Gustav

Publicly Traded U.S. Gas Producers Lift Output 3.5% in 4Q2008

Publicly traded U.S. natural gas producers continued to show gains in 4Q2008, boosting output by 3.5% year/year (y/y), despite disruptions from hurricanes Gustav and Ike, a survey by Raymond James & Associates Inc. has found.

March 30, 2009

Raymond James: U.S. Gas Output on Roll in 4Q2008

Publicly traded U.S. natural gas producers continued to show gains in 4Q2008, boosting output by 3.5% year/year (y/y), despite disruptions from hurricanes Gustav and Ike, a survey by Raymond James & Associates Inc. has found.

March 24, 2009

Apache’s GOM Output Still Curtailed by 2008 Storms

Almost a quarter of Apache Corp.’s gross oil and natural gas production remains off-line in the Gulf of Mexico (GOM), five months after hurricanes Ike and Gustav struck the Gulf Coast, the company’s CEO said Thursday.

February 23, 2009

Nearly 25% of Apache’s GOM Output Still Shut-in From 2008 Storms

Almost a quarter of Apache Corp.’s gross oil and natural gas production remains off-line in the Gulf of Mexico (GOM), five months after hurricanes Ike and Gustav struck the Gulf Coast, the company’s CEO said Thursday.

February 20, 2009

Stone Says Last Year’s Hurricanes Still Hurting Output

Ongoing repairs from hurricanes Ike and Gustav last September continued to hammer Stone Energy’s production at year’s end, the company said late Monday. However, Stone still managed to increase its estimated year-end 2008 proved reserves to 519 Bcfe, well ahead of the 403 Bcfe at year-end 2007.

February 10, 2009

Industry Briefs

In its final assessment of destroyed and damaged facilities from hurricanes Gustav and Ike, the Minerals Management Service (MMS) Gulf of Mexico (GOM) staff estimated that 2,127 production platforms were exposed to winds that were higher than 74 mph. MMS, which coordinated its assessment with oil and natural gas operators, noted that as of August, there were more than 3,800 production platforms in the GOM; these structures range in size from single well caissons in water depths of 10 feet to a large complex facility in water depth more than 7,000 feet. Final results of the assessment indicate that 60 platforms were destroyed as a result of the two hurricanes. The destroyed platforms produced 13,657 b/d of oil and 96.5 MMcf/d of gas, or around 1.05% of the oil and 1.3% of the gas produced daily in the offshore. MMS also confirmed that 31 platforms with extensive damage may take three to six months to repair. In addition, 93 platforms suffered moderate damage, which may take one to three months to repair. Information on the assessment is available at www.mms.gov.

December 1, 2008

MMS: 2,127 Offshore Platforms Impacted by Hurricanes Gustav, Ike

In its final assessment of destroyed and damaged facilities in this past summer’s hurricanes Gustav and Ike, the Minerals Management Service (MMS) Gulf of Mexico (GOM) staff estimated that 2,127 production platforms were exposed to winds that were higher than 74 mph.

December 1, 2008

Several Texas Points Avoid Overall Price Drops

The cash market decided to ignore the slow pace of offshore production recovery from the one-two punch of hurricanes Gustav and Ike and instead focused on the overall lack of weather-based demand for those missing supplies Friday. Abetted by the previous day’s 28.9-cent decline in October futures and the weekend dropoff of industrial load, the weakness of weather fundamentals drove all but a few Texas points lower. Just as there were quite a few triple-digit increases on Thursday, several points saw drops of about a dollar or more Friday.

September 22, 2008

Market Mostly Higher as GOM Restoration Pace Lags

Initial expectations of a rapid return of Gulf of Mexico (GOM) oil and gas production from the outages caused by hurricanes Gustav and Ike appeared to be overly optimistic by Wednesday, and both the cash and futures markets were firmer in response. And although substantial cooling load is still subpar for mid-September in most areas, some slightly premature heating load is arriving to displace it, especially in the Northeast.

September 18, 2008

Futures Test $7 as Gustav Lacked Gulf-Busting Gusto

As it became more evident Wednesday that Hurricane Gustav left the energy infrastructure in the Gulf of Mexico intact (see related story), October natural gas futures continued to press the downside, coming within a couple of pennies of breaking below $7. The prompt-month contract recorded a low of $7.028 before rebounding to close out Wednesday’s regular session at $7.264, up less than a penny from Tuesday’s finish.

September 4, 2008
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