Giant

Canadian pipeline giant TransCanada Corp. reported a 1-cent/share drop in net income from continuing operations for the third quarter to 40 cents/share compared to the same period last year but income for the first nine months of the year was up 30% to $1.64/share.

Both of California’s giant distributors issued OFOs against high linepack for Saturday. Southern California Gas set a tolerance of 10% for positive daily imbalances. Pacific Gas & Electric followed up Friday’s customer-specific OFO with a systemwide Stage 3 order that allowed zero tolerance and carried penalties of $5/Dth for deliveries in excess of what was nominated.

A subsidiary of Paris-based E&P giant Total has signed a 20-year agreement with Cheniere Energy Inc. for 1 Bcf/d of regasification capacity at the proposed Sabine Pass, LA, liquefied natural gas (LNG) import terminal, which received a favorable draft environmental review by the Federal Energy Regulatory Commission last month (see NGI, Aug. 16).

Canadian-based refinery giant Irving Oil, which has worked for three years to build a liquefied natural gas (LNG) terminal in New Brunswick, said Friday it had received regulatory approval for its Multi-Purpose Pier Project.

Canadian-based refinery giant Irving Oil, which has worked for three years to build a liquefied natural gas (LNG) terminal in New Brunswick, said Friday it had received regulatory approval for its Multi-Purpose Pier Project.

California’s two giant distributors continued to alternate OFOs. Southern California Gas did not extend a high-linepack OFO beyond Friday, but Pacific Gas & Electric issued a systemwide Stage 2 high-inventory OFO for Saturday. Penalties of $1/Dth would apply for exceeding zero tolerance for positive daily imbalances.

Oilfield services giant Halliburton said Friday that it was terminating its relationship with A. Jack Stanley, a consultant and former chairman of its subsidiary Kellogg, Brown & Root (KBR), because of a bribery scandal involving work done at a Nigerian liquefied natural gas (LNG) export terminal. Another consultant and former employee of M.W. Kellogg Ltd., a joint venture in which KBR has a 55% interest, also is being terminated.

An oil and gas mega-giant so large that it only needs initials to identify it — BP — also has become a leader in energy merchant services, after moving into the top spot of natural gas marketers in NGI’s first quarter survey. As expected, producers like BP, ConocoPhillips and Shell’s trading arm, Coral Energy, are beginning to command the energy merchant stage, as the former leaders, led by Mirant, AEP, Duke Energy and Dynegy, all slowly take their bow and exit stage left.

An oil and gas mega-giant so large that it only needs initials to identify it — BP — also has become a leader in energy merchant services, after moving into the top spot of natural gas marketers in NGI’s first quarter survey. As expected, producers like BP, ConocoPhillips and Shell’s trading arm, Coral Energy, are beginning to command the energy merchant stage, as the former leaders, led by Mirant, AEP, Duke Energy and Dynegy, all slowly take their bow and exit stage left.