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 ...

MarkWest Liberty Midstream & Resources – a majority-owned joint venture of MarkWest Energy Partners L.P. (MWE) – yesterday announced the signing of definitive agreements with subsidiaries of Chesapeake Energy Corp. (CHK) and Statoil Hydro ASA (STO) to process gas at its proposed facility in Majorsville, West Virginia.   MarkWest Liberty is a partnership between natural gas pipeline operator MarkWest Energy Partners and energy infrastructure private equity fund NGP Midstream & Resources L.P. MarkWest has a 60% operated interest in the venture (remaining 40% owned by NGP) that has been formed to construct and operate natural gas midstream services to support producers in the emerging Marcellus Shale play in western Pennsylvania and West Virginia.   The new processing deals are in addition to a previously announced agreement with independent oil and gas company Range Resources Corp. (RRC) that was executed earlier this year. All three contracts include

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In the weekly report that always seems to move prices 5% one way or the other, the natural gas supply report showed a higher than expected supply in natural gas. a href="http://www.bloomberg.com/apps/news?pid=20601087amp;sid=aJ._taTKDeSE"Here's the story from Bloomberg/a:br /br /blockquoteNatural gas futures fell the most in two months after a government report showed a bigger-than- estimated increase in U.S. stockpiles. Supplies in storage gained 66 billion cubic feet in the week ended July 31 to 3.089 trillion cubic feet, the a href="http://www.bloomberg.com/apps/quote?ticker=DOENUSCH%3AIND" t_delay="50" t_width="110" t_bgcolor="#ddedd9" t_fontface="Verdana,sans-serif" t_fontcolor="#000000" t_static="true" t_above="true"Energy Department/a said. Analysts forecast a gain of 61 billion. The total was a record for late July, based on weekly department data going back to 1994.br /br /“We have a lot of supply and it really weighs on the market,” said a href="http://search.bloomberg.com/search?q=Phil+Flynnamp;site=wnewsamp;client=wnewsamp;proxystylesheet=wnewsamp;output=xml_no_dtdamp;ie=UTF-8amp;oe=UTF-8amp;filter=pamp;getfields=wnnisamp;sort=date:D:S:d1" t_delay="50" t_width="110" t_bgcolor="#ddedd9" t_fontface="Verdana,sans-serif" t_fontcolor="#000000" t_static="true" t_above="true"Phil Flynn/a, vicebr /president of research at PFG Best in Chicago. “The dollar ...

Earlier this week, Texas-based independent oil and gas player XTO Energy (XTO) updated its price hedges for future sales of oil in 2010. The company has now hedged approximately 95% of its projected 2010 oil production at an average price of $95.70 per barrel.

On the natural gas front, XTO has hedged approximately 730 million cubic feet per day (MMcf/d) at an average price of $8.67 per million cubic feet equivalent (Mcfe). The company has already hedged the bulk of this year's volumes at very attractive price points: nearly 80% of its expected natural gas volumes at an equivalent price of $8.79 per Mcfe and more than 75% of its expected liquids volumes at $117.11 per barrel.

We believe this would smooth out the commodity price risk for XTO. As such, the company remains better positioned than most of its peers to operate in the current low

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Highlights include Exxon Mobil Corp. (XOM), Schlumberger, Ltd. (SLB), Transocean Ltd. (RIG), Nabors Industries Ltd. (NBR), Patterson-UTI Energy Inc. (PTEN), BJ Services Co. (BJS), XTO Energy Inc. (XTO) and Chesapeake Energy Corp. (CHK).Oil prices have moved up impressively in the recent past, up almost 18% in the last four weeks alone, and currently at the highest point in 2009 at close to $58 a barrel. The S&P 500 has gained around 11% in the same time frame, though its overall gain from the March lows is fairly impressive. The equity market rally reflects the growing optimistic narrative about the economic landscape, with sightings of 'green shoots' and favorable 'stress-test' outcomes. Today's favorable payroll numbers reinforce that outlook.But what accounts for the oil rally, how sustainable is it, and what are its investment implications going forward?There is ...

