Bumped

ExxonMobil Corp. was bumped to second place by China’s PetroChina Co. Ltd., according to the 2009 ranking by industry consultant PFC Energy, which annually compiles a ranking of the world’s top energy companies.

ExxonMobil Corp. was bumped to second place by China’s PetroChina Co. Ltd., according to the 2009 ranking by industry consultant PFC Energy, which annually compiles a ranking of the world’s top energy companies.

ExxonMobil Corp. was bumped to second place by China’s PetroChina Co. Ltd., according to the 2009 ranking by industry consultant PFC Energy, which annually compiles a ranking of the world’s top energy companies.

For the second time this year Range Resources Inc. has bumped up its capital budget — this time by $200 million to $1.27 billion. The independent also increased its forecast of production growth by 4% to 19% to expand its leasehold position in the Marcellus Shale, where it holds an enviable position of more than 1.1 million net acres.

Taking the Tropical Depression 10-induced shut-in production into account, October natural gas futures bumped higher on Friday after scouting out support in morning trade. After notching a $5.800 low, the prompt month climbed higher, recording a high of $6.130 before settling at $6.080, up 7.2 cents on the day but 19.9 cents lower than the previous week’s close.

Pacific Gas & Electric not only extended a systemwide high-inventory OFO into at least its third day Saturday but also bumped it up from Stage 2 to Stage 3 and increased the penalties for exceeding a positive daily imbalance tolerance of 5% (unchanged) from $1/Dth to $5.

The bankruptcy code and the Federal Power Act (FPA) bumped heads in the Fifth Circuit Court of Appeals, and the bankruptcy code won in the Mirant/Pepco decision announced Wednesday. The courts will do the deciding as to whether bankrupt Mirant Corp. should be allowed to breach two power purchase agreements worth hundreds of millions of dollars with the Potomac Electric Power Co. (Pepco), according to an Appeals Court three-judge panel which reversed and remanded the case to a lower court that had earlier deferred to FERC jurisdiction.

The bankruptcy code and the Federal Power Act bumped heads in the Fifth Circuit Court of Appeals, and the bankruptcy code won in the Mirant/Pepco decision announced Wednesday. The courts will do the deciding as to whether bankrupt Mirant Corp. should be allowed to breach two power purchase agreements worth hundreds of millions of dollars with the Potomac Electric Power Co. (Pepco), according to an Appeals Court three-judge panel which reversed and remanded the case to a lower court that had earlier deferred to FERC jurisdiction.

Raymond James bumped down its natural gas price forecasts for the third and fourth quarter, and also dropped its gas price forecast for 2004 to $5.50 from $6.00/Mcf after analysts reviewed recent trends in U.S. fuel switching thresholds. Linking oil and gas pricing for the past several years, analysts said they now have enough data to more accurately predict how high prices have to go before “meaningful” fuel switching-related demand destruction begins to occur.