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Riding high on record profits and continuing efficiencies, the contract drilling sector nevertheless faces uncertainties during the first half of next year that require patience and flexibility, said the CEO of Tulsa-based Helmerich & Payne Inc. (HP).

As the Pine Ridge fire in Colorado expanded Friday, up to 50 natural gas wells were shut in by three operators along the Western Slope in the Piceance Basin. In one case, wells were shut before operators were asked to do so by the federal Bureau of Land Management (BLM), according to the Colorado Oil and Gas Association (COGA).

BP shares in the U.S. market rebounded sharply Thursday as investors who had pushed the panic button Wednesday heeded cooler analytical heads and drove the price up more than 12% at the close from the 14-year low recorded the previous day.

A broad coalition of energy consumers last Wednesday called on President Bush to address the hot-button issue of “excessive” speculation in energy markets when he meets with world leaders at the G8 Summit in Japan July 7 through July 9.

A broad coalition of energy consumers Wednesday called on President Bush to address the hot-button issue of “excessive” speculation in energy markets when he meets with world leaders at the G8 Summit in Japan July 7 through July 9.

Natural Gas Council (NGC) members on Wednesday will present to FERC the results of a 14-month long effort to reach a consensus on the hot-button issues involving the energy content of the domestic gas stream and imported liquefied natural gas (LNG).