Murphy Oil Corp. is selling off some of its conventional oil and gas properties in western Canada to free up some cash for projects in growth areas outside of North America. The properties for sale have total proved reserves of about 40 MMboe and currently produce 20 Mboe/d.
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Futures Take Another Leg Down as Funds Get Shorter
Spurred by losses notched in overnight Access trading, the natural gas futures market continued to free-fall Monday as fund traders re-acquired their short holdings just as quickly as they had exited them earlier this month.
Transportation Notes
A pig is stuck in the 527A-700 Line due to a plug that formed in the line, Tennessee said Monday. It had hoped to work the pig free by last Friday. The plug must be dissolved and removed before the line can return to service; the outage is expected to last seven to 14 days. Until the pig is recovered, physical flow at the South Pass 57A, South Pass 77A and West Delta 109 meters offshore Louisiana has been suspended.
April Futures Plummet 57 Cents on Spring Warmth
The gas futures rocket ran out of fuel and apparently had no parachute on Tuesday. April went into free-fall, opening the day down 22.5 cents, and then rapidly sailing straight through the $6 support level and several major trendlines to a hard landing at $5.944, down a grand total of 57.1 cents for the day.
Futures Rebound, But Bulls Want More Cold Weather Proof
Rebounding from Thursday’s price free-fall, natural gas futures turned higher Friday as traders bought back their shorts on the idea that governmental weather forecasts calling for mild temperatures through the remainder of the winter may be inaccurate.
Plains Resources to Spin-Off Oil & Gas E&P Business
Plains Resources Inc. announced Monday that its board of directors has formally approved the previously announced tax-free spin-off of its oil and gas exploration and production business, Plains Exploration & Production Co. (PXP), and established Dec. 11 as the date on record for the spin-off.
LADWP Debt-Free, Looking to Upgrade Gas Supply Portfolio
Even in the current political maelstrom surrounding some of its past trading practices during California’s energy crisis of 2000-2001, the City of Los Angeles Department of Water and Power (LADWP), the nation’s largest municipal utility, is financially and operationally secure in mid-2002, looking to expand its natural gas buying and power generation portfolios, according to its General Manager David Wiggs.
Drilling Decline Continues; U.S. Gas Rigs Fall to 741
Rig utilization continued to free fall last week under the pressure of low gas and oil prices. U.S. Gulf of Mexico oil and gas rig utilization has dropped to 58.1% from 85.5% last year and nearly 90% five years ago, according to ODS-Petrodata Group’s weekly offshore rig count. There was a net two-rig decline in the number of contracted rigs last week compared to the previous week.
Futures Rebound on Short-Covering Friday
After free-falling on the heels of another bearish storage report announced last week, natural gas futures rebounded modestly Friday as traders covered shorts ahead of the weekend. The January contract finished at $2.701, up 14 cents for the session, but down a cool 50 cents from its high notched just two days prior. Estimated volume was high as 135,604 contracts changed hands.
SEC Questions Enron’s Related-Party Transactions
Enron Corp., which saw its decimated stock free fall more than 20% on Monday on news that the U.S. Securities and Exchange Commission (SEC) was questioning some of its business practices, now also faces lawsuits from disgruntled shareholders who claim that the Enron board had breached its fiduciary duties by allowing its CFO to create and run certain limited partnerships, costing the company more than $35 million.