Under the “Energize RI” program, Providence Gas Co. (ProvGas)was awarded $2.45 million Wednesday by the Rhode Island PublicUtilities Commission (PUC) for losses attributable to externalforces the utility experienced last winter. The original requestwas granted by the the PUC’s Division of Public Utilities andCarriers (the Division) in March but it was subject to PUCapproval.
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Williams Gets One More Shot to Settle GSR Costs
FERC last week gave Williams Gas Pipelines Central Inc. one morechance to settle the lingering, controversial cost-recovery issuesarising from the reformation of three of its contracts for gassupply in Colorado.
NOPR Could Cost Producers, IPAA Says
The natural gas producing segment will lose $200 millionannually for every penny increase in transportation costs that’srealized from the lighter handed regulatory initiatives – such asnegotiated terms and conditions and capacity auctioning – proposedby FERC, an official with a leading independent producer groupprojected.
Mobil Net Income Off 43% on Lower Prices
Mobil is yet another major producer hit by lower oil and gasprices in the third quarter. Despite cost reduction efforts,earnings were off sharply. Mobil reported third quarter 1998estimated operating earnings of $497 million, a decline of $410million, or 45%, from the record $907 million earned in the sameperiod last year. Net income declined 43% to $509 million from $892million in the third quarter of 1997. “This quarter saw virtuallyall of our businesses experience sharp declines in industryfundamentals,” said CEO Lucio A. Noto. “Despite our self-helpefforts, earnings and cash generation are down significantly thisyear.”
RIK Proponents Drawing Big Industry Contributions
Congressional proponents of royalty in-kind legislation, whichwould force the government to assume the cost of transporting andmarketing its royalty portion of oil and gas production, aredrawing large sums of political action committee donations, softmoney and individual contributions from the oil and gas industry.