ConocoPhillips’ natural gas and oil production worldwide rose in the first three months of the year, but its exploration and production (E&P) unit apparently suffered because of lower gas prices in North America. In an interim quarterly earnings update, the Houston-based producer said it expects 1Q2009 production to be about 30,000 boe/d more than in 4Q2008. E&P results, however, are expected to be impacted by “losses in the U.S. Lower 48 and Canada mainly due to lower realized natural gas prices.” Exploration expenses for the quarter were estimated to be around $275 million before taxes. CEO Jim Mulva early this year projected that the company’s output in 1Q2009 would be flat sequentially (see NGI, Jan. 26). The company swung to a loss of $34 billion in 4Q2008. Midstream operating results are seen falling in 1Q2009 because of a drop in natural gas liquids prices. However, Conoco expects to record an $85 million gain related to the recognition of deferred gains on shares issued by a unit of DCP Midstream Partners LP, a joint venture of Spectra Energy and Conoco. Conoco is scheduled to issue its quarterly results on April 23.
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Colorado Reports Record Number of Drilling Permits Filed in March
Producers that operate in Colorado apparently were on a mission to secure drilling permits under the state’s “old” natural gas and oil rules, with a record number of permit applications filed in March, according to the Colorado Oil and Gas Conservation Commission (COGCC). New rules to drill on state lands took effect Wednesday; the federal lands drilling revisions are to take effect in May.
New Futures Low Has Some Traders Scratching Their Heads
Apparently convinced that the current frigid temperatures will be short-lived, natural gas bears came out in force Tuesday to record a new front-month natural gas futures low for the current down move. February futures penetrated the old prompt-month low of $5.210 recorded on Dec. 22 to put in a $5.158 tick before closing out Tuesday’s regular session at $5.184, down an astounding 35.8 cents from Monday’s close.
Future of Futures Speculation Bill Speculative
With Senate action on its Stop Excessive Speculation bill (S3268) apparently stalled, attention this week turns to a House version of legislation to extend the Commodity Futures Trading Commission’s (CFTC) role in monitoring futures markets, which may make it to the House floor before the Congress leaves for its August recess. After two days of rhetoric, the Senate Friday failed to muster the votes necessary to close debate.
Future of Futures Speculation Bill Speculative
With Senate action on its Stop Excessive Speculation bill (S3268) apparently stalled, attention this week turns to a House version of legislation to extend the Commodity Futures Trading Commission’s (CFTC) role in monitoring futures markets, which may make it to the floor before the Congress leaves for its August recess. After two days of rhetoric, the Senate Friday failed to muster the votes necessary to close debate.
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.
EnCana Wants to Divide, Then Conquer
EnCana Corp.’s strategy to divide and conquer, which apparently came after three years of internal debate, drew an enthusiastic cheer from investors and energy analysts Monday, sending the company’s share price to a new high and setting off rumors that one or both of new entities could be attractive takeover targets (see related story).
CFTC vs. FERC in Amaranth Enforcement Case
The enforcement action against fallen hedge fund Amaranth Advisors LLC, some sources say, has apparently spawned either a jurisdictional dispute or just a “concern” between the two federal agencies involved in energy regulation — the Commodity Futures Trading Commission (CFTC) and the Federal Energy Regulatory Commission (FERC).
Islander East to Appeal Lower Court Ruling That Dealt Blow to Pipe
Sponsors of the beleaguered Islander East pipeline project apparently have not given up on the proposed Connecticut-to-Long Island pipeline. In a letter to FERC last Monday, Islander East said it plans to appeal within 40 days a recent federal court decision that many thought was a potentially fatal blow to the project.
CFTC vs. FERC in Amaranth Enforcement Case
The enforcement action against failed hedge fund Amaranth Advisors LLC, some sources say, has apparently spawned either a jurisdictional dispute or just a “concern” between the two federal agencies involved in energy regulation — the Commodity Futures Trading Commission (CFTC) and the Federal Energy Regulatory Commission (FERC).
