Exceeds

Poised to grow annual sales by 10% a year for several years to come, EnCana Corp., the largest independent producer in North America, reported last year that annual sales increased 12% to 723,000 boe/d, while natural gas sales surpassed 3 Bcf/d in the fourth quarter alone. Daily pro forma oil and gas sales exceeded the midpoint of EnCana’s ’02 targets, with gas sales of 2.8 Bcf/d, up 16% per share for the year, while natural gas liquid (NGL) sales were nearly 263,000 bbl/d, up 5% over 2001.

White Plains, NY-based Texaco, the number three energy major, achieved record second quarter income that exceeded analysts’ expectations, reporting Wednesday that it had income of $817 million, or $1.50 per share, compared with $614 million, or $1.17 per share, for the second quarter of 2000. Net income for the period was $784 million, or $1.44 per share.

Dynegydirect, the B2B portal and trading site launched by Houston-based Dynegy Inc. that began trading Nov. 1, announced it had exceeded $1.5 billion in online notional transactions by early last week, with more than $1 billion of the energy and communications commodity transactions generated by new customers. The site now has more than 400 registered users (see NGI, Oct. 23).

Dynegydirect, the B2B portal and trading site that was launchedby Houston-based Dynegy Inc. and began trading Nov. 1, has alreadyexceeded $1.5 billion in online notional transactions, with morethan $1 billion of the energy and communications commoditytransactions generated by new customers. The site now has more than400 registered users (see Daily GPI, Oct. 17).

Enron Oil & Gas Co. said it expects 1998 all-sources netproved reserve additions of more than 1.6 Tcfe, resulting in areserve replacement ratio greater than 375%. The company’s 1998production is estimated to be 420 Bcfe, and 1998 average unitfinding cost is anticipated to be below 50 cents/Mcfe. Of thereserves added in 1998, about 800 Bcfe were added in Trinidad,300Bcfe in India and 500 Bcfe in North America.

Surprising even itself, Consumers Energy announced last weekthat in only eight months of the Gas Customer Choice program,100,000 of its customers switched to an alternate supplier,reaching the limit for the first year of the plan. Out of the 10suppliers vying for Consumers’ market, Sempra Energy affiliateEnergy America-Michigan topped the list by signing 90% of theenrollments, a Michigan Public Service Commission (MPSC)spokesperson said.