Energy Business Review: Keystone Back in Play, Southwestern Stumbles
The Keystone pipeline is in the news again Friday, as TransCanada (NYSE:TRP) reapplied for Presidential approval of the pipeline section which crosses the U.S.-Canada border, according to a Washington Post report. Environmentalists are unimpressed, however, with the change in the route through Nebraska that is supposed to lessen the impact on the local ecology.
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An impressive first quarter statement that exceeds consensus across the board sent PPL Corp. (NYSE:PPL) higher Friday. A strong performance from PPL’s United Kingdom division helped outweigh the effects of a mild winter on its Pennsylvania and Kentucky operations, as revenue climbed 41 percent year-to-year.
A very bad day for Southwestern Energy (NYSE:SWN) as first quarter profit dropped 21 percent, as weak natural gas prices coupled with higher costs did their thing on margins. Yet, despite the stock being Friday’s biggest S&P loser, Sterne Agee still sees some positives, such as the firm’s “strong expense control” as it funded new projects, and new wells that hold some promise.
A Closer Look: Southwestern Energy Earnings Cheat Sheet>>
Equal Energy (NYSE:EQU) is currently starting a strategic review, which includes the potential divestiture of some of all assets, and possibly the company. Shares are said to be undervalued, and that no other firm whose output is 50 percent liquids trades at such low multiples within the junior-to-medium Canadian oil and gas space.
Shares of Spectra Energy (NYSE:SE) fall following the company’s first quarter miss. As for many in the industry, the uncommonly warm winter took its toll on Spectra’s distribution unit and related commodity prices, which helped cause the firm’s slide in total revenue of 4.2 percent, year-to-year.
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