Grows

Continued growth in production of shale gas and recent discoveries in deep waters offshore is expected to increase domestic natural gas production through 2035 and will be reflected in the Energy Information Administration’s (EIA) next Annual Energy Outlook, which is due out in December, according to EIA Administrator Richard Newell.

MDU Resources Group Inc. has agreed to acquire Intermountain Gas Co. from privately held Intermountain Industries Inc. in a cash-for-stock transaction. The acquisition grows MDU’s utility customer base to more than 900,000.

MDU Resources Group Inc. has agreed to acquire Intermountain Gas Co. from privately held Intermountain Industries Inc. in a cash-for-stock transaction. The acquisition grows MDU’s utility customer base to more than 900,000.

With storage use growing and a slight moderating trend from the early-week eastern cold snap in place, prices were in retreat across the board Wednesday. Most losses were less than a quarter, but some Northeast citygates fell by around a dollar or more after leading the preceding trek upward.

Growing heating load across northern market areas propelled the cash market to double-digit increases across the board Wednesday. Gains ranged from a quarter or so to more than half a dollar and were distributed fairly evenly across geographic areas.

Growing heating load across northern market areas propelled the cash market to double-digit increases across the board Wednesday. Gains ranged from a quarter or so to more than half a dollar and were distributed fairly evenly across geographic areas.

A one-time income tax recovery, which inflated financial results in last year’s second quarter, sent Canadian Natural Resources Ltd.’s quarterly earnings this year plunging 51%, but the lower profit did not deter the Calgary-based producer from showing off strong growth in oil and natural gas production.

Burlington Resources Inc. said its second quarter production grew 10% over a year ago, while its earnings increased 36% on higher commodity prices. The Houston-based producer reported estimated earnings of $379 million (96 cents/diluted share), compared with $278 million (69 cents) in 2Q2003. Total production in the period was 2.758 Bcfe, up from 2.502 Bcfe a year earlier.

Calgary-based Canadian Superior reported Friday that in the first quarter, year-over-year oil and gas production grew 179%, revenues were up 127% and cash flow was up 574%, soaring on significant gains in Western Canadian operations, where production averaged 2,594 boe/d.