Announcement: Premium Content sections will only be available to subscribers as of June 1, 2013. If you are a subscriber please register for the site. Once you register for the site use the Change My Status link from the Premium Content menu to make sure we get your user status correct. If you are not a subscriber, you can become a subscriber for just $29 per year!
Stillwater Mining Company reported net income for the 2012 first quarter of $2.4 million, or $0.02 per diluted share. Total revenues for the first quarter were $203.1 million. This compares to the same quarter last year of $36.2 million, or $0.34 per diluted share, on revenues of $170.1 million.
The difference is attributable to first quarter exploration expenses of $10.1 million; a $2.8 million write-off for a mineral exploration property; a $2.9 million foreign currency transaction gain; lower PGM prices; and higher consolidated total cash costs.
ONEOK Partners, L.P. has announced plans to invest $1.5 billion to $1.8 billion between now and 2015 to build a 1,300-mile crude-oil pipeline with the capacity to transport 200,000 barrels per day (bpd). The Bakken Crude Express Pipeline will transport light-sweet crude oil from the Bakken Shale in the Williston Basin in North Dakota to the Cushing, Okla., crude-oil market hub.
Some of the proposed Keystone XL pipeline crude oil flowing from Canada through Montana on its way down to the Texas Gulf Coast could end up in one form or another in foreign markets, a recent government report finds. An April 4 report from the Congressional Research Service (CRS), "U.S. Oil Imports and Exports" by Neelesh Nerurkar, a specialist in energy policy, reports that: "Canadian crude oil traveling through the United States via a pipeline such as Keystone XL may receive a license to be exported from the United States."
While much attention has been focused on the massive oil production in North Dakota as a result of the technology of horizontal drilling, the technology of carbon dioxide (CO2) Enhanced Oil Recovery (EOR) promises to bring Montana into its own.
Greg Dover, Vice President of Operations excellence for Denbury Resources, told a crowd of several hundred people at the Montana Energy 2012 conference in Billings that there's going to be significant increases in the production of oil in Montana as the result of a completely different kind of technology than what is being used in North Dakota.
MDU Resources Group, Inc. announced preliminary unaudited financial results for the first quarter of 2012. The company expects to report first quarter earnings of approximately 19 cents per share, at the upper end of the first quarter earnings guidance range provided in February.
"We are pushing the upper range of our guidance, even with some weather and pricing challenges, which is a good indication of the strength of our operations," said Terry D. Hildestad, president and chief executive officer of MDU Resources.
As every politician in the nation wrings their hands about what is the appropriate action needed to resurrect our economy, as they point fingers at each other about who has it right and who has it wrong – it's not as though we should be stumbling in the dark.
For those who don't know how things should be, there is a template right in front of them. It couldn't be more glaring, than the headlines that are sprawled across a very few newspapers. One need say no more than to read the headlines of just the past couple of weeks:
MDU Resources Group, Inc. has announced that its indirect wholly owned subsidiary, Fidelity Exploration & Production Company has completed a successful exploration test on its 75,000 net acres in the Paradox Basin. Following two weeks of production, the Cane Creek Unit No. 26-2H well was tested at a stabilized rate of 647 barrels of oil per day and 561 mcf of natural gas per day through a 7/64 inch choke with a flowing pressure exceeding 3400 psi. The well is flowing from a short unstimulated horizontal section. The well production rate is being significantly restricted to manage production operations, gather performance data and minimize natural gas flaring.
Organizers of Montana Energy 2012, held April 3 and 4 in Billings, estimate out-of-town visitors spent more than $600,000 and trade show vendors transacted tens of millions of dollars in business deals as part of the event.
"We anticipated the conference to be well attended with the energy industry expanding in Montana; however, our expectations were notably exceeded. The sold out trade show was evidence the event had generated major interest in the area," said Cary Hegreberg, executive director, Montana Contractors' Association.
The Big Sky Business Journal
P.O. Box 3262
Billings, MT 59103