Energy Business Review: Consol Blames Weak Coal Demand, Murphy Spins Off Unit

Consol Energy (NYSE:CNX) blamed a weak demand for thermal coal to be used for electricity for its unexpected earnings loss in the third quarter. Chief Financial Officer William Lyons remarked that “While precise figures are not yet available, it is clear that the company’s previously announced planned and unplanned mine idlings took their toll.”

Murphy Oil Corporation (NYSE:MUR) says it will spin off its domestic downstream unit into an independent entity. The firm also authorizes a $2.50 per share special dividend and a $1 billion repurchase program, and is still trying to sell its downstream operations in the United Kingdom. Murphy continues to review its options with respect to “selected assets.”

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InterOil Corporation (NYSE:IOC) says that its joint venture intends to divest one half of two gas fields it owns in Papua New Guinea to the government and local owners. Such a sale could unlock development of a new $6 billion-plus export project. Additionally, the company is entering into a $100 million secured term loan facility with BNP Pariba, along with other banks.

BP (NYSE:BP) reports that it has added 10 years of output to its Andrew platform in the United Kingdom’s North Sea through the installation of a module enabling production from the Kinnoull field. This is one of four North Sea projects in which BP has said it will invest some $16 billion during the next five years. The Andrew platform has been calculated to contain 45 million barrels of energy equivalent; output from Kinnoull is expected to peak at 45,000 barrels per day.

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