Deep

New Orleans-based McMoRan Exploration Co. said this week that it has gauged more Gulf of Mexico deep shelf natural gas condensate discoveries and plans to soon ramp up production.

With the most contentious issue deep-sixed, House-Senate negotiators were expected to pass a conference report on the omnibus energy bill late Monday, making it possible for both houses of Congress to vote on legislation this week that would overhaul national energy policy for the first time in more than a decade and send it to President Bush before leaving for their August recess.

Two top Texas congressmen, both Republicans, have expressed their “deep concern” about the $18.5 billion bid for Unocal Corp. by the China National Offshore Oil Corp. (CNOOC) in a letter to President Bush.

With both New England’s natural gas and electric systems put to the test during the deep freeze of January 2004, both industries are quickly realizing that better communication is needed because their respective commodities are becoming more entwined.

With both New England’s natural gas and electric systems put to the test during the deep freeze of January 2004, both industries are quickly realizing that better communication is needed because their respective commodities are becoming more entwined.

Citing deep philosophical differences with two increasingly entrenched colleagues, the newest California utility regulator, Susan Kennedy, indicated this week the current 3-2 split will continue among the five members of the California Public Utilities Commission. “And that is not necessarily bad if we’re consistent,” Kennedy said during a wide-ranging interview in her San Francisco office.

Dynegy Inc. last week began climbing out of its deep debt-filled hole, launching a major junk bond refinancing project as well as a stock restructuring deal to pay off a credit line with ChevronTexaco Inc., its largest shareholder. If the transactions are completed as envisioned, Dynegy’s debt maturities would be “significantly” reduced over the next few years, including a portion of its recently restructured $1.66 billion credit facility and the secured financing of its Midwest generation assets.

El Paso Corp. last week reported fourth-quarter results that were buried deep in red ink due largely to the company’s exodus from trading, a new accounting rule and its settlement with California and three other western states of charges related to manipulation of energy prices in the region two years ago.

El Paso Corp. Monday reported fourth-quarter results that were buried deep in red ink due largely to the company’s exodus from trading and its settlement with California and three other western states of charges related to manipulation of energy prices in the region two years ago.