August

MMS Finalizes Incentive Rules for Western GOM Sale in August

Several initiatives to increase domestic natural gas and oil production are included in the Minerals Management Service (MMS) Final Notice of Sale for Western Gulf of Mexico Sale 184, scheduled for Aug. 21 in New Orleans. The Final Notice was published in Thursday’s Federal Register. Along with the incentives, MMS has included the new required provisions to protect certain endangered and threatened species. The sale will be the first one scheduled under MMS’s current five-year leasing program, which will run through 2007 (see Daily GPI, April 18).

July 19, 2002

EIA Figures Difference Between Wellhead and Henry Hub at 24 to 32 Cents/Mcf

The difference between wellhead prices and Henry Hub prices between August 1996 and December 2000 averaged 32 cents/Mcf, with Hub prices averaging 10.8% higher, according to a study by the Energy Department’s Energy Information Administration (EIA). However, the median value between the two of 24 cents/Mcf may be a better measure, EIA said.

July 15, 2002

PA Schedules Oil, Gas Lease On Line Auction in August

Pennsylvania’s Department of Conservation and Natural Resources (DCNR) has scheduled Aug. 8 to auction oil and gas leasehold rights on 218,000 acres of state forestland that are estimated to contain rich reserves of natural gas. Unlike previous oil and gas lease sales in which sealed paper bids were used, DCNR plans to conduct its first-ever online auction with the help of FreeMarkets Inc., based in Pittsburgh. Buyers may competitively bid on tracts anonymously in real time.

July 8, 2002

KMI Increases Stock Repurchase by $100M

Midstream energy company Kinder Morgan Inc. (KMI) on Tuesday said its $300 million stock repurchase program announced last August has been “substantially completed,” and it now will repurchase another $100 million. The entire $400 million repurchase is expected to be completed by the end of 2002.

February 11, 2002

KMI Increases Stock Repurchase by $100M

Midstream energy company Kinder Morgan Inc. (KMI) on Tuesday said its $300 million stock repurchase program announced last August has been “substantially completed,” and it now will repurchase another $100 million. The entire $400 million repurchase is expected to be completed by the end of 2002.

February 6, 2002

‘New’ Enron to Return to Basics, Not Look Back

The “new” Enron Corp. will be a smaller company, based on hard assets with predictable revenue and cash flow, its new interim CEO said in his first press conference Wednesday night in Houston. He also was emphatic in talking about what caused the Fortune 100 company to go under so quickly. “I frankly don’t care,” said Stephen Cooper.

February 4, 2002

EES Lost More than Enron Claims, Says Ex-Employee

A former Enron Corp. employee, laid off in August 2001 shortly after former CEO Jeffrey Skilling resigned, claimed in an internal memo sent three weeks after she left the company that Enron Energy Services (EES) moved “huge” losses into its money-making Enron Wholesale Services unit to appear more substantial. The allegations, reported Thursday by the Houston Chronicle, were made last Aug. 28 in a memo to former Chairman Kenneth Lay and the board of directors.

January 25, 2002

Lawsuits Arising from Deadly El Paso Blast Consolidated

A judge in Roswell, NM, has consolidated five lawsuits that are pending against El Paso Natural Gas as a result of the August 2000 fiery explosion on the pipeline’s South Mainline in New Mexico that killed 12 members of two extended families (see NGI, June 25; Aug. 28, 2000).

December 3, 2001

Transportation Notes

Noting that at the end of August it had experienced significant long imbalances after posting the final cash-out index, Sonat said Wednesday that “similar economic conditions exist this month.” Shipper were advised to monitor the bulletin board for possible issuance of a Type 6 OFO for the weekend if flowing supply levels and demand cause Sonat to exceed its maximum storage injection capability.

September 27, 2001

PGW Receives Rate Reduction Approval From PA-PUC

Granting the company’s mid-August petition, the Pennsylvania Public Utility Commission (PUC) approved Philadelphia Gas Works’ proposal to reduce rates for its natural gas customers. The reduction will result in a $171 million cut in rates for its more than 520,000 residential, commercial and industrial customers (see Daily GPI, Aug. 20).

September 10, 2001