2008

Domestic oil and natural gas companies invested $58.4 billion between 2000 and 2008 in technologies to reduce greenhouse gas (GHG) emissions, more than was invested by either the federal government or by all other U.S.-based private industries combined, according a study commissioned by the American Petroleum Institute (API).

Steven L. Mueller has been promoted to CEO of Southwestern Energy Co. Mueller joined Southwestern in June 2008 as president and COO. A graduate of the Colorado School of Mines, Mueller previously worked for Tenneco Oil Co., Fina Oil Co., American Exploration Co., Belco Oil & Gas Co., The Houston Exploration Co. and CDX Gas LLC. Harold M. Korell, who is stepping down as Southwestern’s CEO, was appointed to serve as executive chairman until his retirement in early 2010, after which he would become the nonexecutive chairman.

CME Group has completed its New York trading floor integration of energy and metals futures and options, “a key milestone” following its 2008 acquisition of Nymex Holdings, parent of the New York Mercantile Exchange (Nymex), the company said Monday. The integration was completed in two phases: first the reconfiguration of the energy trading floor on April 20, and combining the trading rings onto one trading floor Monday. “We have consolidated two major trading floors into one vibrant facility at our Nymex world headquarters in Lower Manhattan,” said Terry Duffy, CME Group executive chairman. “We are confident that combining several markets into our trading rings will give members and customers access to greater liquidity on our New York trading floor. We look forward to moving forward with the integration of our clearing systems in the third quarter of this year.” The combined New York trading floor, which represents CME Group’s continuing commitment to New York City as a global financial center, is now home to open outcry trading for Nymex and Comex futures and options, including crude oil, natural gas, heating oil, gasoline, gold, silver, copper, platinum and palladium. CME Group expects its integration of Nymex to be substantially complete in 4Q2009. CME Group CEO Craig Donohue said the successful integration of the New York trading facilities occurred within nine months of the acquisition. “As a result of our successful integration efforts to date, we are on track to realize $60 million in annual cost synergies by the end of this year,” he said.

Marathon Oil Corp.’s natural gas and oil production in 1Q2009 is expected to be 7% higher than it was in the last three months of 2008, the Houston-based producer said Tuesday in an interim quarterly report.

Hurricane restoration efforts in the Gulf of Mexico (GOM) have lifted Chevron Corp.’s natural gas and oil production from late 2008, but lower commodity prices likely will send profits “sharply lower” in 1Q2009, the company reported in an interim earnings update.

Natural gas use for electric generation will be down nationally this year by about 300 MMcf/d compared with 2008, despite a large forecasted drop in hydroelectric supplies that will provide a boost for gas-fired power in the West, according to a report released by U.S.-based analysts at Barclays Capital. Nationwide, it is the recessionary impacts rather than the below-normal water levels having the most impact on gas-fired power generation this year, according to the Barclays report.

Natural gas use for electric generation will be down nationally this year by about 300 MMcf/d compared with 2008, despite a large forecasted drop in hydroelectric supplies that will provide a boost for gas-fired power in the West, according to a report released Tuesday by U.S.-based analysts at Barclays Capital. Nationwide, it is the recessionary impacts rather than the below-normal water levels having the most impact on gas-fired power generation this year, according to the Barclays report.

EOG Resources Inc.’s 2009 capital spending will be cut to “approximate its cash flow” to ensure that it ends the year at the same debt level as year-end 2008, the producer said in a regulatory filing.

EOG Resources Inc.’s 2009 capital spending will be cut to “approximate its cash flow” to ensure that it ends the year at the same debt level as year-end 2008, the producer said in a regulatory filing.