Natural gas-fueled vehicles (NGVs) are out, and hydrogen fuel-celled vehicles (FCV) are in. That became crystal clear last week as Energy Secretary Spencer Abraham announced that the Bush administration is “absolutely” committed to kick-starting a two-decade-long effort to create a global hydrogen-based economy that will use fuel cells as a major enabler.
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Nexen Reclassifies 8% of Proved Reserves, Blames Drop on Spending Cutbacks
Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves last week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.
February 9, 2004
Nexen Reclassifies 8% of Proved Reserves, Blames Drop on Spending Cutbacks
Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves this week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.
February 5, 2004
NY’s Schumer Jumps on Bandwagon Seeking Inquiries, Hearings into Gas Prices
Sen. Charles E. Schumer (D-NY) Monday became the fourth lawmaker to call for either federal investigations or Capitol Hill hearings into the rapid run-up in prices for natural gas since late November.
January 13, 2004
Feds Net Two More in Enron’s 1999 Nigerian Transaction
A former Enron Corp. accountant and a former Merrill Lynch & Co. vice president on Wednesday became the latest individuals to face criminal charges in connection with a sham sale in 1999 of some Nigerian power generation barges.
October 20, 2003
Feds Net Two More in Enron’s 1999 Nigerian Transaction
A former Enron Corp. accountant and a former Merrill Lynch & Co. vice president on Wednesday became the latest individuals to face criminal charges in connection with a sham sale in 1999 of some Nigerian power generation barges.
October 17, 2003
Pogo Ups Capital Budget on Successful 2Q Production Numbers
Pogo Producing Co. became one of the first independents to report second quarter numbers on Tuesday, with natural gas and liquid hydrocarbons production both up for the quarter, and earnings more than doubled from a year ago. Encouraging production results in the Gulf of Mexico also convinced the Houston-based producer to increase its ’03 capital budget 11%.
July 16, 2003
Former Enron Power Trader Arrested on Fraud, Conspiracy Charges
John M. Forney, 41, on Tuesday became the third former Enron executive to be charged with a federal crime for manipulating the California energy market. The current employee of American Electric Power (AEP) was arrested Tuesday at AEP’s headquarters in Columbus, OH, for his involvement in Enron’s manipulation of the western energy market during the height of the California energy crisis from 1999 through 2001.
June 4, 2003
Aquila’s Domestic Networks Show Gain — Trading Drags Quarter Down
Aquila Inc.’s first quarter losses, though anticipated because of its decision to wind down its once mighty wholesale energy trading business, showed a glimmer of positive news Thursday, with the company’s domestic utility networks up more than 50% from a year ago.
May 19, 2003
Letbetter’s Resignation Sets Reliant on New Course
Steve Letbetter, chairman and CEO of Reliant Resources Inc. (RRI), became the latest top-level casualty of the collapse in the energy marketing industry after announcing his resignation last week. Board member Joel V. Staff, former CEO of National Oilwell Inc., has assumed Letbetter’s responsibilities until a new CEO is elected.
April 21, 2003
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