Thursday, October 30, 2008

Chesapeake Energy Reports Strong Revenue On Natural Gas Hedges

Chesapeake Energy Corp. (NYSE CHK) announced on Thursday that its adjusted third-quarter earnings climbed 47 percent.

CHK, which is the largest natural gas producer in the U.S., reported $486 million, or 85 cents a share, for the quarter ended Sept. 30, compared with $346.3 million, or 72 cents per share, a year ago.

Year to date, Chesapeake said it has made $1.5 billion, or $2.73 per share, compared with $1.1 billion, or $2.10 per share, a year ago. Revenue rose to $8.6 billion for the year from $5.7 billion.

Revenue nearly quadrupled to $7.5 billion in the quarter because of the hedges from $2 billion a year ago.

Natural Gas Inventory Report 10-30-08

Working gas in storage was 3,393 Bcf as of Friday, October 24, 2008, according to EIA estimates. This represents a net increase of 46 Bcf from the previous week. Stocks were 97 Bcf less than last year at this time and 97 Bcf above the 5-year average of 3,296 Bcf. In the East Region, stocks were 84 Bcf above the 5-year average following net injections of 19 Bcf. Stocks in the Producing Region were 3 Bcf below the 5-year average of 941 Bcf after a net injection of 20 Bcf. Stocks in the West Region were 16 Bcf above the 5-year average after a net addition of 7 Bcf. At 3,393 Bcf, total working gas is within the 5-year historical range.

Thursday, October 23, 2008

Natural Gas Inventory Report 10-23-08

Working gas in storage was 3,347 Bcf as of Friday, October 17, 2008, according to EIA estimates. This represents a net increase of 70 Bcf from the previous week. Stocks were 77 Bcf less than last year at this time and 93 Bcf above the 5-year average of 3,254 Bcf. In the East Region, stocks were 88 Bcf above the 5-year average following net injections of 40 Bcf. Stocks in the Producing Region were 8 Bcf below the 5-year average of 926 Bcf after a net injection of 26 Bcf. Stocks in the West Region were 13 Bcf above the 5-year average after a net addition of 4 Bcf. At 3,347 Bcf, total working gas is within the 5-year historical range.

Tuesday, October 21, 2008

Russia, Iran and Qatar Seek Natural Gas Cartel

Russia, Iran and Qatar made the first serious moves Tuesday toward forming an OPEC-style cartel on natural gas, raising concerns that Moscow could boost its influence over energy markets spanning from Europe to South Asia.


The 27-nation European Union expressed strong opposition to any natural gas cartel Tuesday, with an EU spokesman, Ferran Tarradellas Espuny, saying: "The European Commission feels that energy supplies have to be sold in a free market."
Together Russia, Qatar and Iran account for nearly a third of world natural gas exports — the vast majority supplied by Russia — according to U.S. government statistics. The three hold some 60 percent of world gas reserves, according to Russia's state-controlled energy company Gazprom.
The United States — the world's largest consumer of oil and gas — produces most of its natural gas needs at home, importing only from Canada and Mexico.

Thursday, October 16, 2008

Natural Gas Inventory Report 10-16-08

Working gas in storage was 3,277 Bcf as of Friday, October 10, 2008, according to EIA estimates. This represents a net increase of 79 Bcf from the previous week. Stocks were 87 Bcf less than last year at this time and 85 Bcf above the 5-year average of 3,192 Bcf. In the East Region, stocks were 84 Bcf above the 5-year average following net injections of 46 Bcf. Stocks in the Producing Region were 15 Bcf below the 5-year average of 907 Bcf after a net injection of 25 Bcf. Stocks in the West Region were 17 Bcf above the 5-year average after a net addition of 8 Bcf. At 3,277 Bcf, total working gas is within the 5-year historical range.

Thursday, October 09, 2008

Natural Gas Inventory Report 10-09-08

Working gas in storage was 3,198 Bcf as of Friday, October 3, 2008, according to EIA estimates. This represents a net increase of 88 Bcf from the previous week. Stocks were 117 Bcf less than last year at this time and 69 Bcf above the 5-year average of 3,129 Bcf. In the East Region, stocks were 76 Bcf above the 5-year average following net injections of 44 Bcf. Stocks in the Producing Region were 23 Bcf below the 5-year average of 890 Bcf after a net injection of 35 Bcf. Stocks in the West Region were 16 Bcf above the 5-year average after a net addition of 9 Bcf. At 3,198 Bcf, total working gas is within the 5-year historical range.

Thursday, October 02, 2008

Chesapeake Energy Acquires Barnett Shale Assets

Chesapeake Energy Corp has purchased Barnett Shale assets from Exxon Mobil. The deal includes 24,000 acres of property and an 80-mile pipeline owned by an Exxon Mobil partnership in the Barnett Shale.


The Barnett Shale is one of the largest natural gas producing areas in the United States.

Terms of the deal were not disclosed.

Natural Gas Inventory Report 10-02-08

Working gas in storage was 3,110 Bcf as of Friday, September 26, 2008, according to EIA estimates. This represents a net increase of 87 Bcf from the previous week. Stocks were 137 Bcf less than last year at this time and 50 Bcf above the 5-year average of 3,060 Bcf. In the East Region, stocks were 74 Bcf above the 5-year average following net injections of 51 Bcf. Stocks in the Producing Region were 39 Bcf below the 5-year average of 871 Bcf after a net injection of 24 Bcf. Stocks in the West Region were 15 Bcf above the 5-year average after a net addition of 12 Bcf. At 3,110 Bcf, total working gas is within the 5-year historical range.