Close

The hoped-for agreement among California’s three investor-ownedutilities and the California’s political establishment was stillout of reach last Friday, but feeling the need to announce someprogress in preparation for his political trip to Washington, DC,and Wall Street early this week. Gov. Gray Davis said the state isclosest to a deal to pay $2.76 billion for the transmission linesof Southern California Edison.

Just days after Houston-based Anadarko said it would boost itsspending in Canada this year (see Daily GPI, Feb. 12), the independent played whiteknight Monday, agreeing to acquire gas-rich Berkley PetroleumCorp. for $777 million, further boosting its Canadian reserves andpulling the rug out from under another Texas-based producer that hadset its sights on the company two months ago.

With the sale of the Zama assets to Apache Corp. coming to a closelast week, Phillips Petroleum announced yesterday that the companyexpects to realize approximately $470 million in after-tax proceedsfrom the $490 million dollar sale (see Daily GPI, Jan. 2, 2000).

The recent string of record warm winters may come to a closethis winter, as normal (cold) weather is likely to return,according to predictions from top weather experts at the NationalOceanic and Atmospheric Administration (NOAA) and Salomon SmithBarney.

The recent string of record warm winters may come to a closethis winter, as normal (cold) weather is likely to return,according to predictions from top weather experts at the NationalOceanic and Atmospheric Administration (NOAA) and Salomon SmithBarney.

Despite the conventional wisdom that there has been a decouplingof natural gas and crude oil prices, ICF Consulting says it isprimarily the close tie between the two commodities under thecurrent circumstances that has been responsible for high naturalgas prices this year.

Despite the conventional wisdom that there has been a decouplingof natural gas and crude oil prices, ICF Consulting says it isprimarily the close tie between the two commodities under thecurrent circumstances that has been responsible for high naturalgas prices this year.

A close look at the status of the nation’s gas resources lastyear reveals a lethargic industry barely able to build reserves.However, last year was an improvement over the year prior. Dry gasreserve additions reversed the 2% decline in 1998 and grew lastyear by 2.1% to 167,406 Bcf in the United States, according to anAdvance Summary: U.S. Crude Oil, Natural Gas and Natural GasLiquids Reserves 1999 Annual Report by the Energy InformationAdministration. Reserve additions replaced 118% of gas production.It was the fifth time in the past six years that reserves havegrown.

A close look at the status of the nation’s gas resources lastyear reveals a lethargic industry barely able to build reserves.However, last year was an improvement over the year prior. Dry gasreserve additions reversed the 2% decline in 1998 and grew lastyear by 2.1% to 167,406 Bcf in the United States, according to anAdvance Summary: U.S. Crude Oil, Natural Gas and Natural GasLiquids Reserves 1999 Annual Report by the Energy InformationAdministration. Reserve additions replaced 118% of gas production.It was the fifth time in the past six years that reserves havegrown.