Drove

Several indicators in January pointed to a pullback in 2007 natural gas drilling levels, which drove some prognosticators to reduce their drilling activity forecast and lower their expectations. However, the late arrival of cold weather has since driven gas prices higher, and rig permits have begun to rebound, leading Raymond James & Associates to conclude there will be an uptick in drilling activity by midyear that will carry well into 2008.

The extended cold during the first two months of this year drove up gas demand 17% in Philadelphia-based PECO’s service territory in southeastern Pennsylvania, the utility company said Friday. PECO said it has seen almost 400 more heating degree-days so far this winter as compared to last winter.

The Senate on Tuesday drove back an attempt by coastal state senators to purge a provision from the omnibus energy bill (HR 6) that directs the federal government to carry out an inventory of the oil and natural gas resources on the Outer Continental Shelf (OCS).

May natural gas futures on Wednesday made another run on resistance levels before afternoon selling drove the contract back down towards $7, a number that has acted as a magnet over the past seven days of trading.

BP plc’s strong exploration and production (E&P) earnings drove 4Q2004 earnings, with the London-based major reporting profit up 80% over a year earlier. Oil and natural gas production was up more than 4%, reflecting the ramp-up from new Gulf of Mexico wells and overseas investments.

BP plc’s strong exploration and production (E&P) earnings drove 4Q2004 earnings, with the London-based major reporting profit up 80% over a year earlier. Oil and natural gas production was up more than 4%, reflecting the ramp-up from new Gulf of Mexico wells and overseas investments.

Apache Corp. on Thursday reported that record oil and natural gas production, combined with strong commodity prices, drove 2004 net income to a record $1.7 billion ($5.03/share), up from $1.1 billion ($3.43) in 2003. Canadian gas volumes were up for the quarter, while U.S. gas output fell.

Time and money drove parties to last week’s precedent-setting proposed Chapter 11 bankruptcy settlement between Pacific Gas and Electric Co. and state regulators because of the prospects of costly, time-consuming seemingly endless litigation. Nevertheless, many hurdles for the proposed deal emerged in the immediate aftermath last Friday, not the least of which were critical comments from regulators and the state’s governor.

Time and money drove parties to last week’s precedent-setting proposed Chapter 11 bankruptcy settlement between Pacific Gas and Electric Co. and state regulators because of the prospects of costly, time-consuming seemingly endless litigation. Nevertheless, many hurdles for the proposed deal emerged in the immediate aftermath last Friday, not the least of which were critical comments from regulators and the state’s governor.