Recent reports of turf battles between FERC and the Commodity Futures Trading Commission (CFTC) “have been overplayed,” and the two regulatory entities have, in fact, worked in close cooperation, members of each commission said at the National Energy Marketers Association (NEMA) annual membership meeting in Washington, DC, last Tuesday.
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Commissioners: Reports of FERC-CFTC Turf War ‘Overplayed’
Recent reports of turf battles between FERC and the Commodity Futures Trading Commission (CFTC) “have been overplayed,” and the two regulatory entities have, in fact, worked in close cooperation, members of each commission said at the National Energy Marketers Association (NEMA) annual membership meeting in Washington, DC, on Tuesday.
IOGCC: States Best Equipped to Implement CO2 Regulations
States are the logical and best-equipped entities to implement and administer regulations for the storage of carbon dioxide (CO2), according to a study by the Interstate Oil and Gas Compact Commission (IOGCC) Task Force on Carbon Capture and Geologic Storage.
IOGCC Says States Best Equipped to Implement CO2 Regulations
States are the logical and best-equipped entities to implement and administer regulations for the storage of carbon dioxide (CO2), according to a study by the Interstate Oil and Gas Compact Commission (IOGCC) Task Force on Carbon Capture and Geologic Storage.
Failed Merger Behind it, PSEG Vows to Regain Leadership Position
Quieting recent suggestions that the company was going to separate its regulated and unregulated entities in the wake of its failed merger with Exelon, Public Service Enterprise Group’s (PSEG) management said Tuesday the whole company continues to produce strong operational results and that the continued financial success will allow for “disciplined future growth” going forward.
Industry Briefs
Dallas-based EXCO Resources Inc., which went public earlier this year, has completed its acquisition of Winchester Energy Co. Ltd. and its affiliated entities from Progress Energy Inc. for $1.16 billion. The purchase, announced in July (see Daily GPI, July 25), gives EXCO about 400 Bcfe in proved natural gas reserves, bringing its total proved reserves to 1.3 Tcfe. The purchase also included 330 Bcfe in probable and possible reserves in East Texas and North Louisiana and current production of 75 MMcfe/d from 588 producing wells in the Cotton Valley, Hosston and Travis Peak trends. In addition, it included about 775 drilling locations, 106,000 net acres of leasehold, six gathering systems with 300 miles of pipe and a 54-mile, 16-inch diameter transmission line with throughput of 115 MMcf/d, 35% of which is company owned.
Futures Rally on NOAA’s Updated Hurricane Forecast
Even though the National Oceanic and Atmospheric Administration (NOAA) mostly reiterated what has been being said for months, the government agency’s updated 2006 Atlantic hurricane forecast for a “very active” year was enough to spark a short-covering rally in natural gas futures on Monday. As a result, June natural gas, which expires Friday, ended up closing back above $6 at $6.276, up 31.4 cents on the day.
Hedge Fund Manager Olson Sees Rocky Road for Oil and Gas Industry, Benefits for Houston
The fact that the stocks of a number of oil and gas companies lost ground last month can be attributed to the Oct. 31 end of the tax year for many investment entities, but the big question is what will be happening next year, Houston market analyst John Olson said.
Transportation Notes
Based upon mandatory evacuation orders issued by various governmental entities along the central Texas Gulf Coast, Texas Eastern said it will be required to shut in compression that is necessary to move gas out of the South Texas and East Texas zones. Effective at 6 p.m. Wednesday all IT-1 and a portion of secondary/preferential firm service was restricted for volumes sourced in those zones, the pipeline said. As information is received from supply interruptions, Texas Eastern will force balance TABS pools as required to maintain system reliability.
NGI The Weekly Gas Market Report
NorthWestern Energy, Muni Group Go Head-to-Head Over Buyout Offer
The NorthWestern Energy Board of Directors has voted unanimously to reject the unsolicited proposal made over a week ago by a coalition of municipal entities to take over the company — which emerged from bankruptcy last year — through a stock buyout, the company said in a Thursday morning press release. By later the same day the coalition had issued its own press release saying it was undeterred.