2003

Exploration and production companies looking for ways to develop vast natural gas reserves deep within upstate New York’s Southern Tier have faced an “unwelcome” mat in recent years, with a state-imposed drilling moratorium on hydraulic fracturing (fracking), as well as many town council-imposed outright drilling bans. However, producers now face what may be an even bigger threat: the Preservation League of New York State.

Michael C. Linn, who founded Linn Energy LLC in 2003, is retiring from the company and is stepping down as executive chairman at the end of the year. Linn is to continue to serve as a director. Linn President and CEO Mark E. Ellis is to add the role of chairman to his responsibilities. Under Linn’s leadership, the Houston-based producer became the first publicly traded exploration and production (E&P) limited liability company in 2006 (see Daily GPI, March 9, 2007). The company now has an enterprise value of close to $10 billion with focus areas in the Midcontinent and Permian and Williston basins, as well as Michigan and California — “far more successful than I ever envisioned,” said Linn. Linn Energy grew from a “small company in Pittsburgh, with a few natural gas wells and three employees, to a company that ranks among the largest independent E&P companies in the U.S. and has 800 employees across the nation. Throughout that growth, we have increased our quarterly cash distribution to unitholders by more than 70%,” Linn said.

Marketers that reported in both 4Q2009 and 4Q2010 posted an 8% increase in volumes from a year ago. read more

Reinstating requirements applicable to commodity pool operators (CPO) to apply to certain mutual fund operators, which were excluded in amendments passed in 2003, would level the playing field for investors with respect to pooled vehicles that utilize the same instruments to meet their investment objectives, CPO Steben & Co. of Rockville, MD said in comments filed at the Commodity Futures Trading Commission (CFTC) last Monday.

Reinstating requirements applicable to commodity pool operators (CPO) to apply to certain mutual fund operators, which were excluded in amendments passed in 2003, would level the playing field for investors with respect to pooled vehicles that utilize the same instruments to meet their investment objectives, CPO Steben & Co. of Rockville, MD said in comments filed at the Commodity Futures Trading Commission (CFTC) Monday.

Linn Energy LLC has appointed Mark Ellis as president and CEO. Mike Linn, who founded the company in 2003, will remain executive chairman of the board of directors and will focus on the long-term strategy of the company and board leadership. Ellis joined the Houston-based producer in December 2006 and has served as president and COO since December 2007. Ellis has more than 30 years of experience in the oil and natural gas industry. Prior to joining Linn Energy, Ellis served as president of the Lower 48 states for ConocoPhillips and previously was senior vice president of North American production for Burlington Resources Corp.

Source: Quarterly financial reports with the Securities and Exchange Commission, or if necessary, statements signed by company officials and provided to NGI.

Northwest Natural Gas Co. has filed with the Washington Utilities and Transportation Commission for a 4.8% general rate increase, the first such request in Washington since 2003.

Oil and natural gas prices reached a “near parity” in 2003, trading at a 6:1 ratio, but the discount grew to a third in 2005, and by the end of the first eight months of this year, the oil-versus-gas discount ballooned to 78%, hitting Canada’s gas industry particularly hard, according to energy consultant Ziff Energy Group.