Aside

In tossing aside a major segment in its aggressive strategy to become the nation’s largest independent producer of gas-fired power generation, San Jose, CA-based Calpine Corp. raised questions about how it will fill the fuel gap for its 27,000 MW portfolio. A heavier reliance on liquefied natural gas (LNG) imports may be part of the company’s redesigned future, a Calpine spokesperson told NGI.

A bipartisan group of 36 senators has called on Appropriations Committee leaders to set aside $600 million in emergency funding to assist senior citizens and low-income families with soaring energy costs this upcoming winter.

A bipartisan group of 36 senators has called on Appropriations Committee leaders to set aside $600 million in emergency funding to assist senior citizens and low-income families with soaring energy costs this upcoming winter.

Spot gas prices were sharply higher on Monday as 2.9 Bcf/d of Gulf of Mexico gas production remained shut in, according to the latest report from the Minerals Management Service (MMS). Several gas processing plants remained down and some Gulf pipelines, particularly Southern Natural and Tennessee Gas, continued to have difficulty returning to normal flows because of damage suffered during Hurricane Ivan.

Tossing aside the need for investment-grade credit, NRG Corp.’s new CEO, David Crane, told a financial audience Tuesday that his company is poised to become the first real success story in the merchant generation sector. He called NRG the “anti-Calpine” in remarks at the Lehman Brothers’ 2004 High-Yield Bond Syndicated Loan Conference in Orlando, FL.

ChevronTexaco Corp. is setting aside 75% of next year’s budget on upstream exploration, production and global gas-related projects, including $1.9 billion to be spent in the United States, the company said Wednesday. Worldwide, the oil major has allocated $8.5 billion for capital and exploratory spending in 2004.

Anadarko Petroleum Corp.’s Robert J. Allison stepped down last week as the company’s president and CEO to make room for James T. Hackett, 49, who had been president and COO of Devon Energy Corp. Allison will continue as chairman until Jan. 1, then will serve as the non-executive chairman.

Anadarko Petroleum Corp.’s Robert J. Allison stepped down Wednesday as the company’s president and CEO to make room for James T. Hackett, 49, who had been president and COO of Devon Energy Corp. Allison will continue as chairman until Jan. 1, then will serve as the non-executive chairman.

The cash market appeared to brush aside Monday’s second straight screen dive in registering gains Tuesday that were as low as a dime at a few western points, but most often ranged between a quarter and more than 60 cents.