Achieved

The swing market achieved a fairly substantial recovery Monday from weekend softness. Advances ranged from about a nickel at a couple of South Texas points to more than 30 cents in the Southwest basins. Most were in double digits between a dime and a quarter.

Prices achieved increases at all points Friday as returning colder weather in several areas superseded day-earlier energy futures as a prime influence. Advances ranged from about a dime to about a quarter (largely mirroring Thursday’s declines); the bigger ones of about 20 cents or more were concentrated at Northeast citygates, while the West saw most of the smaller ones in the low teens.

Na Kika, the deepwater Gulf of Mexico (GOM) project jointly owned by BP and Royal Dutch/Shell Group, achieved first production, the companies announced on Monday. At its peak, the project is expected to produce about 425 MMcf/d and 110,000 bbl, and ultimate production is expected to be nearly 300 MMboe.

After being designated a Tropical Storm late Thursday, Fabian achieved Hurricane status Friday afternoon, becoming the third storm to reach that designation this season. As of 5 p.m. EDT Friday, the storm was swirling westward through the Atlantic 1,075 miles east of the lesser Antilles, according to the National Hurricane Center (NHC).

After being designated a Tropical Storm late Thursday, Fabian achieved Hurricane status Friday afternoon, becoming the third storm to reach that designation this season. As of 5 p.m. EDT Friday, the storm was swirling westward through the Atlantic 1,075 miles east of the lesser Antilles, according to the National Hurricane Center (NHC).

EnCana Corp. has targeted a 10% per-share sales volume growth rate in 2004 from its existing assets, which, if achieved, would total between 805-885 MMboe/d. Gas sales in 2004 are forecast to be between 3.25-3.45 Bcf/d and oil and natural gas liquids sales are forecast between 265,000-310,000 bbl/d, a 10% increase over 2003 targets.

EnCana Corp. has targeted a 10% per-share sales volume growth rate in 2004 from its existing assets, which, if achieved, would total between 805-885 MMboe/d. Gas sales in 2004 are forecast to be between 3.25-3.45 Bcf/d and oil and natural gas liquids sales are forecast between 265,000-310,000 bbl/d, a 10% increase over 2003 targets.

Taking back gains achieved in Monday’s rally, natural gas futures fell Tuesday amid waves of fund and local selling. The February contract was hit hardest by the selling, dropping 14.4 cents to finish at $5.107. While natural gas remains in an uptrend — both on the intermediate and long-term charts, traders feel that the longer the market remains range-bound, the greater the potential for a significant downdraft when prices finally break lower.

Coming off of a fourth quarter in which it achieved its targeted annual production rate growth of 17%, Phillips Petroleum Co. added 433 MMboe, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and gas production.