While low volatility and volumes marked the North American natural gas futures market in the first quarter, IntercontinentalExchange (ICE) has noted a strengthening in volume trends in both March and April, driven by increasing natural gas prices. Convinced of the globalization of the natural gas market, ICE is looking to establish a European marker.
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Eagle Ford Crude Lifted Enterprise 1Q Results
Enterprise Products Partners LP overcame the effect of lower natural gas processing margins in its pipelines and services segment to deliver record gross operating margin during the first quarter, as well as a 16% increase in profits. Oil-related infrastructure put in a strong showing, particularly in the Eagle Ford Shale
AEP’s Fuel Switching Leans Toward Coal
Bucking the recent fuel switching trend, American Electric Power (AEP) in the first three months of 2013 became more dependent on coal and used significantly less natural gas to generate electricity, said CFO Brian Tierney.
Encana NatGas Output Slumps, Liquids Jump
North American natural gas giant Encana Corp. saw its gas production drop 12% from a year ago, as it turned off the spigot in its wide ranging gas-rich plays. Liquids output, however, is roaring and expected to double by the end of the year.
Encana Natural Gas Output Slumps 12%
North American natural gas giant Encana Corp. saw its gas production drop 12% from a year ago, as well as its profits, as it turned off the spigot in its wide ranging gas-rich plays. A one-time hedging loss of $266 million and a nonoperating foreign exchange loss of $101 million reversed profits from a year earlier.
Natural Gas Drilling Continues Down in 1Q; Oil Completions Up
Natural gas drilling activity continued its downward slide during the first quarter, while oil well completions rose during the period, according to the American Petroleum Institute’s (API) quarterly well completion report issued this week.
Industry Briefs
Plains All American Pipeline LP (PAA) is constructing the Cactus Pipeline, a 310-mile, 20-inch diameter crude oil pipeline from McCamey to Gardendale, TX. It is expected to enter service during the first quarter of 2015. The partnership said it has a long-term agreement for a majority of the pipeline’s capacity and is talking with other potential shippers. The pipeline is expected to cost $350-375 million and transport both sweet and sour crude oil from the Permian Basin to the PAA/Enterprise Products Partners Eagle Ford Joint Venture (Eagle Ford JV) Pipeline. The Eagle Ford JV Pipeline directly serves the Three Rivers and Corpus Christi markets and can supply the Houston-area market through a connection to the Enterprise South Texas Crude Oil Pipeline. Crude oil delivered on Cactus will have access to rail loading capacity at PAA’s Gardendale station and access to the Eagle Ford JV barge dock facility in the Corpus Christi area. Initial capacity will be about 200,000 b/d.
PGC: More U.S. Gas Than Ever
The United States has 2,384 Tcf of technically recoverable natural gas, the Potential Gas Committee (PGC) and the American Gas Association (AGA) said last week. That’s more reserves than the PGC has calculated in its 48-year history and beats the previous high seen in 2010 by 486 Tcf.
Midstream Pair Considering Alberta NGL Pipeline
Calgary-based midstream company Keyera Corp. and Plains All American Pipeline subsidiary Plains Midstream Canada ULC have joined forces to solicit interest in the construction of a jointly-owned natural gas liquids (NGL) pipeline system in northwest Alberta.
Appalachia a Star in Record Resource Assessment
The United States has 2,384 Tcf of technically recoverable natural gas, the Potential Gas Committee (PGC) and the American Gas Association (AGA) said Tuesday. That’s more reserves than the PGC has calculated in its 48-year history and beats the previous high seen in 2010 by 486 Tcf.