reaffirms ’05 Guidance
Despite the “potential negative implications” from recent court decisions that impact its coalbed methane (CBM) production volumes in Montana, MDU Resources Group Inc. said Thursday that it is reaffirming its 2005 earnings guidance to a range of between $1.80-2.00/share.
CenterPoint Energy Expansion OK’d to Transport More Rocky Mountain Gas Eastward
FERC has awarded CenterPoint Energy Gas Transmission a certificate to carry out a mainline compression expansion in Oklahoma that would permit greater volumes of Rocky Mountain natural gas to be transported eastward to markets across its pipeline system.
CenterPoint Energy Expansion OK’d to Transport More Rocky Mountain Gas Eastward
FERC has awarded CenterPoint Energy Gas Transmission a certificate to carry out a mainline compression expansion in Oklahoma that would permit greater volumes of Rocky Mountain natural gas to be transported eastward to markets across its pipeline system.
Transportation Notes
Transwestern said it has received a number of shipper requests to move incremental volumes from the WFS [Williams Field Services] Milagro plant in San Juan Basin, but these requests have exceeded the current meter run’s capacity. Thus Transwestern will performing an estimated four to five hours of maintenance Thursday on the meters used for the receipt of gas from the Milagro plant. The work will increase the capacity of the meters from 400 MMcf/d to about 600 MMcf/d, Transwestern said.
XTO, ConocoPhillips Exchange Domestic Assets
XTO Energy Inc. said Thursday that it has traded producing properties, located primarily in Texas and New Mexico, with ConocoPhillips. Production volumes exchanged are estimated at 1,800 boe/d.
Marketer Rankings Show Energy Merchant Sector ‘Finally Rebuilt’
The energy merchant sector has been rebuilt, stronger than ever — and those leading the parade are more than likely the large oil and natural gas producers that once used middlemen to market their natural gas. Also coming out of the closet as energy merchants under their own names are the bankers that used to finance the marketers.
Industry Briefs
Range Resources reported that fourth quarter 2004 production volumes rose to 214.8 MMfe/d, a 30% increase comapred to 4Q2003 levels. Production for the year averaged 196 MMcfe/d, a 23% increase over 2003. About 71% of the company’s production in the quarter was natural gas. The company’s production is projected to continue to increase sharply in 2005. Range currently expects first quarter 2005 production to reach 224-226 MMcfe per day, a 27% increase over productiong during the first quarter of 2004 and a 5% increase over the most recent quarter. Range’s fourth quarter 2004 oil and gas price realizations (including the impact of hedging) averaged $4.85/Mcfe, a 20% increase over the prior-year period. First quarter 2005 price realizations are expected to average $5-$5.10/Mcfe, which is 25% higher than the prior-year period.