Blew

Mitsui Offshore Exploration of Japan, which held a 10% stake in the Macondo well that blew out in the deepwater Gulf of Mexico in April 2010, has paid $90 million to U.S. officials in penalties and environmental restoration fees, making it the first company of those involved in the massive oil spill to settle.

Chesapeake Energy Corp. said a Marcellus Shale well that blew out late last Tuesday is “stable,” but the company must now manage the public and regulatory fallout of the incident in northeast Pennsylvania.

Chesapeake Energy Corp. said a Marcellus Shale well that blew out late last Tuesday is “stable,” but the company must now manage the public and regulatory fallout of the incident in northeast Pennsylvania.

Energy companies’ operations in the Gulf of Mexico (GOM) were returning to normal Tuesday after Tropical Storm Ida blew through the eastern GOM. For the energy industry the storm turned out to be a nonevent in a 2009 hurricane season that could be described as the same.

With maximum fanfare two federal regulatory agencies blew the whistle on Dallas-based Energy Transfer Partners LP (ETP) and three of its subsidiaries, alleging that they attempted to manipulate physical natural gas prices at the Houston Ship Channel (HSC) delivery hub in the fall of 2005 in Hurricane Rita’s aftermath. The charges against ETP relating to the physical market came at the same time the agencies cited the failed Amaranth hedge fund for allegedly manipulating the natural gas futures market (see related story).

Dynegy Inc. blew away analysts’ forecasts last week when it announced its second quarter earnings, and it reversed a year-ago loss on the strength in its power generation and natural gas liquids (NGL) businesses. The Houston-based company, which had teetered toward bankruptcy two years ago, also improved its full-year outlook by settling four natural gas transportation contracts.

Dynegy Inc. blew away analysts’ forecasts on Wednesday, reversing a year-ago second quarter loss on the strength in its power generation and natural gas liquids (NGL) businesses. The Houston-based company, which had teetered toward bankruptcy two years ago, also improved its full-year outlook by settling four natural gas transportation contracts.

Spurred by high prices, the natural gas exploration and production industry blew away the record books in 2000, recording an “unusual” 6% increase in proved reserves, “by far the largest increase since the Energy Information Administration (EIA) has been estimating the nation’s proved gas reserves.”

Spurred by high prices, the natural gas exploration and production industry blew away the record books in 2000, recording an “unusual” 6% increase in proved reserves, “by far the largest increase since EIA (Energy Information Administration) has been estimating the nation’s proved gas reserves.”