Boosted by strengthening prices, executives at Oklahoma natural gas producers have used a more optimistic tone in recent days as they describe their primary product.
“The recent uplift in natural gas prices could have a significant impact on our financial results in upcoming quarters,” Devon Energy Corp. CEO John Richels said during a conference call with analysts Wednesday.
Chesapeake Energy Corp. acting CEO Steve Dixon had a similar message.
“Natural gas markets have improved materially in the last few months, and signs of long-term demand growth are beginning to materialize across multiple market segments,” Dixon said in an analyst conference call Wednesday.
Tulsa-based WPX Energy Inc. has seen a similar trend.
“On the gas front, we're encouraged by the stronger prices that started late in the quarter,” WPX CEO Ralph A. Hill said Thursday.
After bottoming out at $1.90 per thousand cubic feet in April 2012, natural gas prices have steadily increased over the past year, reaching $4.32 Wednesday, up 134 percent.
The price slipped 6.5 percent Thursday to settle at $4.04.
While natural gas prices tumbled in recent years, the price of oil soared, leading energy companies to switch as quickly as possible to a focus on crude.
Executives are watching the market closely, still not willing to jump back to natural gas.
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