Declined

Drilling activity in Texas declined steadily through April, reflecting “very weak natural gas markets and defying a crude price rally,” according to the Texas Petro Index (TPI), which was issued on Friday. Employment in the state’s exploration and production (E&P) industry has dropped to its lowest level since January 2008.

Apache Corp.’s acquisition of nine Permian Basin natural gas and oil fields from Marathon Oil Corp. may be the first of several purchases this year, executives said Thursday.

A group of independent producers is set to receive more than $1 billion in recovered costs after the federal government last week declined to appeal a court’s order to pay the costs for some offshore California leases that were never developed.

A group of independent producers is set to receive more than $1 billion in recovered costs after the federal government declined to appeal a court’s order to pay the costs for some offshore California leases that were never developed.

Spikes at Northeast citygates Tuesday didn’t get much company elsewhere in the firming category. Most points declined as moderating weather trends in the western half of the South, Midcontinent and Midwest limited overall heating load. The previous Friday’s 4.2-cent drop by February futures was another mildly negative factor for the cash market.

Natural gas and crude futures values declined in unison on Wednesday as traders continued to debate whether the bullish move had finally run its course or the recent price pullback was just a pause before the next push higher. April natural gas recorded a low of $8.990 on the day before closing at $9.024, down 39 cents from Tuesday’s close. May natural gas followed suit, shedding 39.2 cents to finish the day at $9.112.

FERC last Thursday on rehearing affirmed an April order in which it declined to establish a mechanism in interstate pipeline tariffs that would provide for recovery of mitigation and repair costs incurred by downstream gas users as a result of the introduction of revaporized liquefied natural gas (LNG) into their systems.

FERC Thursday on rehearing affirmed an April order in which it declined to establish a mechanism in interstate pipeline tariffs that would provide for recovery of mitigation and repair costs incurred by downstream gas users as a result of the introduction of revaporized liquefied natural gas (LNG) into their systems.

Canadian pipe and power generation giant TransCanada Corp. on Friday announced that net income declined from C$273 million (C$0.56/share) in 1Q2006 to C$265 million (C$0.52/share) during 1Q2007 due in part to weaker performance from its pipeline segment and the absence of certain discontinued operations. Net income from continuing operations for 1Q2007 was also C$265 million (C$0.52), compared to C$245 million (C$0.50) for 1Q2006.