Traders continued to flush out weakness in the October natural gas futures contract in the overnight Thursday electronic trading session, which left the action on Friday muted. After trading within a thin $5.470 to $5.545 range during Friday’s regular session, the prompt month finished out the week at $5.501, down 14.9 cents on the day but 3.3 cents higher than the previous Friday’s close.
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Flush with Cash, Edge Petroleum Expands 2003 Capex
Rapidly rising cash flow from growing production and high commodity prices has led Houston-based Edge Petroleum Corp. to more than double its capital spending budget for the year. The company’s board of directors approved an increase in its 2003 capital spending budget to $35 million, compared to the original $15.3 million budgeted.
Independents’ Earnings Overshadow Gas Production Growth for Some
Flush with cash on higher commodity prices, U.S.-based independents’ record quarterly earnings have overshadowed stellar natural gas production numbers from some of the domestically focused producers. While Devon Energy Corp. gained production wise with its Ocean Energy Inc. merger, others like EOG Resources Inc. and Houston Exploration Co. did it through internal growth.
U.S.-Focused Independents Using Extra Cash to Up ’03 E&P Budgets
Flush with cash on higher commodity prices, U.S.-based independents’ record quarterly earnings have overshadowed stellar natural gas production numbers from some of the gas-rich domestically focused producers. Mega-independent Devon Energy Corp. gained production-wise with its Ocean Energy Inc. merger; however, Houston Exploration Co., Swift Energy Co. and Range Resources Co. also posted higher North American natural gas production numbers, and will use their bonus cash on exploration and production (E&P) through 2003.
Capstone: A Turbine Maker with a Fat Wallet
Flush with cash from an IPO early in the summer, aCalifornia-based micro-turbine pioneer yet to record a profit, ishoping to keep up with increasing demand and move into the blackfinancially by the end of next year, spurred along at leastpartially by this summer’s electricity supply and price problems.
Independents Profiting, But Financiers Wary
Flush with profit from surging natural gas prices and a stockrise across the board this year of about 85%, North Americanindependents still appear to be in no rush to secure financing formore exploration and production activities. And unless you’ve gotequity or a strong balance sheet, lenders still may be wary beforejumping into any financing deals.
ExxonMobil To Buy Back $671.6 Million in Debt
Flush with cash from high oil and gas profits andbetter-than-expected merger savings, ExxonMobil Corp. will buy backas much as $671.6 million in debt next month, the company saidyesterday.
Riding Hot Air, Storage; Nymex Bulls Dig In
Still flush from Wednesday’s bullish storage report, traders bidup natural gas prices in the pit at Nymex yesterday to notch thefourth advance in as many days. Including yesterday’s 3.5-centgain, the June contract has rallied 34 cents from Friday’s $3.01low. After notching a $3.385 high, the prompt month closed at$3.352.
Weather One-Two; Futures’ Bulls Knew What to Do
Natural gas futures exploded higher yesterday as traders weredealt a royal flush of bullish factors that included much belownormal temperatures on the horizon for much of the country and anew storm brewing in the Caribbean Sea. After opening at $2.98, theNovember contract moved higher, piercing resistance at $3.03 beforerelaxing to finish at $3.007, up 8.7 cents for the session.