Confidence

Energy marketers involved in “wash” transactions were almost drowned last week with bad news, as investors bailed on their stocks and regulators called for a good soaping of the industry. It was a dreary week overall, but those taking the worst baths included Dynegy Inc., CMS Energy Corp. and Reliant Energy Inc. By the end of the week, at least three top trading executives at two companies had resigned and the weather showed no sign of clearing anytime soon.

Supply needs and confidence in engineering trumped public fear and environmental loathing in a landmark regulatory decision to let Alberta producers keep a major drilling target, “sour” gas laced with lethal hydrogen-sulphide.

Some Canadian natural gas producers evidenced continued confidence the stalled Mackenzie Gas Pipeline will be built, putting up C$58 million (US$46.4 million) last week for new drilling rights in the central Mackenzie Valley.

Some Canadian natural gas producers evidenced continued confidence the stalled Mackenzie Gas Pipeline will be built, putting up C$58 million (US$46.4 million) last week for new drilling rights in the central Mackenzie Valley.

The natural gas market’s ability to soar nearly $2/MMBtu in the span of a couple weeks despite near record high levels of working gas in storage is part of an annual pattern that is occurring, said energy consultant Stephen Smith of Natchez, MS-based Stephen Smith Energy Associates.

London-based BP plc last week said that its estimated oil and gas reserves will not show any material changes when recalculated for submission to the Securities and Exchange Commission (SEC) later this month. However, BP said that the reserves numbers, filed with UK regulators, might differ “somewhat” when they are restated in the SEC filing.

London-based BP plc on Monday said that its estimated oil and gas reserves will not show any material changes when recalculated for submission to the Securities and Exchange Commission (SEC) later this month. However, BP said that the reserves numbers, filed with UK regulators, might differ “somewhat” when they are restated in the SEC filing.

Under pressure to rebuild investor confidence in the wake of this year’s oil and gas reserves accounting scandal, Royal Dutch/Shell Group on Thursday announced a $2 billion share buyback. The major also reported strong quarterly operating earnings despite a 16% decline in net income.

BP plc’s top managers expressed confidence in the oil major’s reserves numbers during the first quarter earnings conference Tuesday, but said the company will delay “slightly” a required Securities and Exchange Commission (SEC) report in order to incorporate shareholders’ comments.