Bottom

In a new report outlining guidelines and recommendations for the U.S. wholesale merchant industry, Fitch Ratings said energy companies continue to foresee “adverse market conditions,” which has fostered a “new sense of reality” within the sector to reduce debt and improve the financials.

Devon Corp.’s oil and natural gas production will grow in the “bottom end” of the forecasted 2-4% range this year, CEO J. Larry Nichols said Wednesday. However, the producer will hold significant cash reserves, which Nichols said will likely be used to repurchase stock and “revisit” the dividend.

Devon Corp.’s oil and natural gas production will grow in the “bottom end” of the forecasted 2-4% range this year, CEO J. Larry Nichols said Wednesday. However, the producer will hold significant cash reserves, which Nichols said will likely be used to repurchase stock and “revisit” the dividend.

The Department of Transportation’s Office of Pipeline Safety (OPS) has issued a final rule that amends pipeline safety regulations to require operators of natural gas and hazardous liquid pipelines to prepare and follow procedures for periodic inspections of facilities located in the shallow waters of the Gulf of Mexico and its inlets.

The Committee of Chief Risk Officers (CCRO), which was formed in 2002 to establish bottom-line standards for energy traders, plans by this summer to establish a best practice financial framework to serve as the foundation for the Standard & Poor’s (S&P) quarterly request for financial data.

The Committee of Chief Risk Officers (CCRO), which was formed in 2002 to establish bottom-line standards for energy traders, plans by this summer to establish a best practice financial framework to serve as the foundation for the Standard & Poor’s (S&P) quarterly request for financial data.

Looking to get to the bottom of current and forecasted high natural gas prices, the Pennsylvania Public Utility Commission (PUC) presided over a special public hearing Thursday where it received testimony from utilities, consumers groups and government officials. The groups testified on current and projected natural gas prices, the forecasted supply and demand, programs to help consumers, and ways to increase consumer awareness related to gas prices for this winter. “This special hearing is an important first step for addressing potentially high natural gas prices,” said PUC Commissioner Kim Pizzingrilli, who organized the hearing. Under the informal en banc hearing process, the commissioners posed questions to the speakers after their testimony. The speakers explained how higher natural gas prices during the upcoming heating season are going to affect their agencies, homes, businesses and funding abilities for 2003-04. “We look forward to working with each of the panel members in the days and months ahead as we learn more about what prices will be for the winter and what programs are available to Pennsylvania consumers,” said PUC Chairman Terrance J. Fitzpatrick.

Last week Amerada Hess Corp. shook up its operations to improve its bottom line by selling 26 of its Gulf of Mexico shelf properties to Anadarko Petroleum Corp., transferring ownership of North Sea properties to EnCana Corp. and laying off of about 30% of its workforce.

Just as it has done in six of its prior seven trading sessions, the November natural gas futures contract rebounded off a low in the $4.10s Wednesday as bargain buyers came out of the woodwork. Although it didn’t quite become the feeding frenzy it was on Monday, the buying Wednesday was consistent enough to subvert a late morning push down to Tuesday’s price levels. November finished the session at $4.26, up 15 cents for the session and just about in the center of its recent $4.08-42 trading range.