Quarterly Earnings

Home>Topics>Quarterly Earnings
Refine Results
  1. All
  2. Online Articles
  3. Magazine Articles
  1. Independents' quarterly earnings affected by commodity prices, costs

    By the OGJ Online Staff HOUSTON, Oct. 25 -- Large independents Apache Corp. and XTO Energy Inc. had third quarter earnings of $156.8 million and $70.3 million respectively, while Anadarko Petroleum Corp. declared a loss of $270 million. A $483 million noncash after-tax impairment of the carrying value of producing properties in Canada and South America contributed to Houston-based Anadarko's loss. Before special items, Anadarko's net income was $213 million on total revenue of $1.74 billion. For the same quarter a year ago, Anadarko posted earnings of $247 million on revenue of $1.82 billion. Robert J. Allison Jr., Anadarko chairman and CEO, said, "Our third-quarter financial results were impacted, like everyone else's in the energy industry, by lower oil and natural gas prices and higher costs for drilling rigs and other oil field services, but our operating results were better than expected." He said the company produced more than 51 million boe in the third quarter, slightly more than forecast, because of higher production from Alaska and Algeria and increased recovery of natural gas liquids. In third quarter 2000, Anadarko produced 40 million boe. Anadarko's natural gas prices averaged $2.89/Mcf, down 94¢ from third quarter 2000. Exploration activity continues, especially in the US Gulf of Mexico, where Anadarko agreed to farm into 95 blocks owned by BP Exploration & Production Inc. (OGJ Online, Oct. 25, 2001). Apache Houston-based Apache's third quarter revenue totaled $652.4 million, up from $618.5 million for the same quarter 2000 when the company earned $202.2 million. During the latest quarter, the company increased production by 90,000 boe/d to 360,000. Those gains partially offset price declines: The quarter's average $2.80/Mcf natural gas price was down 24% from a year ago, and the average $24.14/bbl oil price was down 17%. Apache Chairman and CEO Raymond Plank said, "Declining natural gas prices are causing North American drilling activity to plummet, threatening energy supplies ... Regrettably, at a time when stability and rationality should be the call words, we find ourselves in the most volatile natural gas pricing environment in history." Plank attributed gas price volatility to "excessive speculation inherent in a gas market driven by paper trades" and said market conditions jeopardized US security. XTO Energy Fort Worth-based XTO Energy reported $197.3 million in revenue for the third quarter, up from $160.5 million for the same quarter a year ago when XTO posted earnings of $31.8 million. The company produced 426 MMcfd of gas in the latest quarter, up sharply from 342 MMcfd a year ago. A successful development program and hedged gas prices contributed to a good quarter and bode well for the future, said Steffen E. Palko, vice-chairman and president. For the fourth quarter, XTO has hedged 413 MMcfd of gas at $4.11/Mcf. The company expects fourth quarter natural gas production of 450-455 MMcfd, bringing its yearly average to 415-420 MMcfd. XTO expects its natural gas liquids production to remain flat at 4,000-4,500 b/d. Its oil production should average 13,300-13,800 b/d for the fourth quarter and for the year, officials said.

    Online Articles

    Online Articles

    Thu, 25 Oct 2001

  2. Texaco says quarterly earnings top $800 million again

    Texaco Inc. reported second quarter 2001 income before special items of $817 million and net income of $784 million. It said it still expects to complete a merger with Chevron Corp. within the planned 12-month time frame.

    Online Articles

    Online Articles

    Wed, 25 Jul 2001

  3. El Paso delays quarterly earnings statement, likely to restate figures

    El Paso Corp., Houston, Wednesday announced the delay of its fourth-quarter 2003 earnings statement, pending a review of its negative reserves revision and also pending a decision on whether past financial statements will need to be restated.

    Online Articles

    Online Articles

    Thu, 11 Mar 2004

  4. USX-Marathon declares quarterly earnings of $193 million, up from $121 for 3Q 2000

    USX-Marathon Group, Pittsburgh, declared earnings for the third quarter of $193 million. Revenue for the quarter was $8.3 billion.

    Online Articles

    Online Articles

    Mon, 22 Oct 2001

  1. Husky reports sixfold increase in quarterly earnings

    Online Articles

    Online Articles

    Tue, 1 May 2001

  2. Eni plans refining capacity cuts

    Italy’s Eni SPA is planning additional reductions to its Italian refining capacity by 2017 to tackle the growing refining overcapacity in the Mediterranean basin, the company said in its latest quarterly earnings and strategy presentation.

    Online Articles

    Online Articles

    Tue, 18 Feb 2014

  3. MARKET WATCH: Crude oil prices decline as gas prices rally

    Following minimal declines over the previous two sessions, the front-month crude contract fell more than $2/bbl Oct. 19 in the New York market as disappointing quarterly earnings of some key companies undercut the equity market.

    Online Articles

    Online Articles

    Mon, 22 Oct 2012

  4. CHS takes full ownership of Kansas refinery

    US farmer-owned cooperative CHS Inc., Inver Grove Heights, Minn., has completed its purchase of National Cooperative Refinery Association’s refinery and related operations at McPherson, Kan., to take full ownership of the assets.

    Online Articles

    Online Articles

    Wed, 2 Sep 2015

  5. Simonette gas plant upset led to Alliance mainline closure, Keyera says

    Complications resulting from an operational upset at Keyera Corp.’s Simonette gas plant, located 57 miles southwest of Valleyview, Alta., have caused Alliance Pipeline LP to declare a force majeure along the mainline system of its 3,848-km (2,391-mile) integrated Canadian and US natural gas ...

    Online Articles

    Online Articles

    Fri, 7 Aug 2015

  6. OGJ Newsletter

    International news for oil and gas professionals

    Magazine Articles

    Magazine Articles

    Mon, 20 Jul 2015

  7. KMI brings second Texas condensate splitter online

    Kinder Morgan Inc., Houston, has commissioned the second of two splitters at the company’s new petroleum condensate processing facility located near its Galena Park terminal along the Houston Ship Channel.

    Online Articles

    Online Articles

    Wed, 15 Jul 2015

  8. Statoil reduces capital budget by $2 billion following 4Q losses

    Statoil ASA has reduced its organic capital expenditure to $18 billion in 2015 from $20 billion in 2014. The move comes on the heels of a fourth quarter in which the Norwegian multinational firm reported net losses of $1.18 billion, compared with a $1.98-billion gain in fourth-quarter 2013.

    Online Articles

    Online Articles

    Fri, 6 Feb 2015

Get More Results
Stay Connected