Exceeded

In its annual performance report on Friday, FERC said it exceeded its goal to complete 85% of the natural gas pipeline certificate cases that came before it in fiscal 2003 year within the time frames specified. It certified 17 major pipeline projects, adding 1,211 miles of new lines to the nationwide pipeline grid and 4.3 Bcf/d of capacity.

A day after major cash market losses that exceeded a dollar in some cases, traders stanched the hemorrhaging to some extent Wednesday with mixed price movement that mostly was a dime or less up or down from flat. Late quotes were rising, which a couple of sources attributed to short squeezes.

Bids during an open season for working storage capacity in the Phase II expansion of the Hill-Lake Gas Storage field exceeded planned capacity by nearly 50%, according to developer Falcon Gas Storage Co. Inc.

Capacity bids submitted for Wyckoff Gas Storage Project’s recent open season exceeded the 6 Bcf of available Phase I working gas capacity by more than 50%, and the sponsors plan to hold another open season for additional capacity as part of its Phase II expansion. The project is sponsored by Emera Inc. and Falcon Gas Storage subsidiary Greyhawk Gas Storage Co.

Capacity bids submitted for Wyckoff Gas Storage Project’s recent open season exceeded the 6 Bcf of available Phase I working gas capacity by more than 50%, and the sponsors plan to hold another open season for additional capacity as part of its Phase II expansion. The project is sponsored by Emera Inc. and Falcon Gas Storage subsidiary Greyhawk Gas Storage Co.

Weather normalized gas demand this winter has exceeded gas supply by about 750 MMcf/d on average, according to a Monthly Energy Outlook by Stephen Smith Energy Associates. This gas shortage means that gas prices will have to remain at “demand destruction” levels ($4-$7 at the Henry Hub) this summer in order for storage to be refilled to an adequate level by next fall, the consulting firm said.

Weather normalized gas demand this winter has exceeded gas supply by about 750 MMcf/d on average, according to a Monthly Energy Outlook by Stephen Smith Energy Associates. This gas shortage means that gas prices will have to remain at “demand destruction” levels ($4-$7 at the Henry Hub) this summer in order for storage to be refilled to an adequate level by next fall, the consulting firm said.

Abandoned chemical engineering projects, an exit from its forestry business and other asset impairments pushed Oklahoma City-based independent Kerr-McGee Corp. to a loss in the fourth quarter of 2002. For Occidental Petroleum Corp., however, strong production volumes and higher commodity prices helped the Los Angeles-based independent move into the black for the quarter.

UGI CEO Lon R. Greenberg said, “We are pleased that we exceeded our earnings growth goal once again, notwithstanding the extremely warm winter weather of 2002. Our mix of businesses, prudent acquisitions and the dedication of our employees overcame much of the effects of record warm weather. We are confident that a return to normal winter weather will demonstrate the true earnings power of our assets.”