PG&E called a high inventory systemwide operational flow order for Sunday and Monday with 0% and 5% tolerances, respectively, and $5/Dth penalties. No OFO was in effect for Tuesday as of 4 p.m. EST Monday.
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Articles from Flow
TransCanada Adds Two Major U.S. Pipelines to Its Asset Base
TransCanada Corp. CEO Hal Kvisle stressed the stability of existing Western Canadian gas production and the promise of new supply from the Mackenzie Delta and Alaska in announcing the completion of its purchase of Gas Transmission Northwest Corp. (GTNC) from National Energy & Gas Transmission Inc. for US$1.7 billion, including US$500 million of assumed debt.
TransCanada Adds Two Major U.S. Pipelines to Its Asset Base
TransCanada Corp. CEO Hal Kvisle stressed the stability of existing Western Canadian gas production and the promise of new supply from the Mackenzie Delta and Alaska in announcing the completion of its purchase of Gas Transmission Northwest Corp. (GTNC) from National Energy & Gas Transmission Inc. for US$1.7 billion, including US$500 million of assumed debt.
High Cash Flow Allows Magnum Hunter to Spend More This Year
Magnum Hunter Resources said its board has approved a $20 million increase in its 2004 capital spending budget to $220 million. About three-quarters of the additional funds will go to Gulf of Mexico drilling activities on lease blocks acquired over the last four years.
El Paso Affirms Restatements, Expected to Eliminate Hedges
Following a review of accounting statements between 1999 and 2003, El Paso Corp. on Tuesday affirmed that its financial statements likely will be restated to eliminate hedge accounting for some of its past natural gas transactions. The company already had indicted in late May that the downward revisions to its natural gas and oil reserves earlier this year would require financial restatements (see Daily GPI, June 1).
E&P 2Q Earnings Forecast to be ‘At or Above’ Records
Second quarter earnings and cash flow for exploration and production (E&P) companies are forecast to be “at or above record levels, up 0-10% sequentially,” according to a report by CreditSights energy consultants. Earnings are expected to be driven by continued commodity price and refining margin strength.
E&P 2Q Earnings Forecast to be ‘At or Above’ Records
Second quarter earnings and cash flow for exploration and production (E&P) companies are forecast to be “at or above record levels, up 0-10% sequentially,” according to a report by CreditSights energy consultants. Earnings are expected to be driven by continued commodity price and refining margin strength.
Devon Reports Gains, Working to Lower F&D Costs
Devon Energy Corp., the largest U.S.-based independent producer, Thursday reported a 13% increase in quarterly net income and a 43% increase in total daily oil, natural gas and gas liquids production. The large production increase was mainly a result of Devon’s Ocean Energy merger last year. Excluding the impact of the merger Devon’s production still climbed 7% over 1Q2003.
Devon Reports Gains, Working to Lower F&D Costs
Devon Energy Corp., the largest U.S.-based independent producer, Thursday reported a 13% increase in quarterly net income and a 43% increase in total daily oil, natural gas and gas liquids production. The large production increase was mainly a result of Devon’s Ocean Energy merger last year. Excluding the impact of the merger Devon’s production still climbed 7% over 1Q2003.
ICE Pre-Tax Profit Plummets 62% in 2003
Atlanta-based IntercontinentalExchange (ICE) saw its pretax profit plummet 62% to $19.9 million, its cash flow drop 47% to $27.1 million and its revenues tumble 25% to $93.7 million last year as the energy trading business struggled through a credit crisis and trading dropped sharply on its over-the-counter (OTC) electronic marketplace.