Blueknight Energy Partners LP
Blueknight Energy Partners LP on Tuesday reported net income of $10.5 million, or 21 cents a unit, for the third quarter, despite a $5.7 million impairment charge on a south Texas pipeline system. The partnership earned $7.9 million, or 10 cents a unit, in the same period of last year. “The third-quarter results continue to reflect our focus on growth opportunities across our various business segments,” CEO Mark Hurley said. “The recently announced increase in our common unit distribution for the fifth-consecutive quarter underscores our long-term perspective on delivering consistent value to our unit holders.”
Compressco Partners LP
Compressco Partners LP on Tuesday reported third-quarter net income of $4.2 million as demand for its services increased. The compression-based production enhancement services provider earned $5.1 million in the same period of last year. “Our third-quarter results reflect higher fleet utilization driven by strong demand for our unconventional compression services applications in the United States, particularly vapor recovery services,” President Ronald J. Foster said. “We also benefited from international compression service opportunities, including modest but expected improvement in demand for our services in Mexico compared to the second quarter of 2013.”
Gulfport Energy Corp.
Gulfport Energy Corp. increased production by more than half a million barrels oil equivalent in the third quarter, allowing the company to record net income of $40.5 million, or 52 cents a share. Gulfport earned $500,000, or a penny a share, in the same period of last year. The company produced about 1.19 million barrels of oil equivalent in the quarter, as CEO James Palm expressed confidence in Gulfport's first dry natural gas well in Ohio's Utica Shale. “We are very pleased with the initial results from our Irons 1-4H well, our first well in the dry gas corridor in the Utica,” he said. “With approximately 44 percent of our acreage located within the dry gas phase of the play, this well stands to unlock meaningful value across a large portion of our acreage. The strong economics of this well appear to be very attractive in today's commodity price environments and we look forward to drilling a number of wells in the surrounding area during 2014.”
LSB Industries Inc.
LSB Industries Inc. posted a profit of $10.3 million, or 43 cents per share, for the third quarter, compared to $6.7 million, 28 cents per share, for the same period a year ago. LSB saw operating income from its chemical business rise to $17.7 million in the third quarter, compared to $7.5 million for the same period in 2012, due to the return to production of its Pryor and Cherokee facilities after repairs and upgrades. Sales were $177.4 million for the third quarter, down 3 percent or $5 million from $182.4 million in the third quarter of 2012. The Oklahoma City-based company runs two business units — a chemical division and a climate control business.
TULSA — ONEOK Inc. on Tuesday announced net income of $62.4 million, or 30 cents a share, for the third quarter. That is down from $65.2 million, or 31 cents a share, after an after-tax charge of $10.4 million associated with the accelerated wind down of ONEOK's energy services segment. “Continued natural gas and natural gas liquids volume growth from recently completed ONEOK Partners growth projects and new rates in our natural gas distribution segment contributed to ONEOK's third-quarter results,” CEO John W. Gibson said. “Volume growth at the partnership was offset by significantly narrower NGL location price differentials, ethane rejection and lower NGL prices.”
ONEOK Partners LP
TULSA — ONEOK Partners LP's net income dipped to $216.3 million, or 64 cents a unit, in the third quarter, the partnership announced Tuesday. ONEOK Partners earned $232.3 million, or 78 cents a unit, in the same period of last year. “Our natural gas gathering and processing, and natural gas liquids segments continued to benefit from volume growth in the third quarter due primarily to completed growth projects and increased well connections in the Williston Basin,” CEO John W. Gibson said. “We expect continued volume growth across our operations as we execute our $5.3 billion to $5.6 billion capital-growth program through 2015, which includes our recently announced acquisition of the Sage Creek natural gas processing plant and related investments in the NGL-rich area of the Powder River Basin.”
TULSA — Unit Corp. saw its net income drop to $34.2 million, or 70 cents a share, in the third quarter. That is down from $46.6 million, or 97 cents a share, in the same period of last year. Unit increased oil and natural gas production by 21 percent over the previous quarter. “Unit Corporation is continuing to progress on several strategic initiatives,” CEO Larry Pinkston said. “We have increased the number of operated drilling rigs drilling for our oil and natural gas segment in accordance with our previously stated plans, and we started our pad drilling program in the Granite Wash. ... Our midstream segment continues to see the benefit of its previous capital investments with rising volumes and cash flow growth.”
From Staff Reports