Consecutive

Canadian natural gas production dropped for the second consecutive year in 2003, confirming widespread industry and government expectations that it will contribute to tight supplies and high prices across North America.

Replacing more than 100% of its production yet again, ExxonMobil Corp. said additions to its worldwide proved oil and gas reserves totaled 1.7 billion boe in 2003, replacing 105% of production, including property sales. Excluding the property sales during the year, reserve replacement totaled 107% of production.

Replacing more than 100% of its production yet again, ExxonMobil Corp. said Wednesday that additions to its worldwide proved oil and gas reserves totaled 1.7 billion boe in 2003, replacing 105% of production, including property sales. Excluding the property sales during the year, reserve replacement totaled 107% of production.

Nine consecutive weeks of sizable, if not record, builds to natural gas storage inventories appear to be lessening some of the concerns about supply levels for next winter, but major industrial gas customers aren’t feeling any easier.

As California was plunged into its second consecutive day of daytime darkness on Tuesday, FERC regulators remained as divided as ever on whether to impose price caps on wholesale power sales in the West to prevent continuing blackouts and price hikes this summer.

Canadian Natural Resources increased natural gas production for the seventh consecutive quarter with 1.08 Bcf/d in 2Q02, or 22% more than the company’s production in the second quarter of 2001.

Last week marked the second consecutive week of warmer than normal temperatures and the tenth overall this heating season, forcing UBS Warburg analyst Ronald Barone to concede his forecast for a $2.10/MMBtu average spot wellhead price this quarter could be a little too high. He also said his forecasts for the year may have to come down and other analysts agreed the fundamental picture continues to look weak despite the drilling decline.

The 14th consecutive annual export sales record and the 2000-01 winter price spike drove the value of Canadian natural gas exports to a stellar high in the last contract year. Revenues leaped 72% to C$28.5 billion (US$18.6 billion) during the 12 months that ended Oct. 31 from C$16.6 billion (US$11.2 billion) in the preceding contract year, by the National Energy Board’s count.

The 14th consecutive annual export sales record and the 2000-01 winter price spike drove the value of Canadian natural gas exports to a stellar high in the last contract year. Revenues leaped 72% to C$28.5 billion (US$18.6 billion) during the 12 months that ended Oct. 31 from C$16.6 billion (US$11.2 billion) in the preceding contract year, by the National Energy Board’s count.