Guidance

Weekend Factor Adds to Price Weakness

The cash market had plenty of negative guidance in recording double-digit losses across the board Thursday. The pleasantly seasonable mid-spring conditions that dominate the current weather picture, a lengthy futures slide that continued Thursday, and the usual drop in industrial load that lowers weekend volumes all added to a powerful price depressant.

April 28, 2006

FERC Temporarily Halts Schedule on Calpine Contracts Issue at Request of CA

Responding to a motion from the California parties, FERC Thursday agreed to temporarily suspend its procedural schedule established in an interim guidance order it released last week. The federal regulatory process will wait for a ruling from a federal district court in New York City that has scheduled a hearing for Jan. 26 on the issue of Calpine Corp.’s bankruptcy court request to set aside eight of its power supply contracts because they are unprofitable for the Chapter 11-protected company.

January 17, 2006

Industry Brief

Denver-based independent Whiting Petroleum Corp. estimated its full-year 2005 production will be 0.5-2% lower than previous guidance because of pipeline curtailments and weather-related shut ins in November and December. Whiting estimates 4Q2005 output will approximate 22.1 Bcfe, which would bring total 2005 production to 72.5 Bcfe. Based on current commodity price levels, Whiting expects to take a cash hedging loss of approximately $12.7 million in 4Q2005, a loss expected to come exclusively from a 1.5 Bcf/month contract with a ceiling of $10/MMBtu. The contract expires on Saturday (Dec. 31). Whiting also announced a preliminary 2006 drilling budget of $360 million, excluding acquisitions, which is 70% higher than this year. Whiting plans to direct 60% of its estimated 2006 capital expenditures to the development of its proved undeveloped reserves and 40% to the development of currently non-proved reserve categories.

December 28, 2005

ConocoPhillips Forecasts Flat Production in ’05, 3% Growth Long-Term

ConocoPhillips expects 2005 oil and natural gas production will be flat when compared with 2004, or about 60,000 boe/d under its initial guidance, but longer term, output should rise 3%, company officials said Wednesday. This year’s shortfall was blamed on lost output under production-sharing agreements with foreign governments, as well as the Gulf Coast hurricanes in the third quarter.

November 18, 2005

Market Continues Big Early-November Slide

Prices continued to tumble Tuesday as bearish influences remained in play: widespread moderate weather, negative futures guidance and the growing lack of storage space to stash gas not needed for current burns.

November 2, 2005

Devon Cuts 4Q Production Guidance on Hurricane Impact

Oklahoma City-based Devon Energy Corp. on Thursday cut its fourth quarter production guidance by about 3 million boe because of the ongoing impact from Hurricanes Katrina and Rita.

October 28, 2005

Policy Statement Issued on Shipper Creditworthiness

FERC issued a policy statement Wednesday that gives interstate natural gas pipelines further guidance on how to evaluate the creditworthiness of shippers on their systems.

June 16, 2005

Energen Adds 250 Bcfe of San Juan CBM Reserves for $273M

In its largest property purchase to date, Alabama utility and E&P company Energen Corp. said last week that it is buying about 250 Bcfe of proved San Juan Basin coalbed methane reserves for $273 million from an unnamed private company.

July 5, 2004

Energen Adds 250 Bcfe of San Juan CBM Reserves for $273M

In its largest property purchase to date, Alabama utility and E&P company Energen Corp. said Monday it is buying about 250 Bcfe of proved San Juan Basin coalbed methane reserves for $273 million from an unnamed private company.

June 30, 2004

FERC to Review New Affiliate Rule in Houston on May 10

The Federal Energy Regulatory Commission will hold a conference/workshop in Houston, TX, on May 10 to provide industry guidance on implementing the new standards of conduct that will regulate the relationships between jurisdictional natural gas/electric transmission providers and their affiliates.

April 26, 2004