Books

With solid second quarter results in the books, Encana Corp. is taking a look at its entire North American portfolio and has begun putting a “new emphasis on our portfolio of emerging liquids plays,” CEO Doug Suttles told investors on Wednesday.

Looking to increase natural gas demand, Pennsylvania is pushing for more drivers to convert vehicles to run on the fuel. The Pennsylvania Department of Environmental Protection (DEP) published a guidance document late last month arguing that vehicle conversion is allowed under the state’s existing emissions standards.

Futures continued to work lower Tuesday as weather forecasts softened and funds and managed accounts squared their books. Traders see a fall below $4 as virtually inevitable and expect continued weakness. At the close March futures fell 6.4 cents to $4.040 and April dropped 6.8 cents to $4.072. March crude oil shed 54 cents to $86.94/bbl.

The September natural gas futures contract went off the board with a bang on Friday as no change in the market’s weak fundamentals and a scramble to square books ahead of expiration resulted in a 16.6-cent, or 4.4%, decline to $3.651, which is 46.6 cents, or 11.3%, lower than the previous week’s close. Taking over the front-month contract title, October futures closed Friday at $3.705, down 13.8 cents, or 3.6%, from Thursday’s close and 43.2 cents, or 10.4%, lower than the previous week’s finish.

Nearby futures gained modestly and more deferred contracts posted narrow losses Monday as traders squared their books prior to Tuesday’s options expiration and Wednesday’s futures termination.

Enron Corp. slipped deeper into the history books last Wednesday after the remaining defendants, including former CEO Jeffrey Skilling, were dismissed in an eight-year-old lawsuit filed by shareholders and investors against the bankrupt trader’s financial institutions.

Enron Corp. slipped deeper into the history books last Wednesday after the remaining defendants, including former CEO Jeffrey Skilling, were dismissed in an eight-year-old lawsuit filed by shareholders and investors against the bankrupt trader’s financial institutions.

Accelerating efforts to slice more debt off its books, Calpine Corp. on Wednesday agreed to sell all of its domestic oil and natural gas assets — 383 Bcfe — to an indirect subsidiary for $1.05 billion. The sale is scheduled to close July 7.

Quietly closing the books on about six years of regulatory proceedings and stakeholder negotiations, the California Public Utilities Commission (CPUC) without discussion Thursday approved a program for trading firm capacity rights on Southern California Gas Co.’s transmission system serving the southern half of the state. It addition, the CPUC revised some terms on open season local transmission commitments and expansions, along with rejecting a protest by a coalition of Southern California electric generators.