Houston-based independent Pioneer Natural Resources Co. on Tuesday reduced its third quarter production forecast after shutting in production from its Harrier field in the Falcon Corridor of the deepwater Gulf of Mexico following early water encroachment. A sidetrack well is expected to spud in mid-September to access an adjacent fault block in the field, and Pioneer said it could be producing by the end of October.
Drops
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Price Drops Get Bigger for Weekend at Many Points
The price slide that had started Thursday tended to get steeper in Friday’s trading for the weekend. There were a few single-digit declines mixed into the across-the-board softness, but plenty of points fell 20 cents or more amid the majority of dips ranging from a dime to nearly 30 cents.
West Records Biggest Drops in Sagging Market
Prices fell across the board Tuesday as traders had anticipated, and most declines were larger than the ones on Monday. The usual suspects depressed the market: little hot-weather load in most areas, the previous day’s futures plunge, a sense of burgeoning storage inventories overall (despite the fire loss at the Moss Bluff facility) and a streak of no tropical storm threats to offshore production that is approaching two weeks now.
Aquila Stock Drops on News of Public Offering
The share price for Aquila, Inc. common stock dropped 74 cents or 24% to $2.34 after the company announced Monday a public offering of 40 million shares of its common stock, and 12 million of premium income equity securities (PIES). The PIES represent $300,000,000 aggregate principal amount of convertible senior notes, which will mandatorily convert into common stock no later than Sept. 15, 2007.
Moody’s Drops EnCana Rating on Aggressive Production Targets, Debt
Because of its “aggressive production growth targets” and increased debt, which includes the April acquisition of Tom Brown Inc., Moody’s Investors Service lowered the long-term debt ratings on EnCana Corp. (ECA) to “Baa2” from “Baa1.” The outlook on the Calgary-based producer is stable, analysts said Wednesday.
Futures Finish on Three-Day Slide Ahead of Weekend
Marking it three consecutive days of double-digit price drops to end the week, the July natural gas futures contract on Friday declined 10.2 cents to settle at $6.261. While the prompt month was unable to threaten the $6 mark, it did reach a low on the day of $6.22, a level untouched since May 19.
S&P Drops Enterprise Credit Rating to ‘Junk’ on GulfTerra Merger
The planned merger by Enterprise Products Partners LP with GulfTerra Energy Partners LP has the potential to reduce exposure to petrochemical industry cycles and to realize cost savings, but the merged company will have to demonstrate its prowess before changes are reflected in the credit rating, a Standard & Poor’s Rating Services (S&P) analyst said Tuesday after dropping Enterprise’s rating to “junk” status.
Overall Firming Extended, But EP-San Juan Drops Again
For the second day in a row El Paso’s San Juan-Blanco pool was the odd point out Wednesday amid a continued firmness in prices overall. At other locations quotes rose between a nickel (CIG) and about 20 cents.
New Deal for Lea Fastow Drops Six Felony Charges to One Misdemeanor
Lea Fastow, a former Enron Corp. assistant treasurer and wife of the infamous Andrew Fastow, who was facing a trial in Brownsville, TX in June on two counts of felony conspiracy and four counts of filing fax income tax statements, instead will likely plead guilty on Thursday (May 6) to one misdemeanor tax charge.
May Futures Climb 19.3 Cents Ahead of Wednesday’s Expiry
Coming off of a week that saw mostly single digit drops or gains, the Nymex May natural gas futures contract jumped out of the box Monday, closing 19.3 cents higher to settle at $5.764. The June contract also went on a run, climbing 21.8 cents to close at $5.871.