Continental report hurts shares
Shares of Continental Resources Inc. lost more than 9 percent of their value Thursday after the company's earnings failed to meet analysts' expectations. The Oklahoma City-based oil producer released its first quarter earnings Wednesday after the markets closed. Continental reversed a hedging-fueled loss from the same period of 2011 with earnings of $69 million as oil production increased 66 percent in the quarter. Continental's earnings worked out to about 76 cents a share, 9 cents below predictions. The company's stock dropped Thursday to $81.94 a share, down $8.40.
Equal Energy reviews holdings
The board of Equal Energy Ltd. has begun a strategic review of ways to enhance shareholder value because it believes the company's stock is trading at a significant discount. Equal's holdings in the liquids-rich Hunton play and emerging Mississippian oil play in Oklahoma are particularly undervalued, according to the company. Strategic options could include the sale of those assets or even the company itself.
PetroQuest Energy Inc. began producing oil and natural gas from 11 additional wells in Oklahoma's liquids-rich Woodford Shale play in the first quarter, the Louisiana-based company reported Thursday. PetroQuest also is completing six more wells, with three more expected to be completed in the second quarter. The company also announced it recently sold working interest in three counties in the Mississippian oil play for $6.1 million.
Houston firm buys state acreage
Houston-based Natural Resource Partners LP has begun acquiring acreage in Oklahoma's Mississippian oil play over the past six months. “This further diversification will benefit NRP in the long term,” President Nick Carter said this week as the partnership reported its first quarter earnings. Natural Resource Partners spent $24.7 million during the quarter to acquire the acreage.
Wind company hires advisers
The company behind an Osage County wind farm has hired an advisory firm to help market some assets in its Midwest development portfolio. Wind Capital Group announced this week it had hired Energy Advisory Partners. “We have been approached from time to time by buyers of development assets, both wind project developers and generation companies seeking to own renewable assets, and now we'd like to open up a more formal process,” Wind Capital Group CEO David Boyce said. The company's plans include construction of additional wind turbines capable of generating up to 150 megawatts of electricity.
Weather assists Atlas Pipeline
Atlas Pipeline Partners LP is making progress on two new natural gas processing plants in Oklahoma, thanks to mild weather in the first quarter, the Philadelphia-based partnership reported. Atlas expects both plants to go into service over the next two months, CEO Eugene Dubay said.
Imperial Resources makes deal
Imperial Resources Inc. is making progress in its bid to staking its claim on a key Oklahoma resource play. The Austin, Texas-based company announced this week that it has struck a deal with its prospect generator on a 144-square-mile area of mutual interest. Imperial will retain a 90 percent working interest in the area after it develops a leasing plan to identify the most productive sections.
TULSA — Syntroleum Inc. on Thursday reported a net loss of $1.9 million, or 2 cents a share, in the first quarter. Syntroleum lost $3.9 million, or 5 cents a share, for the same period of last year. The company also reported an $830,000 loss for the previous quarter from subsidiary Dynamic Fuels, a joint venture with Tyson Foods that produces diesel fuel from animal waste.
MAGELLAN MIDSTREAM PARTNERS LP
TULSA — Magellan Midstream Partners LP earned $93.5 million, or 83 cents a unit, in the first quarter, the partnership reported Wednesday. That is up slightly from the same period of last year, when Magellan reported net income of $90 million, or 80 cents a unit. “Magellan's first quarter results increased compared to the 2011 period driven by higher results from our growing crude oil pipeline and storage infrastructure, offsetting reduced demand for gasoline so far in 2012,” CEO Michael Mears said.