Cuts

Calgary-based independent Nexen said Thursday that solid third quarter earnings, up nearly 22% over 3Q2003, were partially offset by higher exploration expenses and lower-than-expected production in North American and overseas operations.

Potential sponsors who have been working behind the scenes got a huge shot in the arm this week when departing lawmakers slipped an $18 billion loan guarantee and authorizations for a mega-natural gas pipeline from Alaska’s North Slope to the Lower 48 states into last-minute appropriations and tax measures.

Calgary-based independent Nexen said Thursday that solid third quarter earnings, up nearly 22% over 3Q2003, were partially offset by higher exploration expenses and lower-than-expected production in North American and overseas operations.

Chicago-based Peoples Energy last Monday said it has cut its workforce by approximately 410 employees in order to shrink the company’s labor-related costs.

Chicago-based Peoples Energy on Monday said it has cut its workforce by approximately 410 employees in order to shrink the company’s labor-related costs.

Charlotte, NC-based Piedmont Natural Gas narrowed its loss this year during the slow summer quarter, reporting a seasonal loss of $8.2 million and ($0.21) diluted loss per share for the fiscal quarter ending July 31, 2004, compared with a $9.7 million loss and a ($0.29) diluted loss per share for the same quarter in 2003 . The company on Friday also announced a two-for-one stock split.

Natural gas prices are expected to continue rising this year, averaging more than $6/MMBtu this fall and winter, according to the Energy Information Administration’s latest Short Term Energy Outlook. The EIA has done an about-face on its domestic supply projections. It now sees “only marginal improvement in the supply picture” through 2005 with slight domestic production growth next year and modest increases in liquefied natural gas (LNG) imports.

Natural gas prices are expected to continue rising this year, averaging more than $6/MMBtu this fall and winter, according to the Energy Information Administration’s latest Short Term Energy Outlook. The EIA has done an about-face on its domestic supply projections. It now sees “only marginal improvement in the supply picture” through 2005 with slight domestic production growth next year and modest increases in liquefied natural gas (LNG) imports.

Oilfield services giant Halliburton said Friday that it was terminating its relationship with A. Jack Stanley, a consultant and former chairman of its subsidiary Kellogg, Brown & Root (KBR), because of a bribery scandal involving work done at a Nigerian liquefied natural gas (LNG) export terminal. Another consultant and former employee of M.W. Kellogg Ltd., a joint venture in which KBR has a 55% interest, also is being terminated.