Shell Canada is aiming to spend $1.1 billion in 2004 on capital and exploration projects, with much of it directed toward natural gas in the western Foothills area, Mackenzie Valley and the Sable Offshore project in the East.
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North American Producers Say Commodity Prices Fueling 2Q Growth
Higher oil and gas prices are fueling improved quarterly earnings reports, with several of the top North American producers reporting major gains on Wednesday. ConocoPhillips beat Wall Street’s earnings estimates by 14 cents/share, and two other large U.S.-based independents, Pioneer Natural Resources Co. and Kerr-McGee Corp., also posted gains. Meanwhile, Calgary-based Talisman Energy Inc.’s record earnings are expected to help grow its gas-heavy production 10% this year.
CMS, Southern Union Cut AIG Out To Expedite Panhandle Sale
In an effort to expedite regulatory approval of CMS’ sale of Panhandle Eastern Pipe Line and subsidiaries, AIG Highstar Capital LP., a private equity fund sponsored by American International Group, has decided to withdraw from the transaction, making Southern Union the sole purchaser of the interstate gas pipeline business.
Pinnacle Sees Itself Well-Positioned as Western Power Prices Firm
Executives with Pinnacle West Capital Corp. last week said that the Arizona-based power company’s asset-backed trading operations make Pinnacle “cautiously optimistic” that it can take advantage of opportunities that crop up in the western power markets, which has seen wholesale power prices finally start to firm up in recent months.
Morgan Stanley Subpoenaed By CFTC; Dynegy Fires Six for Fake Data Scheme
Morgan Stanley Capital Group Inc. revealed in a filing with the Securities and Exchange Commission last week that it has been subpoenaed by the Commodity Futures Trading Commission (CFTC) as part of an energy trading investigation. The company, which markets gas and power, said it would cooperate with the CFTC but failed to provide further details about the investigation.
Morgan Stanley Subpoenaed By CFTC in Energy Trading Investigation
Morgan Stanley Capital Group Inc. revealed in a filing with the Securities and Exchange Commission that it has been subpoenaed by the Commodity Futures Trading Commission (CFTC) in an energy trading investigation. The company, which markets gas and power, said it would cooperate with the CFTC but failed to provide further details about the investigation.
U.S. Gas Production Declines for Fifth Quarter, Prices Not Expected to Fall
The continued slowdown in capital spending by U.S. producers will keep pushing natural gas production down at a rate of 1-1.5% per quarter “for the foreseeable future,” but the decline also will sustain higher gas prices, according to two investment analyst groups.
U.S. Gas Production Declines for Fifth Quarter, Prices Not Expected to Fall
The continued slowdown in capital spending by U.S. producers will keep pushing natural gas production down at a rate of 1-1.5% per quarter “for the foreseeable future,” but the decline also will sustain higher gas prices, according to two investment analyst groups.
Market Tightens as Credit Crunch Restricts Drilling, Production
Restricted access to capital brought on in part by the financial market’s recently-acquired aversion to anything relating to energy is holding back drilling and will contribute to a tight natural gas market over the next two years, according to Boston-based Energy Security Analysis Inc. (ESAI) in its latest North American Natural Gas Stockwatch 2-Year Outlook.
Market Tightens as Credit Crunch Restricts Drilling, Production
Restricted access to capital brought on in part by the financial market’s recently-acquired aversion to anything relating to energy is holding back drilling and will contribute to a tight natural gas market over the next two years, according to Boston-based Energy Security Analysis Inc. (ESAI) in its latest North American Natural Gas Stockwatch 2-Year Outlook.