Latest news with #naturalGas
Yahoo
16 hours ago
- Business
- Yahoo
MEXCO ENERGY CORPORATION REPORTS FINANCIAL RESULTS FOR FISCAL 2025
MIDLAND, TX, June 27, 2025 (GLOBE NEWSWIRE) -- Mexco Energy Corporation (NYSE American: MXC) reported results on its Annual Report, Form 10-K to the Securities and Exchange Commission for the fiscal year ended March 31, 2025. The Company reported net income of $1,712,368, or $0.81 per diluted share, a 27% increase compared to fiscal 2024. Operating revenues for fiscal 2025 were $7,358,066, an 11% increase when compared to fiscal 2024. This increase was primarily due to an increase in oil and natural gas production volumes and partially offset by a decrease in the average sale prices of oil and natural gas. Natural gas prices have been low due to limited pipeline capacities in the Permian Basin. For the year ended March 31, 2025, the average realized price for oil was $73.54 per barrel and the average realized price for natural gas was $1.70 per thousand cubic feet. The Company participated in the drilling of 35 horizontal wells at a cost of approximately $1,100,000 for the fiscal year ending March 31, 2025, of which 17 are to be completed this fiscal year. Twenty-nine of these wells are in the Delaware Basin located in the western portion of the Permian Basin in Lea and Eddy Counties, New Mexico. The Company also expended approximately $300,000, the balance required to complete 19 horizontal wells which were drilled during fiscal 2024. In addition to the above working interests, there were 120 gross wells (.09 net wells) drilled by other operators on the Company's royalty interests. Approximately 31% of the fiscal 2025 operating revenues were produced from royalties free of operational costs to Mexco. The Company currently expects to participate in the drilling of 27 and completion of 17 horizontal wells at an estimated aggregate cost of approximately $1.2 million for the fiscal year ending March 31, 2026, of which approximately $300,000 has been expended to date. The Company is evaluating other prospects for participation during this fiscal year. The Company's estimated present value of proved reserves at March 31, 2025 was approximately $23 million based on estimated future net revenues discounted at 10% per annum, pricing and other assumptions set forth in 'Item 2 – Properties' of Form 10-K. The Company's estimated proved oil reserves at March 31, 2025 decreased 15% to 675 thousand barrels of oil and natural gas reserves decreased 4% to 4.360 billion cubic feet compared to the prior fiscal year primarily as a result of decreased prices of oil and natural gas in the past fiscal year. For fiscal 2025, oil constituted approximately 51% of the Company's total proved reserves and approximately 86% of the Company's oil and gas sales. The President and Chief Financial Officer of the Company said, 'We have approximately $2.2 million cash on hand, no outstanding indebtedness on our bank line of credit and are actively seeking opportunities.' Throughout the year, the Company acquired various royalty and mineral interests in 840 gross wells (2.31 net wells) primarily in Adams, Broomfield and Weld Counties, Colorado; DeSoto Parish, Louisiana; Eddy County, New Mexico; Karnes, Live Oak, Reagan, Reeves and Upton Counties, Texas; Laramie County, Wyoming; and, multiple counties in Nebraska, North and South Dakota, and Montana, for an aggregate purchase price of approximately $2.0 million. These and other related expenditures were funded from cash on hand. Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company's actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year ended March 31, 2025. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements. For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer of Mexco Energy Corporation, (432) in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
a day ago
- Business
- Arab News
Pakistan approves 10 percent gas price hike for industry, power plants under IMF conditions
KARACHI: Pakistan on Friday approved a 10 percent increase in natural gas prices for industrial users and power plants starting next month, in line with reforms mandated by the International Monetary Fund (IMF) to ensure cost recovery and tariff rationalization, an official statement said. The decision was taken by the Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Muhammad Aurangzeb. While prices for bulk consumers and gas-fired power plants will rise, household consumers will be shielded from the increase. 'To protect household consumers, gas prices will remain unchanged, with only fixed charges revised,' the Finance Division said in a statement released after the meeting. 'However, prices for bulk consumers, industrial units and power plants will be increased by an average of 10 percent.' The statement said the revised pricing structure, submitted by the Petroleum Division, complies with regulatory obligations under the OGRA Ordinance and meets structural benchmarks under Pakistan's ongoing loan program with the IMF. It also supports a shift from cross-subsidies to direct, targeted assistance for low-income consumers. DEFENSE GRANT The ECC also approved a Rs15.8 billion ($55.3 million) supplementary grant for the Ministry of Defense to cover a shortfall in salaries, allowances and pending dues. The funding includes disbursements under the prime minister's compensation package for martyrs of the recent Pakistan-India war fought last month. In a separate decision, the committee gave in-principle approval to launch a risk coverage scheme for small farmers and underserved regions by August 14. The program is expected to bring 750,000 new borrowers into the formal credit system and unlock a Rs300 billion ($1.05 billion) agricultural loan portfolio over three years (FY2026-28). The statement said the total budgetary support for the scheme, covering risk coverage and bank operating costs, is estimated at Rs37.5 billion ($131.25 million), to be disbursed between FY2027 and FY2031. The government has directed relevant ministries to incorporate additional safeguards before the official rollout.
