Following a review of accounting statements between 1999 and 2003, El Paso Corp. on Tuesday affirmed that its financial statements likely will be restated to eliminate hedge accounting for some of its past natural gas transactions. The company already had indicted in late May that the downward revisions to its natural gas and oil reserves earlier this year would require financial restatements (see Daily GPI, June 1).
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Transportation Notes
Florida Gas Transmission lifted Friday an Overage Alert Day notice that had been implemented Tuesday. FGT also said current estimates indicate that unscheduled maintenance begun late last month on a compressor at its Sabine Pass (LA) interconnect with Transco (see Daily GPI, July 26) will be completed by Wednesday’s gas day.
August 9, 2004
Pioneer Beats ’03 Production Forecast, Sees 15-25% Growth This Year
Coming in above its estimate for oil and gas production last year, Pioneer Natural Resources also reported Monday that it scored a new record for net income, with $410.6 million ($3.46/share), compared with $26.7 million (23 cents) in 2002.
February 3, 2004
XTO Reports Sharply Higher Income, Production, Realized Prices
XTO Energy Inc. reported a 104% increase in net income, a 33% jump in gas production and much higher realized gas and oil prices in the third quarter. The company also projected that its fourth quarter gas production would rise another 2% to between 720 and 725 MMcf/d.
October 27, 2003
XTO Reports Sharply Higher Income, Production, Realized Prices
XTO Energy Inc. reported a 104% increase in net income, a 33% jump in gas production and much higher realized gas and oil prices in the third quarter. The company also projected that its fourth quarter gas production would rise another 2% to between 720 and 725 MMcf/d.
October 22, 2003
Lehman Cuts ’04 Gas Price Forecast 50 Cents on Near-Record Injection
Lehman Brothers on Tuesday lowered its 2004 natural gas price forecast to $3.75/MMBtu from $4.25 and also lowered the longer term forecast to $3.75 from $4.00 because near-record injection levels heading into the heating season “could cause significant price weakness.”
October 20, 2003
Lehman Cuts ’04 Gas Price Forecast 50 Cents on Near-Record Injection
Lehman Brothers on Tuesday lowered its 2004 natural gas price forecast to $3.75/MMBtu from $4.25 and also lowered the longer term forecast to $3.75 from $4.00 because near-record injection levels heading into the heating season “could cause significant price weakness.”
October 15, 2003
CPUC Names Former El Paso Executive New General Counsel
A former El Paso Natural Gas executive who also has experience with California’s major energy consumer watchdog group and regulatory panel, Randy Wu, Thursday was named as general counsel to the five-member California Public Utilities Commission (CPUC). Wu returns to the regulatory panel where he began his career in the 1970s from a position as a deputy city attorney with the City/County of San Francisco.
July 14, 2003
Houston Exploration Hits Gas in Three GOM Discoveries
The Houston Exploration Co. on Thursday announced three natural gas discoveries in the shallow waters of the Gulf of Mexico (GOM). The wells, which together are expected to produce about 35 MMcf/d, will begin ramping up this year, with the first well set to begin production in August.
June 27, 2003
Screen Helps May Aftermarket Get Strong Start
Bolstered primarily by fresh screen strength and also by hot weather in the Gulf Coast states and much of the West, the initial May aftermarket was launched Friday with across-the-board advances over end-of-May numbers. A few points were confined to single-digit gains, but the overall market’s upticks ranged from about a dime to 30 cents.
June 2, 2003
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