A look at results from selected companies in the energy industry:
Feb. 17: Constellation Energy Group Inc. said Friday that it lost $584 million in the fourth quarter as a drop in power prices forced it to book hefty losses in its nuclear energy business. The Baltimore power company's loss amounted to $2.91 per share. Constellation, which owns gas and electricity suppliers NewEnergy and Baltimore Gas and Electric, distributed less power and natural gas in the quarter. That reduced electricity sales by 15.4 percent and natural gas sales by 20.1 percent. Constellation is has agreed to be acquired by Exelon Corp., pending regulatory approval.
Feb. 16: San Jose, Calif.-based SunPower Corp. said its fourth-quarter profit was much higher than analysts expected, thanks to strong demand that boosted revenue and shipments. The company lost money during the quarter, but had an adjusted net income of 16 cents per share. That was far higher than the adjusted net income of 5 cents a share that analysts expected, according to FactSet. Shares of solar panel makers have been battered over the last year by a glut of supplies in world markets that has driven down prices. SunPower shares rose 9 percent Friday.
Feb. 16: EOG Resources Inc., a pioneer in drilling for oil in shale rock formations, earned $120.7 million in the fourth quarter. Adjusting for special gains and losses, earnings were $1.15 a share. That beat Wall Street profit estimates of 88 cents per share. EOG increased oil production in 2011, and analysts believe the company's U.S. shale fields will again increase production this year. The challenge will be keeping costs in line.
Feb. 16: Oil States International Inc. said its fourth-quarter net income rose as revenue jumped 43 percent. The Houston oilfield services company saw improvement in each of its business segments. Net income rose to $94.3 million, or $1.72 per share, from $44 million, or 82 cents a share, in the year-ago quarter. Revenue increased to $995.8 million from $696.8 million. Oil States said business improved because global activity picked up in energy exploration and production.
Feb. 16: Duke Energy Corp.'s fourth quarter earnings fell 33 percent. Mild temperatures reduced the demand for electricity while tumultuous weather increased the costs of storm repairs. Duke's international operations had a strong quarter and the utility was able to charge U.S. customers higher prices. Jim Rogers, CEO of the North Carolina company, said Duke now believes that strong economic growth won't return in the U.S. until 2015 or 2016, two years later than it had originally forecast. "It tells you the recovery is very anemic," he said. Duke is attempting to buy Progress Energy in a deal that would create the nation's largest utility. Progress said it lost $76 million in the fourth quarter, due to a nearly $300 million refund the company will pay to Florida customers. Minus that, it earned $114 million compared with $133 million a year earlier.
Feb. 16: Apache Corp.'s fourth-quarter net income rose 75 percent. Production increased and Apache received higher prices for the oil and natural gas it sold compared with a year earlier. Adjusted earnings of $2.94 per share beat analysts' forecast by 9 cents. There may have been some profit-taking by investors in early trading. Shares fell more than 1 percent. They're up 17 percent since the start of the year.
Feb. 15: Devon Energy Corp. reported earnings of $1.25 per share, below year-earlier results. But earnings from continuing operations of $1.55 per share beat the expectations of Wall Street analysts and shares rose 7 percent. The Oklahoma City energy company has been working to produce more crude oil, which rose in price last year and was more profitable to produce than natural gas. But its overall output was still dominated by natural gas.
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