Costs

TransCanada Faces Tough Fight Over Sharp Toll Hikes

Natural gas shippers face extra costs of C$275 million (US$172 million) per year as a result of proposals by TransCanada PipeLines, according to calculations by an irate Canadian Association of Petroleum Producers. In written preliminaries for hearings before the National Energy Board that promise to be long and hot after they start Feb. 19, CAPP calls TransCanada’s financial requests “grossly excessive.” Other protesters, while more diplomatic, are also firm — including Mirant Canada Energy Marketing Ltd.

January 28, 2002

TransCanada Faces Tough Fight Over Sharp Toll Hikes

Natural-gas shippers face extra costs of C$275 million (US$172 million) per year as a result of proposals by TransCanada PipeLines, according to calculations by an irate Canadian Association of Petroleum Producers. In written preliminaries for hearings before the National Energy Board that promise to be long and hot after they start Feb. 19, CAPP calls TransCanada’s financial requests “grossly excessive.” Other protesters, while more diplomatic, are also firm — including Mirant Canada Energy Marketing Ltd.

January 28, 2002

Cinergy Affiliates Cut Gas Costs by 18-30% in OH, KY

Cinergy Corp. said customers of its affiliates, Cincinnati Gas & Electric Co. and the Union Light, Heat and Power Co., will see significant reductions in natural gas prices for the winter period, compared with last year under filings made by the companies with state regulatory agencies in Ohio and Kentucky. The company claimed that customers of CG&E in Ohio can expect natural gas prices to be 30% below the winter period a year ago, while ULH&P customers in Kentucky will experience a reduction of 18% from last year.

November 5, 2001

DOE Picks Six Projects to Study Methane Hydrates

The Department of Energy (DOE) says that it will fund the bulk of the costs for six new projects to study the exploration and production potential of methane hydrates in the Gulf of Mexico and Alaska’s North Slope region. The total cost of the projects, which will be performed by the energy industry, universities and outside research institutions, has been valued at almost $48 million.

October 29, 2001

ExxonMobil Earnings Down 23%; Gas Volumes Off 16%

Rapidly declining gas and oil prices, a weakening economy and higher operating costs pressured ExxonMobil Corp. earnings down 23% or $970 million, excluding merger effects, to $3.3 billion ($0.48 per share). Earnings per share declined by 20%. Domestic natural gas sales were off more than 16% from the same period last year.

October 24, 2001

DOE Picks Six Projects to Study Methane Hydrates

The Department of Energy (DOE) says that it will fund the bulk of the costs for six new projects to study the exploration and production potential of methane hydrates in the Gulf of Mexico and Alaska’s North Slope region. The total cost of the projects, which will be performed by the energy industry, universities and outside research institutions, has been valued at almost $48 million.

October 23, 2001

Chevron To Participate In Canadian LNG Plant Study

Chevron Corp. said last week it will work with Irving Oil Ltd. to study the costs and other factors involved in building a C$500 million (US$320 million) liquefied natural gas (LNG) plant in Saint John, NB. Irving Oil, a family-owned company with energy interests in eastern Canada, announced two months ago that it was considering construction of an LNG plant at its ice-free Canaport deepwater facility, where it has operated an oil terminal since 1970 (see NGI, July 30).

September 17, 2001

Chevron To Participate In Canadian LNG Plant Study

Chevron Corp. said Monday it will work with Irving Oil Ltd. to study the costs and other factors involved in building a C$500 million (US$320 million) liquefied natural gas (LNG) plant in Saint John, NB. Irving Oil, a family-owned company with energy interests in eastern Canada, announced two months ago that it was considering construction of an LNG plant at its ice-free Canaport deepwater facility, where it has operated an oil terminal since 1970 (see Daily GPI, July 26).

September 11, 2001

Tropical Storm Barry Costs 5 to 6 Bcf in Production

As much as 5-6 Bcf of gas production was lost due to shut-ins as Tropical Storm Barry lingered in the Gulf of Mexico from Friday through Sunday a week ago, before moving ashore and dissipating into heavy rain Monday.

August 13, 2001

Petro-Canada Plans Bypass to Skirt Tolls

Petro-Canada has become the latest natural gas producer to resort to a pipeline bypass to cut costs of transportation on the TransCanada-Nova system by ducking around its former monopoly franchise in Alberta.

August 13, 2001