Willbros Group (WG), an independent contractor serving the oil and gas industry, announced two new key agreements and a profitable third quarter. The company earned 4 cents per share, down from 49 cents in the same quarter last year. Both revenue and operating expenses were down sharply year over year.
Willbros announced a long-term alliance agreement with NiSource (NYSE:NI) for its pipeline system projects. NiSource said the alliance can help its Gas Transmission & Storage unit achieve a higher level of performance.
In addition to the NiSource agreement, Willbros also announced an agreement with the Fayetteville Express Pipeline (FMP), a joint venture between Energy Transfer Partners (ETP) and Kinder Morgan Energy Partners (KMP). Both Kinder Morgan Partners and Energy Transfer Partners operate large portfolios of pipeline assets and often look to contractors like Willbros for pipeline construction. The agreement awards Willbros a construction contract that covers 120 miles of 42-inch pipeline.
Willbros said it anticipates additional U.S. pipeline construction opportunities as new infrastructure is needed in regions with growing demand. In Thursday trading, shares of Willbros advanced about 9 and a half percent.
And Pioneer Drilling Company (PDC) announced its third quarter results, posting a loss of 18 cents per share. That's down from earnings of 48 cents in Q3 of 2008. Revenue was down sharply year over year, but was up about 7.7 percent from the prior quarter. Pioneer said it sees increasing demand for its rigs in U.S. domestic shale regions, where the company expanded operations in both the Marcellus and Bakken Shale. Shares of Pioneer Drilling Company jumped 11 and a half percent.
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