The “golden era” is approaching for natural gas — but don’t look for it to begin this year, Range Resources Corp. CEO John Pinkerton said Monday.
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Majors Once Again Said Stalking North American Reserves
Earnings report season is quickly approaching for the energy sector, but some natural gas-focused investors may look beyond 1Q2009 profits to hear what’s ahead in the oversupplied domestic markets. Some energy analysts don’t foresee gains in gas prices until 2010, and at least one analyst thinks it is an opportune time for the majors to build their portfolios both onshore and offshore in North America.
Price Movement Stays Mixed With Little Change
The market was close to flat in most cases Thursday as only a few points saw more than single-digit change either up or down. Overall it was a bit weaker as softness tended to overshadow gains more than on Wednesday. Cooler forecasts for Friday in the Northeast and much of the South were counterbalanced by warming trends in the Midcontinent/Midwest and Rockies, with Wednesday’s 12.8-cent loss by April futures tipping the market scales more to the bearish side.
Equitable Triples Earnings, Scales Back Spending
Despite continuing profitability with third quarter earnings nearly triple those of 3Q2007, Equitable Resources is approaching continued development cautiously, given the current financial environment, pulling back on midstream projects to emphasize drilling wells to fill current capacity.
Equitable Triples Earnings, Scales Back Spending
Despite continuing profitability with 3Q earnings nearly triple those of 3Q 2007, Equitable Resources is approaching continued development cautiously, given the current financial environment, pulling back on midstream projects to emphasize drilling wells to fill current capacity.
Anadarko Close to Production Milestone; Share Buyback Set
Anadarko Petroleum Corp. is close to approaching a milestone of 600,000 boe/d net production worldwide, and assuming no significant weather-related challenges, 3Q2008 oil and natural gas output should be “above the midpoint” of its guidance of 51-54 million boe, said CEO Jim Hackett.
High Global Oil Prices Stir SoCal ‘Urban’ Drilling
Before Southern California was a sprawling megalopolis of 20 million people it was one of the largest fossil fuel basins in the world, and with global oil prices approaching $150/bbl, the region’s lightly drilled or previously abandoned fields are being eyed for a lot of new drilling activity. This prospect has stirred concerns among many residential communities that surround still-producing fields in parts of southeast and west Los Angeles County, Long Beach and the Ventura area northwest of the city of Los Angeles.
Prices Find Enough Heating Load for All-Points Gains
With Tuesday lows forecast to keep approaching or going below the freezing level in the Northeast and Midwest, spot prices recorded double-digit gains at all points Monday. The return of industrial load from its holiday weekend decline and the previous Thursday’s 4.1-cent increase by April futures also provided small measures of support for the cash market.
Transportation Notes
Pacific Gas & Electric issued a customer-specific Stage 2 high-inventory OFO for Tuesday, but had no OFO scheduled for Wednesday.
Northeast Plunges Top Overall Cash Softening
With modest warming trends approaching Thursday in the Northeast and much of the Midwest, prices fell at nearly all points Wednesday. In most cases the drops were considerably smaller than prior-day spikes in ranging from a little less than a nickel to about half a dollar. The Northeast also was giving up less price ground than it had gained on Tuesday, but regional citygates measured Wednesday’s losses in triple digits.