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With Hurricane Ivan now seriously threatening Gulf of Mexico production, natural gas futures jumped off the charts Monday morning in preparation for the possibility of prolonged natural gas and oil rig shut-ins.

Taking seriously the likelihood that gas supply will remain tight and prices volatile, California’s two major gas utilities late Tuesday outlined their visions for opening up the market and infrastructure for more gas-on-gas competition. The details were filed at the California Public Utilities Commission (CPUC) as part of the CPUC’s Order Instituting Rulemaking (OIR).

Taking seriously the likelihood that gas supply will remain tight and prices volatile, California’s two major gas utilities late Tuesday outlined their visions for opening up the market and infrastructure for more gas-on-gas competition. The details were filed at the California Public Utilities Commission (CPUC) as part of the CPUC’s Order Instituting Rulemaking (OIR).

Taking into account a charge related to new accounting changes, Duke Energy reported first quarter net income of $225 million (25 cents per share), compared to $382 million (48 cents per share) in first quarter 2002. Results for first quarter 2003 included a $162 million (18 cents per share) after-tax charge for the cumulative effect of previously announced accounting changes.

Taking into account a charge related to new accounting changes, Duke Energy reported first quarter net income of $225 million (25 cents per share), compared to $382 million (48 cents per share) in first quarter 2002. Results for first quarter 2003 included a $162 million (18 cents per share) after-tax charge for the cumulative effect of previously announced accounting changes.

Marathon Oil Co. announced Monday its intent to solicit offers for the company’s interests in Western Canada, which account for approximately 21,000 boe/d of net production, including about 100 MMcf/d of gas and 4,000 b/d of liquids.

Unconventional natural gas production in the Lower 48 states — most notably coal-bed methane supply — is expected to account for more than one-third of all U.S. gas production by 2025, the Energy Information Administration (EIA) said last week.

Unconventional natural gas production in the Lower 48 states — most notably coal-bed methane supply — is expected to account for more than one-third of all U.S. gas production by 2025, according to the Energy Information Administration (EIA).

Taking into account TXU Corp.’s already high leverage and the added debt burden from its newest financial deals, Fitch Ratings and Moody’s Investors Service downgraded the Dallas utility giant and its subsidiaries on Friday. However, Fitch revised the outlook to “stable” from “negative”; Moody’s kept its “negative” outlook. Standard & Poor’s Ratings Services (S&P), meanwhile, praised TXU’s fast action to bulk up its liquidity, and the credit analysts believe the company has adequate liquidity for any problems that may arise in 2003.