Bite

In a sign that global economic woes have begun to bite into some of the biggest oil and natural gas producers, ConocoPhillips has dramatically cut its 2009 capital budget and plans to cut 4% of its workforce, or around 1,350 people. The Houston-based oil major also said it would take $34 billion in one-time charges against its 4Q2008 earnings.

In a sign that global economic woes have begun to bite into some of the biggest oil and natural gas producers, ConocoPhillips has dramatically cut its 2009 capital budget and plans to cut 4% of its workforce, or around 1,350 people. The Houston-based oil major also said it would take $34 billion in one-time charges against its 4Q2008 earnings.

Proving Monday’s 49.1-cent gain was all bark and no bite in the momentum category, December natural gas futures on Tuesday plummeted as global economy concerns continue to raise questions about commodity demand strength and weather forecasts continued to shift. The front-month contract ended up closing Tuesday’s regular session at $6.705, down 54.3 cents from Monday’s finish.

Weaker-than-expected North American natural gas drilling in the last four months has taken a bite out of earnings for at least two major U.S. oilfield contractors, and the slowdown is expected to impact energy earnings across the board for the next few months, according to energy analysts.

Weaker-than-expected North American natural gas drilling in the last four months has taken a bite out of earnings for at least two major U.S. oilfield contractors, and the slowdown is expected to impact energy earnings across the board for the next few months, according to energy analysts.

Looking to take a second bite of the apple, Nymex Holdings Inc., the parent company of the New York Mercantile Exchange Inc., announced last week the pricing of its secondary offering of seven million shares of its common stock at $136.50 per share.

Looking to take a second bite of the apple, Nymex Holdings Inc., the parent company of the New York Mercantile Exchange Inc., late Wednesday announced the pricing of its secondary offering of seven million shares of its common stock at $136.50 per share.

Declining natural gas prices in the last three months of 2006 took a big bite out of Chevron Corp.’s net income, the San Ramon, CA-based major said Friday. Chevron recorded a 9% boost to its U.S. gas output in 4Q2006, but nearly all of it was gas recovered following restorations to Gulf of Mexico (GOM) infrastructure damaged by hurricanes Katrina and Rita in 2005.

The gas storage surplus had a bite taken out of it last week, and consultant Stephen Smith believes the market should expect to see net withdrawals going forward because of the early cold weather.