Current

Halliburton announced that Dick Cheney has resumed the role ofchairman and will also continue in his current position as CEO.Joining Halliburton in 1995 as CEO, Cheney served as chairman andCEO from 1996 until the merger between Halliburton and DresserIndustries in September 1998. Cheney will succeed William Bradfordas chairman. Bradford will retire at the end of January after threedecades of dedicated service to Dresser Industries and mostrecently Halliburton.

Independent oil and natural gas producers are up in arms over aremark by Energy Secretary Bill Richardson that current oil pricesare at “dangerously high levels.” Richardson cited his concern lastweek and said the Clinton administration stood ready to take actionif prices continued to rise, although he declined to specify whattype of action.

Petrominerals Corp. of Foothills Ranch, CA, completed theacquisition of a 25% interest in a gas field in southwest Wyoming.Current production from the field is 700 Mcf/d (155 Mcf/d net) fromtwo active wells. The company has committed to participate in thedrilling of two additional wells by year-end and has identified twoshut-in wells it plans to return to production later in the year.

Transwestern will shutdown Station 1 (Kingman) for automationbeginning Sept. 1. The station should be back up Nov. 31. CurrentWest of Thoreau capacity is 950,000 MMBtu/d. This will be cut toabout 875,000 MMBtu/d during the outage.

The American Gas Association has added its voice to those whowould protect the pocketbooks of current customers and requiresponsors of new pipeline construction to bear the risk of theprojects.

The American Gas Association has added its voice to those whowould protect the pocketbooks of current customers and requiresponsors of new pipeline construction to bear the risk of theprojects.

The current storage surplus and expected “normal” temperaturesthis summer (14% cooler than last summer) will continue to put adamper on spot prices until the fourth quarter of this year, theEnergy Information Administration predicted last week in itsShort-Term Energy Outlook. The EIA said wellhead prices shouldremain below $2/Mcf until November.

The current storage surplus and expected “normal” temperaturesthis summer (14% cooler than last summer) will continue to put adamper on spot prices until the fourth quarter of this year, theEnergy Information Administration predicted yesterday in itsShort-Term Energy Outlook. The EIA said wellhead prices shouldremain below $2/Mcf until November.

Current and projected economics will not support any of themajor pipeline expansions to the Northeast from the Midwest atleast until 2004, a new study by Energy ERA, a Calgary, AB-basedenergy consulting firm, concludes. The Portland Natural GasTransmission and Maritimes &amp Northeast pipelines as well as thepipeline expansions currently planned in the Gulf of Mexico will besufficient to meet growing gas demand in the Northeast over thenext few years.