Magnum Hunter Resources Inc., whose oil and gas activities have focused on traditional exploration in the heart of the U.S. oil patch and offshore in the Gulf of Mexico, has established a new core area in the San Juan Basin, with plans to exploit an area of nearly 6 million acres through a joint coalbed methane (CBM) venture.
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Magnum Hunter on Prowl for CBM in San Juan Basin
Magnum Hunter Resources Inc., whose oil and gas activities have focused on traditional exploration in the heart of the U.S. oil patch and offshore in the Gulf of Mexico, has established a new core area in the San Juan Basin, with plans to exploit an area of nearly 6 million acres through a joint coalbed methane (CBM) venture.
CPUC Orders Investigation of Sempra Utility Affiliate Activities
Citing allegations from consumer groups and other opponents in past proceedings that were left unaddressed, the five-member California Public Utilities Commission Thursday in a split decision directed its staff to launch an investigation into the operations of San Diego-based Sempra Energy’s two major utilities in relation to various merchant energy businesses that Sempra also operates.
CPUC Orders Investigation of Sempra Utilities’ Activities
Citing allegations from consumer groups and other opponents in past proceedings that were left unaddressed, the five-member California Public Utilities Commission Thursday in a split decision directed its staff to launch an investigation into the operations of San Diego-based Sempra Energy’s two major utilities in relation to various merchant energy businesses that Sempra also operates.
Eads Leaves El Paso Post Heading Unregulated Activities
El Paso Corp. announced Friday that Ralph Eads III, executive vice president, who presided over the company’s unregulated merchant energy and production businesses, left the company effective the end of December 2002 to pursue other opportunities.
Eads Leaves El Paso Post Heading Unregulated Activities
El Paso Corp. announced Friday that Ralph Eads III, executive vice president, who presided over the company’s unregulated merchant energy and production businesses, left the company effective the end of December 2002 to pursue other opportunities.
MMS Doles Out $318 Million to 32 States in First Six Months of 2002
Updating its activities over the first six months of the year, the Department of the Interior’s Minerals Management Service (MMS) said that despite a four-month, court-ordered computer network shutdown, the government agency has distributed more than $318 million to 32 states during the first six months of 2002.
Companies Defend Hedging Activities in Texas Pilot Deregulation
Several electricity providers that participated in the Texas pilot deregulation program last summer admitted Wednesday to the Texas Public Utility Commission (PUC) that they had overscheduled power in the first few weeks of the pilot, costing the state $29 million. Reliant Energy Services, TXU Electric, American Electric Power Service, Mirant Americas Energy Marketing, Constellation Power Source and another unnamed company are being investigated by PUC to see whether they should be fined for hedging — even though it apparently was allowed at the time.
Williams, Dynegy Call Media Reports Puzzling, Misleading
Williams Cos. and Dynegy Corp. responded quickly to stories alleging certain activities that appeared last Wednesday in the Wall Street Journal, with spokesmen for both companies calling the two separate stories misleading. Williams reported it was not being investigated by the Securities and Exchange Commission (SEC), noting that a review by the SEC of third quarter results of 2001 found the company did not have to make any financial adjustments. Dynegy, scrutinized for a transaction that was approved by two separate accounting firms, said the Journal had “unfairly mischaracterized the transaction and chose to question its intent.”
Utilities to Give Less Attention to Merchant Activities, More to Core Business
Blame it on Enron Corp.’s collapse or commodity prices that have dropped from the heavens, but whatever the reason, utility executives are rethinking their once lofty notions of the merchant energy side of the business and instead have begun to turn more attention to their core generation businesses — a strategy change that has occurred in just one year.