An “enormous amount of gas” in the Rocky Mountains awaits discovery from emerging basins and recovery from legacy assets, which means a lot more money and new pipe will be needed to be poured into the region within the next few years, Questar Corp. CEO Keith Rattie said.
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Anadarko Petroleum Corp. has completed its acquisition of Kerr-McGee Corp. (KMG) and awaits final approval for its acquisition of Western Gas Resources Inc. (WGR) later this month. KMG shareholders voted to adopt the merger agreement and will receive $70.50/share in cash for each share of common stock. Anadarko’s $21.1 billion mega-merger agreement with KMG and WGR was approved by the Federal Trade Commission earlier this week (see Daily GPI, Aug. 9). In connection with the transaction, Anadarko anticipates it will guarantee the outstanding publicly held indebtedness of KMG. In connection with the merger, Charles A. Meloy, KMG’s vice president of exploration and production, will become Anadarko’s senior vice president of Gulf of Mexico and international operations. Luke R. Corbett, formerly chairman and CEO of KMG, has been appointed to Anadarko’s board of directors.
Futures Continue Lower as Market Awaits Potential Storage Explanation, Correction
Continuing to retreat from the prior Wednesday’s rally, January natural gas futures on Tuesday continued probing lower in search of meaningful support. The prompt month seemed to find it soon after noon (EST) when it bounced after notching $7.41. January natural gas has not been that low since Sept. 28, when the contract recorded a $7.18 low on the day.
Futures Continue Lower as Market Awaits Potential Storage Explanation, Correction
Continuing to retreat from the prior Wednesday’s rally, January natural gas futures on Tuesday continued probing lower in search of meaningful support. The prompt month seemed to find it soon after noon (EST) when it bounced after notching $7.41. January natural gas has not been that low since Sept. 28, when the contract recorded a $7.18 low on the day.
Follow the Leader Brings Futures Lower as ‘Perfect Storm’ Awaits
The dynamic duo of natural gas and crude oil followed up price-spike Tuesday with sell-off Wednesday as the July futures contracts dropped 16.2 cents and $2.37 on the day, respectively. All eyes now rest on announcement Thursday, when a number of market-impacting reports are scheduled to go public.
Bargain Buying Lifts Futures; Market Awaits Storage Data
Adding to Tuesday’s modest price advance, natural gas futures surged higher Wednesday as early morning commercial buying triggered local short-covering at midday. Buying was almost uniform across the 12-month strip, suggesting hedging activity by end-users who may have missed their opportunity the last time prices were near $5.25. June futures closed at $5.385, up 14.9 cents for the session. The 12-month strip, meanwhile, outperformed the prompt month, advancing 15.1 cents to $5.446.
CIG Awaits OPS Approval to Restart Service on Damaged Line
An explosion rocked a portion of Colorado Interstate Gas Co.’s (CIG) mainline in Colorado on March 23, but it did not interrupt natural gas deliveries to the region or cause any injuries, according to the pipeline. On Friday, a spokesman for El Paso Corp., which owns CIG, said repairs on the damaged section of the pipeline had been completed, and the company was awaiting clearance from the federal Office of Pipeline Safety (OPS) to begin flowing gas through the affected line.
Mackenzie Pipeline Awaits Aboriginal Consent; Earliest In-Service 2007
While disclosing that prolonged negotiations will likely delay the delivery date, the senior partner in Canada’s Arctic natural gas project said securing native participation in the Mackenzie Valley pipeline will be worth the wait.
Mackenzie Pipeline Awaits Aboriginal Consent; Earliest In-Service 2007
While disclosing that prolonged negotiations will likely delay the delivery date, the senior partner in Canada’s Arctic natural gas project said securing native participation in the Mackenzie Valley pipeline will be worth the wait.
Pipeline Safety Bill Passes Senate, Awaits House Action
Pipeline safety legislation, separated out from the wreckage of the broad energy bill, made it through the Senate Wednesday night as stand-alone legislation (H.R. 3609). Proponents of the legislation were expecting the House also would vote it out before winding up its session Thursday night.