Mississippi Hub LLC is seeking an exemption from Section 7 certificate requirements to conduct certain temporary activities to determine the operational feasibility of developing a natural gas storage facility in southern Mississippi.
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Mark-to-Market Issues, Warmer Weather Lead to 1Q Loss for CMS
Mark-to-market changes on certain gas contracts, much warmer than normal weather and customer conservation due to high gas prices all contributed to a net loss of $27 million, or $0.12 per share, for Michigan-based CMS Energy in the first quarter compared to net income of $150 million, or $0.74 per share, in the same quarter of 2005.
Pioneer Completes $1.3B Sale of Gulf Assets
Pioneer Natural Resources Co. announced Wednesday that its Pioneer Natural Resources USA subsidiary has closed the sale of certain deepwater Gulf of Mexico assets to Marubeni Offshore Production (USA) Inc., a subsidiary of Marubeni Corp., for cash proceeds of $1.3 billion before normal closing adjustments, which are currently estimated to be approximately $140 million. Dallas-based Pioneer said it expects to record an after-tax gain associated with the sale of approximately $425-475 million.
FERC Staff, Others Enter Western Energy Deal Settlements With Enron
Enron Corp. on Friday said that it has reached agreements to settle all civil and contractual claims between the company, including certain of its subsidiaries, and three parties — FERC trial staff, the city of Santa Clara, CA, and Valley Electric Association Inc.
NGI The Weekly Gas Market Report
FERC Orders DC’s Pepco, PJM to Develop Plan to Preserve Regional Reliability
Finding that reliability standards are not being met during certain conditions and that the long-term reliability of the regional power grid in the Washington, D.C., area is compromised, FERC last Monday evening said that it has directed PJM Interconnection and Potomac Electric Power Co. (Pepco) to develop and implement a comprehensive plan to preserve reliability in the region.
MMS Finalizes Flexible Rules for Ultra-Deep Drilling on OCS
The Minerals Management Service (MMS) on Friday published a final rule in the Federal Register to allow Suspensions of Operations (SOO) in certain circumstances, which it said will encourage oil and natural gas lessees or operators to drill ultra-deep wells — deeper than 25,000 feet true vertical depth below the ocean surface — on the Outer Continental Shelf. The SOO rule, which would temporarily stop the clock on the lease term to prevent the lease from expiring, is scheduled to take effect Jan. 17.
Chesapeake Energy Closes Acquisition of Columbia Natural Resources
Chesapeake Energy Corp. moved in on Appalachia Wednesday, announcing it had closed its previously announced acquisition of Columbia Natural Resources, LLC (CNR) and certain affiliated entities from Triana Energy Holdings, LLC, including producing properties, reserves and midstream assets. The purchase price was $2.95 billion, which consisted of $2.2 billion in cash and $0.75 billion in liabilities assumed at closing.
MMS Revises Royalty Suspension Volume for Upcoming Western Gulf Lease Sale
The Interior Department’s Minerals Management Service (MMS) on Wednesday said that certain parts of the deepwater royalty suspension volume provisions contained in the final notice of sale for the upcoming Western Gulf of Mexico Lease Sale 196 have been revised as a result of the newly-enacted energy bill, and the changes will be published in the Federal Register.
FERC Seeks Extension of Filing Requirement for Pipes
The Federal Energy Regulatory Commission is seeking a three-year extension of a requirement for certain natural gas intrastate and interstate pipelines to file annual reports on shipper transactions.
FERC Seeks Extension of Filing Requirement for Pipes
The Federal Energy Regulatory Commission is seeking a three-year extension of a requirement for certain natural gas intrastate and interstate pipelines to file annual reports on shipper transactions.