Completing

Net quarterly losses were reported by ConocoPhillips, in its first financial report since completing its merger, and Amerada Hess last Thursday, putting downward pressure on major oil shares. Hess shares fell more than 11% to $58.54 by mid afternoon, while ConocoPhillips shares were down only about 2% to $47.20 because the charges were expected and its results from continuing operations were in line with Wall Street forecasts.

Net quarterly losses were reported by ConocoPhillips, in its first financial report since completing its merger, and Amerada Hess on Thursday, putting downward pressure on major oil shares. Hess shares fell more than 11% to $58.54 by mid afternoon, while ConocoPhillips shares were down only about 2% to $47.20 because the charges were expected and its results from continuing operations were in line with Wall Street forecasts.

El Paso said it was completing installation of pigging facilities on Line 1200 between Gallup Station and Valve City Wednesday. Work on the segment between Valve City and Window Rock Station is still in progress, but should be completed Saturday as originally scheduled. As a result San Juan Basin capacity was increased by 100 MMcf/d effective with Thursday’s Cycle 1 nominations. A capacity reduction of 135 MMcf/d on the North Mainline was to continue as scheduled through Friday. The pipeline also said Bowie Station turbine repairs have been more extensive than anticipated, a 50 MMcf/d capacity cut on the South Mainline at Waha will be extended through Aug. 31.

UBS Warburg expects to begin operations this month of its newest unit, UBS Warburg Energy, after completing the deal to obtain Enron Corp.’s exclusive license to the technology to operate the once unbeatable North American natural gas and power trading operations. The new business’ online site will be branded www.UBSWenergy.com.

UBS Warburg expects to begin operations this month of its newest unit, UBS Warburg Energy, after completing the deal to obtain Enron Corp.’s exclusive license to the technology to operate the once unbeatable North American natural gas and power trading operations. The new business’ online site will be branded www.UBSWenergy.com.

On Tuesday and Wednesday, Kern River will be restaging the Muddy Creek compressor and completing a semi-annual inspection of the turbine on unit #1. The work is expected to take 36 hours. Primary firm capacity behind the compressors will be restricted to 330 MMcf/d for gas days Nov. 13-14. If primary firm nominations exceed that amount, Kern River will allocate firm capacity pro rata based on each firm shipper’s contractual rights through the Muddy Creek Compressor Station. It will be necessary for shippers using receipt points upstream of Muddy Creek (Opal, Northwest Pipeline, Colorado Interstate, Overland Trails, and Muddy Creek Pool) to schedule some of their receipts from other sources. Kern River also will be making modifications to the Fillmore compressor unit and performing semi-annual inspections Tuesday and Wednesday. It is anticipated that only primary firm capacity will be available. The Goodsprings compressor is being inspected Tuesday and Kern will allow on only primary firm capacity to flow.

Tennessee reported experiencing unanticipated delays in completing necessary pipeline modifications at the Yscloskey Gas Processing Plant, located near Main Line Valve 529 in southeast Louisiana. This delay does not impact available capacity on the 500 Line, Tennessee said, but the Eloi Bay meter will stay out of service until the modifications are finished. The pipeline anticipated being able to resume partial Yscloskey deliveries Thursday, and expects the plant to be processing about 600 MMcf/d around Sunday. It also hopes to complete the pipe modifications late Sunday, upon which full deliveries to Yscloskey for processing will resume and the Eloi Bay meter will return to service.

Tennessee reported experiencing unanticipated delays in completing necessary pipeline modifications at the Yscloskey Gas Processing Plant, located near Main Line Valve 529 in southeast Louisiana. This delay does not impact available capacity on the 500 Line, Tennessee said, but the Eloi Bay meter will stay out of service until the modifications are finished. On or about today, the pipeline anticipates being able to resume partial Yscloskey deliveries, and expects the plant to be processing about 600 MMcf/d around Sunday. It also hopes to complete the pipe modifications latee Sunday, upon which full deliveries to Yscloskey for processing will resume and the Eloi Bay meter will return to service.

AmeriGas Partners LP became the nation’s largest retail propane marketer by completing the $202 million purchase of Columbia Propane from NiSource in a deal that closed last Tuesday. The combination will distribute more than one billion retail gallons per year from more than 700 locations.