The market appeared to be bowing a bit lower than before Friday in acknowledgment of the mostly moderate weather fundamentals that it had largely been defying in the previous two weeks. Even a 6.7-cent gain a day earlier by October futures in the face of an obviously bearish storage injection report failed to prevent a modest majority of points from seeing small declines for the weekend.
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Spectra CEO: Ready to Ramp-Up; ‘Markets Will Recover’
In acknowledgment of the weak economy and drilling cutbacks by producers, Spectra Energy Corp. executives last Thursday emphasized the insulation from commodity price fluctuations enjoyed by the company’s fee-based processing businesses, and they noted that 80% of Spectra customers have investment-grade credit ratings.
Spectra CEO: ‘Markets Will Recover’
In acknowledgment of the weak economy and drilling cutbacks by producers, Spectra Energy Corp. executives Thursday emphasized the insulation from commodity price fluctuations enjoyed by the company’s fee-based processing businesses, and they noted that 80% of Spectra customers have investment-grade credit ratings.
Equitable’s 2009: Drill More, Spend Less
Equitable Resources Inc. plans capital spending of about $1 billion next year, a marked decrease from 2008 spending in acknowledgment of declining commodity prices and challenges in the capital markets. Efforts will be focused on development drilling in pursuit of production growth, the company said Thursday.
Equitable to Spend Less in 2009, Focus on Drilling
Equitable Resources Inc. plans capital spending of about $1 billion next year, a marked decrease from 2008 spending in acknowledgment of declining commodity prices and challenges in the capital markets. Efforts will be focused on development drilling in pursuit of production growth, the company said Thursday.
Most Points Softer; West Sees Some Strength
Apparently in acknowledgment that weather-based load is fairly modest outside the West, prices fell (mostly by small amounts) at a majority of points Thursday. High heat levels west and south of the Rockies resulted in San Juan Basin spikes and more moderate gains in some other western locations.
Williams Notes Soft Earnings, Disappointing Areas
Along with disappointing 3Q earnings announced by Williams camean acknowledgment by management that the company continues toachieve disappointing results in several of its businesses. Withresults reduced by energy market conditions and by pre-tax chargesand write-downs of about $70 million, or 10 cents/share, Williamsreported unaudited net income of $32.1 million, or 7 cents/share ona diluted basis, for the third quarter. This compares to unauditedrestated net income of $13.7 million, or 3 cents/share, for thesame period of 1997, a quarter in which results were reduced by 17cents/share for the cost of debt restructuring.