COMPRESSCO PARTNERS LP
Compressco Partners LP on Tuesday announced net first-quarter income of $4.5 million, up from $2.8 million over the same period of last year, as it continued to put more compressor units in the field. “Following a strong 2012, during the first quarter of 2013 we continued our expansion throughout the markets we have targeted, including domestic conventional and unconventional applications, particularly liquids-rich shale plays, and international markets,” President Ronald J. Foster said. “We have focused our capital spending on U.S. fleet growth in liquid and vapor recovery applications.” Compressco had an average of 3,174 compressor units providing services during the first quarter, a 9 percent increase over the previous year.
GULFPORT ENERGY CORP.
Gulfport Energy Corp. earned $44.6 million, or 61 cents a share, in the first quarter, the Oklahoma City oil and natural gas producer reported Tuesday. Gulfport earned $26.9 million, or 48 cents a share, in the same period of 2012. The company also reported first-quarter production of 575,543 barrels of oil equivalent, down from 645.1 million barrels in the first quarter of last year. Gulfport expects to produce as much as 8.1 million barrels of oil in 2013, as it boosts its capital expenditures to about $580 million to support increased drilling in Ohio's Utica Shale.
BLUEKNIGHT ENERGY PARTNERS
Blueknight Energy Partners LP on Tuesday reported net income of $6 million, or 2 cents a unit, for the first quarter. The partnership earned $12 million, or 20 cents a unit, in the same period of last year. “The first quarter results were in line with our expectations as we continue to execute key elements of our business strategy,” CEO Mark Hurley said. “As previously reported, earnings will be impacted in the near term by a decrease in our average Cushing crude oil storage rates stemming from the planned diversification of our customer base and tenure of existing storage contracts. We do expect increased cash flow from our crude oil pipeline services and crude oil trucking and producer field services operations to offset the decrease as several of our projects enter service in the second half of 2013.”
TULSA — Unit Corp.'s first quarter earnings dipped to $40.2 million, or 84 cents a share, the company reported Tuesday, but officials remain optimistic about the future. Unit earned $52.4 million, or $1.10 a share, in the same period of 2012. “We are pleased with the results of our operations in all three segments and are excited about the growth opportunities for 2013. The recent acquisition from Noble was an important growth step for us going forward,” CEO Larry Pinkston said. “We plan to accelerate the drilling activity in the acquired properties and our other Granite Wash acreage over the next 12 to 18 months using up to six rigs from our contract drilling segment, and we plan to operate the acquired gathering systems and replace existing third party processing contracts beginning in 2015.”
WILLIAMS COS. INC.
TULSA — The Williams Cos. Inc. on Tuesday reported its net income slipped to $161 million, or 23 cents a share, due in part to lower natural gas liquids margins. Williams earned $423 million, or 70 cents a share, in the same quarter of last year, buoyed by $207 million in income from its operations in Venezuela. “Despite the headwinds we are facing with low NGL prices and higher natural gas prices, the growth opportunities in our businesses remain tremendous and enable us to project dividend growth of 20 percent annually through 2015,” CEO Alan Armstrong said. “We expect that ongoing tremendous North American energy infrastructure needs will continue to combine with Williams' unique capabilities to create a continuing robust set of investment opportunities.”
WILLIAMS PARTNERS LP
TULSA — A sharp decline in natural gas liquids prices pushed Williams Partners LP's first-quarter earnings to $321 million, or 50 cents a share, the partnership reported Tuesday. Williams Partners earned $408 million, or 85 cents a share, in the same period of 2012. The partnership boosted its distributable cash flow to $497 million by acquiring Gulf Olefins assets last year. “We're pleased to report a solid first quarter in the face of NGL margins that were 50 percent lower than in the prior year,” CEO Alan Armstrong said. “Our focus continues to be on executing on the wide variety of growth opportunities across all our businesses that support an expected increase of more than 60 percent in our DCF (distributable cash flow) from 2013 through 2015.”