Average

Range Resources said it increased its natural gas hedge position, adding natural gas swaps in 2007 and 2008. The 2007 natural gas swaps average $9.34 per MMBtu, with the 2008 swaps averaging $9.42. To a lesser degree, additional natural gas collars were added in the third and fourth quarters of 2006. “With approximately 80% of Range’s reserves being natural gas, we have locked in outstanding prices on a significant portion of our production for the remainder of 2006 and for all of 2007 and 2008,” said CEO John H. Pinkerton. “With 15% production growth targeted for 2006 and 2007 combined with the attractive hedge prices, we anticipate generating record financial results. Importantly, the increased hedge position will allow us to aggressively pursue our growth strategy while continuing to build our financial strength.”

Andover, MA-based WSI Corp. said Monday it expects the June-August period to average warmer than normal across most of the U.S., with the exception of parts of the Southeast. The company also predicts the country will see another active tropical storm season.

Riding a $17.4 billion utility rate base, San Francisco-based PG&E Corp.’s transformation and investment plans are “on track” to generate average annual earnings-per-share growth of 7.5% over the next five years, according to PG&E’s CEO and CFO, who held a conference call for financial analysts Wednesday announcing flat first quarter results. A major 2007 general rate case and several emerging industry issues will have important impacts on the company’s ability to realize the growth now envisioned, the senior officials said.

It’s not about the regasification, at least not anymore. The U.S. market for liquefied natural gas (LNG) has enough receipt terminal capacity for now (see related story) and plenty planned for the future. Those whose business it is to worry about gas supply have turned their attention to U.S. market competitors and the potential for upstream problems that could disrupt supply.

Tumbling oil prices and the 60% gas storage surplus compared to the five-year average continued to pressure gas futures prices lower Monday as traders overlooked current snowy weather, below normal temperatures and forecasts of an active hurricane season.

WSI Corp. said Monday that from January-March it expects cooler-than-normal temperatures on average across the northern tier of states and along the Pacific Coast with warmer-than-normal temperatures elsewhere.

This winter will be colder than last year and much closer to the 30-year norm for the national average expectation, according to MDA EarthSat Energy Weather’s Winter Outlook, which concurred with a winter forecast by AccuWeather issued earlier this month. EarthSat also set 3:1 odds for a colder-than-normal November in the eastern United States.

Forest Oil Corp. announced last Monday it has agreed to acquire a private company whose primary asset is an operated average working interest of 83% in the Buffalo Wallow Field and approximately 33,300 gross acres primarily in Hemphill and Wheeler Counties, TX, including estimated proved reserves of 120 Bcfe with estimated production of 25-30 MMcfe/d.

Forest Oil Corp. announced Monday it has agreed to acquire a private company whose primary asset is an operated average working interest of 83% in the Buffalo Wallow Field and approximately 33,300 gross acres primarily in Hemphill and Wheeler Counties, TX, including estimated proved reserves of 120 Bcfe with estimated production of 25-30 MMcfe/d.