Rob Black's Energy Stock Report

by: Rob Black

Oilfield services company Baker Hughes (NYSE:BHI) said its quarterly profit surged in the face of booming oil prices and strong demand from energy producers.

The number of rigs drilling for oil and natural gas in North America rose by 45 to 2,261, according to a weekly update by Baker Hughes. The quantity of active oil rigs rose by three to 302, while the number of gas rigs increased by 27 to 1,408. The U.S. rig count rose by 31 to 1,714, and the number of Canadian rigs increased by 14 to 547. The quantity of offshore rigs rose three to 96.

Independent oil and gas producer Anadarko Petroleum (NYSE:APC) said profit surged, boosted by stronger crude oil prices and a tax liability adjustment that added 32 cents per share to its bottom line.

Power company Constellation Energy (NYSE:CEG), whose acquisition by rival FPL Group (FPL-OLD) is in question because of regulatory uncertainty, said earnings fell on rising costs.
FPL Group itself posted a higher second-quarter profit as solid results from new projects offset a weaker performance from its traditional utility business.

The Andersons Inc. (NASDAQ:ANDE), a diversified company with interests in grain, ethanol and plant nutrient businesses, said income edged down to $10.3 million, or 66 cents per share.