Natural gas producer Ultra Petroleum Corporation’s (UPL) third quarter results came in better than expected, primarily due to increased production. Earnings per share, excluding non-cash mark-to-market charge, came in at 57 cents, topping the Zacks Consensus Estimate by 11.8%. However, in line with other onshore natural gas-focused companies – Devon Energy Corp. (DVN), XTO Energy Inc. (XTO), Anadarko Petroleum Corp. (APC) and Chesapeake Energy Corp. (CHK) – earnings and revenue comparisons with the year-earlier period were quite weak, severely hampered by the slump in commodity prices. Ultra’s adjusted earnings per share fell 26.9% (from 78 cents to 57 cents), while operating revenues declined 47.9% to $155.2 million. Record Quarterly Production Production during the quarter increased 26.5% year over year and 3.2% sequentially to a record 45.9 billion cubic feet equivalent (Bcfe), reflecting the company’s successful drilling activities. Natural gas volumes jumper ...

Natural gas producer XTO Energy’s (XTO) third quarter results came in better than expected, primarily due to rise in production volumes. Earnings per share, excluding non-cash derivative fair value loss, came in at 87 cents, ahead of the Zacks Consensus Estimate of 84 cents.   XTO’s adjusted earnings per share fell 11.2% year over year, reflecting lower realized natural gas prices. However, revenues were up 7.7% to $2.3 billion, mainly on the back of the company’s attractive hedges. During the quarter, operating income was down 5.2% year over year to $919 million, but cash flow from operations was up 2.8% to $1.6 billion.   Volume Gains Continue   Production during the quarter increased 23.4% year over year and 1.9% sequentially to a record 2.9 billion cubic feet equivalent (Bcfe) per day. Average daily gas production increased 24.2% year over year to 2.4 billion cubic feet (Bcf), daily oil ...

XTO Energy’s (XTO) second-quarter results came in better-than-expected, primarily due to rise in production volumes and lower cash costs. Earnings per share, excluding one-time items (non-cash derivative fair value loss and gain on debt extinguishment), came in at 88 cents, 7 cents above the Zacks Consensus Estimate. On a year-over-year basis, XTO’s adjusted earnings per share fell 17%, reflecting lower realized natural gas prices. However, revenues were up 17% to $2.3 billion, mainly on the back of the company’s attractive hedges. During the quarter, operating income was down 11% year over year to $898 million, while cash flow from operations was up 23% to $1.51 billion. Healthy Volume Increase Production during the quarter increased 32% year over year and 6% sequentially to a record 2.9 billion cubic feet equivalent (Bcfe) per day. Average daily gas production increased 31% year over year to 2.4 billion cubic feet

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Russia’s current woes can be readily summed up in just one single variable – the value of the ruble – and this value, as we all know, is falling. Almost uncontrollably so.br /br /blockquoteThe bank’s target will be “very quickly” breached without more intervention, said Gaelle Blanchard of Societe Generale SA in London. “Right now the market is convinced it wants to see the ruble lower,” Blanchard said. “As long as the central bank gives these targets, then speculators are going to have something to aim for.”br /br //blockquoteblockquote“The market is testing whether the authorities see this band as something permanent or something that will move,” said Lars Rassmussen, an emerging markets analyst at Danske Bank A/S. “Our view is that they’ll move it because it’s not worth wasting the reserves for a band that is obviously not wide enough.”/blockquoteblockquoteFirst Deputy Prime Minister Igor Shuvalov expressed regret that the general …