2001

After a year of 6% gas production growth in 2001, Canadian gas production growth in January and February is beginning to slow down. Canadians may be unable to make significant gains without another Ladyfern-type find, said Lehman Brothers analyst Thomas Driscoll.

After a year of 6% gas production growth in 2001, Canadian gas production growth in January and February is beginning to slow down. Canadians may be unable to make significant gains without another Ladyfern-type find, said Lehman Brothers analyst Thomas Driscoll.

The National Energy Board (NEB) has postponed the commencement of its RH-4-2001 TransCanada PipeLines Cost of Capital public hearing until Wednesday, Feb. 27, 2002. The hearing, which is expected to be long and contentious, had been slated to start Tuesday, Feb. 19. The NEB said it had decided on the postponement after considering the circumstances and arguments of the parties on a request for postponement from the Canadian Association of Petroleum Producers.

Dominion said Wednesday its 2001 operating earnings, excluding special charges, are expected to “meet or slightly exceed” analyst expectations of $4.15 per share, and it reaffirmed its 2002 earnings guidance of $4.90-4.95 per share. The higher earnings come despite fourth quarter write-downs of about $348 million, created by $97 million related to Enron Corp. exposure, a write-down of Dominion Capital assets worth $183 million, and a restructuring initiative announced in November, which will cost $68 million.

Dominion said Wednesday its 2001 operating earnings, excluding special charges, are expected to “meet or slightly exceed” analyst expectations of $4.15 per share, and it reaffirmed its 2002 earnings guidance of $4.90-4.95 per share. The higher earnings come despite fourth quarter write-downs of about $348 million, created by $97 million related to Enron Corp. exposure, a write-down of Dominion Capital assets worth $183 million, and a restructuring initiative announced in November, which will cost $68 million.

In the wake of Sept. 11, 2001 and the much higher profile for international terrorism, environmentalists and elected officials are taking a closer look at the resurgence of interest in operating liquefied natural gas (LNG) terminals in the United States, with new concerns about the federal government being poised to okay the re-opening of several East Coast LNG terminals.

In the wake of Sept. 11, 2001 and the much higher profile for international terrorism, environmentalists and elected officials are taking a closer look at the resurgence of interest in operating liquefied natural gas (LNG) terminals in the United States, with new concerns about the federal government being poised to okay the re-opening of several East Coast LNG terminals.

The natural gas futures market kicked off 2002 on Wednesday in much of the same way it concluded 2001 — by funneling to new lows amid undeniably bearish fundamentals. Traders didn’t need the release of fresh storage data (pushed back until today at 2 p.m. EST) to tell them that supplies are plentiful. Meanwhile, the downtrend remains intact and the current spate of cold weather is showing signs of moderating. The February contract took the news squarely on the chin, tumbling 10.5 cents to close at $2.465.

As Enron Corp.’s woes pulled other energy companies into the maelstrom last week, the company saw its problems escalate, learning that among other things, due diligence issues from the bankruptcy may complicate its anticipated sale of $800 million in assets that were already on the books. Enron began shedding other assets as well and also began to work with its creditors on a plan that Chairman Kenneth Lay hopes will put the company back on its feet within a year.