Counting

A study released last week that examines the potential of oil and gas production from the Arctic contains disappointing news for anyone who was counting on the region to become the next oil breadbasket for the United States.

A new study examining the potential of oil and gas production from the Arctic contains disappointing news for anyone who was counting on the region to become the next oil breadbasket for the United States.

Those counting on an LNG bail-out to moderate natural gas prices along about 2007-2008 might have to wait a little longer, according to a report just published by Schroders plc, a global asset management company, whose latest report on North American natural gas markets sees prices remaining at high levels beyond the end of the decade.

The market experienced an expected rebound Monday from major weekend softness, but not counting substantial western increases, the rally in the East was “rather anemic” in comparison with Friday’s declines, one source said. The anticipated hotter weather either failed to materialize or was considerably less than expected.

This week’s erosion of prices (not counting isolated pockets of firmness, mostly in the West) slowed to a crawl Thursday as further declines were limited to about 30 cents or less, and quite a few points (again, mostly in the West) registered moderate gains of up to about a quarter.

Burlington Resources’ North American asset repositioning started to pay off in the fourth quarter 2002, with earnings of $157 million or $0.78 per diluted share, compared to a prior-year 4Q loss of $79 million or $0.39 per diluted share. And it’s just the beginning, company officials said, pointing to continued improved results it expects from its San Juan Basin and Barnett shale properties in the U.S. and further development of its Canadian acquisitions.

Burlington Resources’ North American asset repositioning started to pay off in the fourth quarter 2002, with earnings of $157 million or $0.78 per diluted share, compared to a prior-year 4Q loss of $79 million or $0.39 per diluted share. And it’s just the beginning, company officials said, pointing to continued improved results it expects from its San Juan Basin and Barnett shale properties in the U.S. and further development of its Canadian acquisitions.

EnronOnline completed its one-millionth transaction this week, surpassing any of the other online exchanges with its commodity trading. It began transacting natural gas and electricity in November 1999 and since then has extended its platform to about 1,500 wholesale commodity products ranging from energy-related commodities to bandwidth, metals, forest products, plastics, petrochemicals and weather and credit derivatives.

Summer-like temperatures are coming a little earlier than California officials had hoped as the California Independent System Operator implemented a Stage 2 power alert and expected modest rolling blackouts for the third day in a row Wednesday, struggling with what it called extreme high temperatures throughout the region and insufficient resources. A 750-MW unit was knocked out in the San Francisco Bay area in the afternoon, further worsening the situation.