Discretionary

The stature of Anadarko Petroleum Corp.’s shale operations in the United States grew substantially last year, the company said. Going forward, emphasis at home will continue to be on shales and liquids-rich production.

The American Public Gas Association (APGA) on Wednesday called on President Bush to include all offshore areas currently under moratoria or “administrative discretionary withdrawal” in the upcoming five-year Outer Continental Shelf (OCS) oil and gas leasing program for 2007-2012.

TransCanada brought the Lachenaie Compressor Station on its TransQuebec & Maritimes system back online at 3 p.m. EST Wednesday and said a curtailment of all discretionary services (including diversions) to East Hereford, PQ would be lifted with the day’s intraday 2 nominations cycle. Lachenaie, about 45 kilometers north of Montreal, experienced an unexpected shutdown Tuesday morning. Preliminary investigations have indicated an electrical ground fault to be the root cause of the outage, the pipeline said. For Thursday, no curtailments are expected for deliveries to East Hereford. However, no increases in nominations to East Hereford will be authorized to ensure sufficient recovery of line pack and pressures in the affected area, TransCanada said.

Burlington Resources’ second quarter earnings spiked 145% to $231 million, or $1.10/share, while its discretionary cash flow grew 65% to $557 million on strong natural gas prices. During the quarter, the company’s gas production was basically flat at 1,945 MMcf/d. Oil production declined to 69,600 b/d from 79,300 b/d in 2Q2000. However, realized gas prices soared. Natural gas price realizations rose to $4.10/Mcf from only $2.75 in 2Q2000, while oil prices were only about a dime stronger at $24.92/bbl.

Burlington Resources’ second quarter earnings spiked 145% to $231 million, or $1.10/share, while its discretionary cash flow grew 65% to $557 million on strong natural gas prices. During the quarter, the company’s gas production was basically flat at 1,945 MMcf/d. Oil production declined to 69,600 b/d from 79,300 b/d in 2Q2000. However, realized gas prices soared. Natural gas price realizations rose to $4.10/Mcf from only $2.75 in 2Q2000, while oil prices were only about a dime stronger at $24.92/bbl.