Blamed

Rockies Express Pipeline (REX) said interim service on the 683-mile REX East will be delayed from April 1 to the first half of April. The pipeline blamed wet weather for the delay.

Kentucky rain keeps pouring down — er, Elvis, make that rain all across the Midwest, and the heavy downfall in recent weeks was blamed for the delays in starting up a portion of the Rockies Express (REX) pipeline and the Big Sandy Pipeline project.

Marathon Oil Corp. blamed higher-than-expected exploration expenses and unscheduled downtime for a 38% decline in quarterly profit from a year ago; however, the producer is stepping up its exploration spending this year — with most of the money directed at U.S. assets.

Marathon Oil Corp. blamed higher-than-expected exploration expenses and unscheduled downtime for a 38% decline in quarterly profit from a year ago; however, the producer is stepping up its exploration spending this year — with most of the money directed at U.S. assets.

Canadian Natural Resources Ltd. blamed Alberta’s new royalty regime for its decision to slash capital spending by one-third in 2008, which will result in a double-digit drop in forecasted natural gas production.

AGL Resources Inc. blamed lower volatility in the natural gas market for a dip in earnings from its Sequent Energy marketing division in the third quarter. The firm said Monday that its third quarter 2007 earnings results are expected to be 16-18 cents/basic share, which is predicted to bring in full-year earnings for 2007 at the lower end of its previously announced guidance of $2.75-2.85/basic share.

Supporting data released by independent energy analysts in recent weeks, the Energy Information Administration (EIA) blamed the inactive hurricane season, high storage inventories and mild summer weather for the sequential decline in natural gas prices in May, June and July.

Supporting data released by independent energy analysts in recent weeks, the Energy Information Administration (EIA) Tuesday blamed the inactive hurricane season, high storage inventories and mild summer weather for the sequential decline in natural gas prices in May, June and July.

In the first third quarter earnings report by a major producer, BP plc on Tuesday reported a 34% hike in 3Q2005 net profit, but it blamed a 2% production loss on the devastating hurricanes that struck the Gulf of Mexico. In the storms’ aftermath, the London-based major warned that its deepwater Thunder Horse platform may not ramp up until the second half of 2006 — a year later than scheduled — and the producer cut its production forecast for 2005 by 100,000-200,000 boe/d.