For Immediate Release

Chicago, IL - April 2, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: The Governor and Company of the Bank of Ireland (IRE), Eli Lilly & Co. (LLY), Pervasive Software (PVSW), Linktone (LTON) and Chesapeake Energy Corp. (CHK).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=4579.

Here are highlights from Wednesday's Analyst Blog:

Bank of Ireland Estimates Cut

In its 3rd quarter trading update, The Governor and Company of the Bank of Ireland (IRE), or BOI, reduced its earnings outlook due to higher loan impairment charges.

IRE

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With about 80% of its projected 2009 production hedged at attractive price points, Chesapeake Energy Corp. (CHK) remains better positioned than most of its peers to operate in the current low commodity-price environment.Other positive attributes in the Chesapeake story include the company's industry leading growth profile, competitive cost structure, management's track record of out-performance, and attractive valuation. The company is expected to post mid-single-digit volume growth this year despite significantly curtailing its capital plans, highlighting the quality of its asset base.Chesapeake shares offer significant upside from current levels, in our view. Our unchanged $35 price objective is based on a 2009 EV/EBITDA multiple of 6.5x, well within historical trading range. Read the full analyst report on "CHK"Zacks Investment Research

U.S. stocks open slightly lower in thin holiday trade… Retailers fall on worry about weak “Black Friday” sales… Energy shares pressured as oil prices slip below $53

U.S. stocks slipped in thin holiday trade on Friday after a streak of gains as investors nervously eyed post-Thanksgiving sales to gauge how retailers will fare this holiday season, while worries about global demand hurt technology and energy shares.

Chevron (CVX) fell 1.9 percent tracking oil lower as OPEC gathered to discuss potential further supply cuts to combat falling demand. U.S. crude dropped below $53 a barrel.

Technology shares slid after signs of a downturn in global chip demand as STMicroelectronics cut its fourth-quarter outlook. Industry sources said Taiwan companies want to slash costs. The semiconductor index shed 1.1 percent.

The U.S. stock market was closed Thursday for the Thanksgiving holiday and is trading for half the day

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T2 Capital Partners LPT2 Capital Partners LP | Hedge Fund NotesPlease click on the image below to view a report on the top 15 security position of T2 Capital Partners according to their most recent 13F filings with the SEC on November 13th, 2009.Shares mentioned within T2's most recent 13F filing included:Alliancebernstein Holding Lp (AB) Ambassadors International Inc (AMIE) American Express Co (AXP) American Italian Pasta Co (AITP.PK) American Oriental Bioengineering ... (AOB) Anheuser-Busch Cos Inc (BUD) Annaly Capital Management Inc (NLY) Atlas Pipeline Partners Lp (APL) Atp Oil And Gas Corp (ATPG) Barnes And Noble Inc (BKS) Berkshire Hathaway Inc (BRK.A) Borders Group Inc (BGP) Celebrate Express Inc (BDAY) Chesapeake Energy Corp (CHK) Cisco Systems Inc (CSCO) Clearpoint Business Resources Inc (CPBRU) Contango Oil And Gas Co (MCF) Delias Inc (DLIA) Ebay Inc (EBAY) Echostar Corp (SATS) Emc Corpmassachusetts ...

We are maintaining our Buy recommendation on Plains Exploration & Production Co. (PXP) and increasing our target price from $84 to $91 per share. The company is poised for solid growth over the next several years with Piceance, Panhandle and Gulf Basin assets helping to drive production in a meaningful way.

However, the recent 20% acquisition of Chesapeake Energy Corp.’s (CHK) Haynesville Shale play will likely be the cornerstone of the company’s long-term growth story, as there are more than 20 Tcfe of reserves in place on its gross acreage. Additionally, the company has hedged a meaningful portion of its oil and gas production for '09 at favorable pricing, thus mitigating the risk of volatile prices.

We estimate that even if crude prices fell to $85/Bbl and natural gas prices fell to $6.50/Mcf, PXP would still realize oil and gas prices around $100 per barrel and $8 per Mcf in

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