Transwestern has scheduled March 26-27 maintenance at the P-3 Compressor Station on its Panhandle Lateral. There will be zero flow at the Williams Canadian River and ANR-Red Deer points during the work.
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Articles from Flow
Examiner Appointed to Monitor Enron Funds
Responding to creditor’s concerns, Enron’s bankruptcy court judge has granted a request for the appointment of an examiner to monitor cash flow at Enron North America. Judge Arthur J. Gonzalez appeased creditors by approving the installation of an examiner, but refused their demands that Enron N.A. be allowed to control its own finances.
Transportation Notes
Transco will lift the only OFO it has ever issued, a systemwide Imbalance Operational Flow Order to all buyers that took effect Dec. 1 (see Daily GPI, Nov. 30), effective with Friday’s gas day. The order, which had penalties of $25/Dth for daily imbalances of at least 1,000 dekatherms exceeding a 5% tolerance over nominated volumes, was effective in easing operational concerns about system integrity, it said. Upon termination of the OFO, Transco also will return pool scheduling tolerances to 4% and will resume accepting receipt make-up nominations from shippers with negative (i.e., due the pipeline) imbalances.
Markets Brace for Uncertain Start of December Deliveries
The natural gas and power wholesale market braced for the first day of December deliveries, uncertain of how much of their gas would flow and how much would be affected by the collapse of Enron and its two-year old EnronOnline, which had been the dominant electronic trading system. EnronOnline was back up and running in an extremely limited fashion Thursday, after going dark Wednesday.
High Gas Prices Drive Burlington Earnings Up 145%
Burlington Resources’ second quarter earnings spiked 145% to $231 million, or $1.10/share, while its discretionary cash flow grew 65% to $557 million on strong natural gas prices. During the quarter, the company’s gas production was basically flat at 1,945 MMcf/d. Oil production declined to 69,600 b/d from 79,300 b/d in 2Q2000. However, realized gas prices soared. Natural gas price realizations rose to $4.10/Mcf from only $2.75 in 2Q2000, while oil prices were only about a dime stronger at $24.92/bbl.
High Gas Prices Drive Burlington Earnings Up 145%
Burlington Resources’ second quarter earnings spiked 145% to $231 million, or $1.10/share, while its discretionary cash flow grew 65% to $557 million on strong natural gas prices. During the quarter, the company’s gas production was basically flat at 1,945 MMcf/d. Oil production declined to 69,600 b/d from 79,300 b/d in 2Q2000. However, realized gas prices soared. Natural gas price realizations rose to $4.10/Mcf from only $2.75 in 2Q2000, while oil prices were only about a dime stronger at $24.92/bbl.
Transportation Notes
El Paso will shut in Line 3079 (Lusk Line) in Lea County, NM, today for repairs. There will be no flow between Valve 1 and Lusk, affecting the IGCNMLSK, IMEWLUSK and IPHFUEL1 interconnects and any supplies south of Lusk destined for the San Juan Crossover. An Unauthorized Overpull Penalty situation remained in effect Tuesday for the El Paso system.
Aftermarket Starts Below Index in Most Cases
In most cases swing prices for today’s flow were up moderately from end-of-May levels but both above and below June indexes depending on the market. A majority of points appeared to be starting out below index.
Bush Administration Takes First Step to Upgrade Pipe Grid
Energy Secretary Spencer Abraham announced yesterday that the Department of Energy (DOE) will provide partial funding for 11 government-industry collaborative projects aimed at upgrading the safety and performance of the nation’s natural gas interstate and intrastate transportation systems.
Transportation Notes
Sonat said Monday it had completed temporary repairs to its Logansport, LA facilities. Gas flow was resumed for 59 upstream receipt points in the Logansport and Joaquin Fields that had been shut in by the work Saturday (see Daily GPI, April 23). Further evaluation is being done to develop a permanent repair plan, Sonat said.