EOG Resources Inc. (EOG) reported third-quarter earnings of 81 cents per share, compared with the Zacks Consensus Estimate of 65 cents and a year-ago profit of $2.34. Before adjusting one-time items, earnings were 2 cents per share. Despite an increase in production volumes, earnings were down from the year-earlier level due primarily to significantly lower commodity price realizations.

Total volumes during the quarter increased approximately 4% year-over-year to 195.9 billion cubic feet equivalent (Bcfe), or 2,129 million cubic feet equivalent per day (MMcfe/d), 76% of which was natural gas and 24% liquids. Natural gas volumes decreased 3% year-over-year, led by an approximately 6% decrease in the U.S. volumes to 1,128 MMcf/d, and more than 2% decrease in Canadian volumes to 219 MMcf/d.

Crude oil and condensate production during the quarter was 59.5 thousand barrels per day (MBbl/d), up nearly 23% from the year-ago level. This was primarily driven by a

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Last week, Energy Transfer Partners, L.P. (ETP) informed that it has entered into a settlement with the Federal Energy Regulatory Commission (FERC), which had accused the natural gas and propane gas distributor of unfair trading activities during Hurricane Rita in 2005. However, the partnership did not disclose the terms of the agreement as it is still subject to approval by the federal agency. The FERC had earlier alleged that Energy Transfer employed a complicated scheme to artificially suppress the price of physical natural gas at the Houston Ship Channel in September and November 2005, and then report the manipulated prices to a widely circulated trade magazine. The FERC is claiming $69.9 million in disgorgement of profits, as well as interest, and $82 million in civil penalties associated with these market manipulation claims. At the time, Energy Transfer denied any wrongdoing. We welcome the news of ...

EOG Resources Inc. (EOG) reported second quarter earnings of 73 cents per share, compared with the Zacks Consensus Estimate of 43 cents per share and a year-ago profit of $2.52 per share. The severe year-over-year downfall in earnings was due to a significant decrease in commodity-price realizations, partially offset by sound domestic volumes. Including one-time items, EOG posted a loss of 7 cents per share versus 71 cents per share in the year-earlier quarter. Production Total volumes during the quarter increased more than 8% year-over-year to 189 billion cubic feet equivalent (Bcfe) or 2,077 million cubic feet equivalent per day (MMcfe/d) (79% natural gas, 21% liquids). Natural gas volumes grew 4% year-over-year, led by an approximately 5% increase in Canadian volumes to 225 MMcf/d and nearly 23% increase in Trinidad volumes to 266 MMcf/d. The U.S. volume was essentially flat year-over-year. The increase in ...

Shares of Colorado-based MarkWest Energy Partners (MWE) were up as much as an additional percentage point today following a 6.3% gain in Thursday's trading. The natural gas gathering and processing master limited partnership (MLP) has seen its unit price soar 78% since March.MarkWest has come back strongly from a rocky second half of 2008, in which there were doubts regarding its ability to sustain distribution levels in the face of weak commodity prices and reduced access to credit. Those concerns have largely been laid to rest following the partnership's improved liquidity position and growing signs of vitality in the credit and equity markets.We believe that MarkWest's Marcellus joint venture with NGP Midstream & Resources (and the concurrent credit facility expansion) and the recent senior notes offering adequately address its near-to-medium term liquidity needs. Additionally, the recent formation of a separate joint venture ...

Eagle Rock Energy Partners, L.P. (NASDAQ: EROC), together with its subsidiaries, gathers, compresses, treats, processes, transports, and sells natural gas. The company also acquires, develops and produces oil and natural gas working interests in Alabama and Texas; in addition to acquiring and managing fee minerals and royalty interests. Eagle Rock has natural gas gathering and processing assets in Texas Panhandle, east Texas/Louisiana, south Texas, west Texas, and the Gulf of Mexico.

The company aims to achieve stable, growing distributions to its investors by excelling in four mission critical activities — operations, acquisitions, organic growth projects and risk management. Eagle Rock emphasizes connecting new wells quickly, operating low-pressure gathering systems, executing contracts and agreements promptly, and providing reliable services. In all of its operations, the company strives to maintain a commitment to safety and compliance with environmental regulations.

In the second quarter, the company announced that it is temporarily reducing its quarterly distribution

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We are maintaining our Sell recommendation and target price for MarkWest Energy Partners (MWE) units following the fourth quarter results.

We continue to believe that while the partnership's liquidity position has improved, the near to medium term outlook for its natural gas gathering and processing business remains weak.

We are projecting that the unfavorable macro backdrop, characterized by reduced access to credit and equity markets and weak commodity prices will adversely affect the partnership's distributable cash flows, forcing it to slash its distributions by 50% to the annualized rate of $1.28 per unit. Zacks Investment Research

We are downgrading MarkWest Energy (

We are downgrading MarkWest Energy (MWE), a predominantly natural gas gathering and processing MLP, from Hold to Sell. We believe that it will be difficult for MarkWest to sustain current distribution levels in the face of weak commodity prices and reduced access to credit.An unfavorable macro backdrop, characterized by reduced access to credit and equity markets and weak commodity-prices is expected to weigh on the partnership's distributable cash flows, forcing it to cut distributions to conserve capital.We are projecting that MarkWest Energy will slash its distributions by 50% to the annualized rate of $1.27 per unit. Our new price target is $7.00 per share.Read the full analyst report on MWE "MWE" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research

Global stocks are getting mauled again today. Wild market swings are making stock investing a risky business. But Floyd Brown says little-known Master Limited Partnerships (MLPs) provide a steady dividend income and are extremely cheap right now. They have the tax benefits of a partnership, but the liquidity of a publicly traded stock. Floyd gives his three favourite MLP plays in the energy sector.

This from Investment U:

Most investors have never heard of, or purchased, shares of a master limited partnership (MLP). But, with many yielding more than 10% and prices at historically low levels, these bargains are getting hard to ignore.

Few investors know that master limited partnerships are publicly traded asset pools. They have the tax benefits of a partnership plus the liquidity of a publicly traded stock.

Because they invest in many different types of assets, most master limited partnerships have significant debts on the balance sheet and

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ONEOK Partners recently confirmed its higher 2008 earnings guidance despite Hurricane Ike impacting some facilities in the Gulf Coast region as commodity prices stay elevated. The partnership also increased its distribution for the 10th consecutive quarter.

ONEOK has surprised on earnings 4 consecutive quarters by an average of 24.16%. It has a forward P/E of 9.87.

Company Description

ONEOK Partners Limited (OKS) is one of the largest natural gas limited partnerships in the U.S. The partnerships owns the natural gas liquid (NGL) system that connects the natural gas and NGL supply in the Mid-Continent with key markets.

The general partner is a wholly owned subsidiary of ONEOK, Inc. (OKE), an energy company which owns 47.7% of the partnership.

Net Income Jumped 63% in the Second Quarter

On Aug 5, ONEOK Partners reported second quarter earnings that surprised on Wall Street estimates by 39.05%, or 41

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