Yahoo
a day ago
- Business
- Yahoo
Enbridge (ENB) Outperforms Broader Market: What You Need to Know
Enbridge (ENB) closed the most recent trading day at $45.08, moving +1.35% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.8%. At the same time, the Dow added 0.94%, and the tech-heavy Nasdaq gained 0.97%. Shares of the oil and natural gas transportation and power transmission company witnessed a loss of 2.39% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 3.8%, and the S&P 500's gain of 5.12%. The upcoming earnings release of Enbridge will be of great interest to investors. The company's earnings report is expected on August 1, 2025. On that day, Enbridge is projected to report earnings of $0.41 per share, which would represent a year-over-year decline of 2.38%. Simultaneously, our latest consensus estimate expects the revenue to be $9.11 billion, showing a 9.96% escalation compared to the year-ago quarter. For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.12 per share and a revenue of $39.21 billion, signifying shifts of +6% and +0.61%, respectively, from the last year. Investors should also note any recent changes to analyst estimates for Enbridge. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook. Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model. The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.06% lower within the past month. Enbridge is currently sporting a Zacks Rank of #3 (Hold). In terms of valuation, Enbridge is presently being traded at a Forward P/E ratio of 20.96. This valuation marks a premium compared to its industry average Forward P/E of 16.59. It's also important to note that ENB currently trades at a PEG ratio of 4.19. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Production and Pipelines industry had an average PEG ratio of 2.56. The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 52, putting it in the top 22% of all 250+ industries. The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Remember to apply to follow these and more stock-moving metrics during the upcoming trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Enbridge Inc (ENB) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
The Independent
2 days ago
- Business
- The Independent
North Dakota considers 2 proposed natural gas pipelines that would stretch across the state
A state official briefed regulators Thursday on two separate underground pipelines that companies plan to build across hundreds of miles of North Dakota, bringing natural gas from the oil fields in the west to mostly industrial users in the more populated east. Both pipelines — one by Intensity Infrastructure Partners and Rainbow Energy Center, the other by WBI Energy — would span about 350 miles (563 kilometers) roughly from the Watford City to Fargo areas. Segments would come into service in 2029 and 2030. The companies didn't disclose the projects' costs. The presentation to a state industrial panel of elected officials was among the first steps in a process for the state to sign on with a 10-year, $50 million-per-year line of credit. That is essentially a backstop so projects can proceed with the intent that the state back out one day when other users join. Companies won't build a pipeline without firm commitments from users. North Dakota has a critical need for more natural gas transportation as oil wells age and produce more natural gas relative to oil, North Dakota Pipeline Authority Director Justin Kringstad said. Republican Gov. Kelly Armstrong welcomed the projects for helping oil production, which is a huge driver of the state budget. 'If you can't move your gas and you have a finite amount of capital to invest in drilling, you're going to drill where you can market your gas, or you're going to do it in a different manner," the governor said. 'So being able to move gas out of the Bakken (oil region) will help produce more oil.' North Dakota is producing a near-record 3.5 billion cubic feet (99.1 million cubic liters) per day of natural gas. The state has long wanted such pipelines, but efforts never succeeded in the past because of developments that hurt demand, such as oil price declines and the COVID-19 pandemic, Kringstad said. 'Today we're seeing a much stronger pull on the demand side than we've ever seen in these efforts," Kringstad said. 'We've always seen the push and the need in the west, but today the appetite across the state for natural gas and for energy is at the highest that I've ever seen.' The gas will mostly be used for industrial purposes but also growing residential needs, he said. The pipelines could carry as much as 1 million dekatherms per day, a volume he said would be 'extremely meaningful in addressing the challenges that North Dakota is facing." Capturing and moving the gas out of the oil field has been an issue over the years as officials and industry have sought to boost infrastructure and reduce flaring, or the burning of natural gas into the air. Although the state captured about 96% of the gas in April, critics have long raised environmental and health concerns about flaring. The Trump administration has pushed for increased domestic energy production, largely from fossil fuel sources. Doug Burgum, a former North Dakota governor and now the U.S. Interior secretary, has long called for raising energy extraction efforts. Other pipeline projects in North Dakota have drawn enormous pushback in recent years, including huge protests of the Dakota Access oil pipeline and landowner resistance around the Midwest to Summit Carbon Solutions' proposed carbon dioxide network. Armstrong said some degree of pushback is likely, 'but the reality is pipelines are the easiest way to move things.' It's unclear whether eminent domain, or the taking of private property with just compensation, will come into play for the pipelines. A Rainbow Enegry Center leader said Intensity Infrastructure Partners has never utilized eminent domain in more than 2,000 miles (3,200 kilometers) of pipeline it has built in North Dakota. A WBI Energy spokesperson said he couldn't answer. Iowa-based Summit Carbon Solutions has faced intense opposition over eminent domain for its proposed five-state carbon dioxide pipeline. Some landowners have opposed eminent domain as the company seeks to build the pipeline, and South Dakota's governor earlier this year signed a ban on eminent domain for carbon dioxide pipelines.
Washington Post
2 days ago
- Business
- Washington Post
North Dakota considers 2 proposed natural gas pipelines that would stretch across the state
BISMARCK, N.D. — A state official briefed regulators Thursday on two separate underground pipelines that companies plan to build across hundreds of miles of North Dakota, bringing natural gas from the oil fields in the west to mostly industrial users in the more populated east. Both pipelines — one by Intensity Infrastructure Partners and Rainbow Energy Center, the other by WBI Energy — would span about 350 miles (563 kilometers) roughly from the Watford City to Fargo areas. Segments would come into service in 2029 and 2030. The companies didn't disclose the projects' costs.
