Hand

The convictions last week of Enron Corp. founder Kenneth Lay and his right hand man, former Enron CEO Jeffery Skilling are the Justice Department’s crowning achievement in a five-year battle against an era of corporate corruption and fraud that the Enron case, more than any other, came to symbolize.

Natural gas buyers say that while having a relationship with their supplier remains important, the exit of yesteryear’s hand-shake agreement and the entrance of trading exchange anonymity and significant personnel turnover have reduced the emphasis on knowing your supplier before entering into a deal.

Natural gas buyers say that while having a relationship with their supplier remains important, the exit of yesteryear’s hand-shake agreement and the entrance of trading exchange anonymity and significant personnel turnover have reduced the emphasis on knowing your supplier before entering into a deal.

Alaska Gov. Frank Murkowski has a preliminary agreement in hand with the big three North Slope producers to build a natural gas pipeline to the Lower 48, but besides legislative hurdles, pipeline operators have to be appeased, state legislators were told on Thursday. TransCanada Corp., which claims to hold sole rights to construct the project, promises to fight for the right to build the Canadian portion of the line.

While some members of Congress want to hand the Commodity Futures Trading Commission more oversight of natural gas markets, at least one CFTC commissioner says expanded powers are unnecessary and could harm the industry.

Local gas distribution companies (LDC) appear to have “lined up or have on hand” most of the natural gas supplies needed for the coming heating season, despite disruptions from Hurricane Katrina, Moody’s Investors Service said in a report issued Monday. Hurricane Rita is expected to only have a negligible impact on the physical gas supply to the LDCs.

Consent order in hand, Chevron Corp. and Texaco Inc. became the latest of the majors to merge, after the U.S. Federal Trade Commission (FTC) gave its approval on Friday. The new company, ChevronTexaco Corp., moves to fifth place on the majors’ list, following arduous negotiations that actually began more than two years ago (see NGI, June 7, 1999). The companies finally came to terms last October, and cinched the deal after Texaco agreed to spin off several of its businesses (see NGI, Aug. 13; Oct. 23, 2000).

Consent order in hand, Chevron Corp. and Texaco Inc. became the latest of the majors to merge, after the U.S. Federal Trade Commission (FTC) gave its approval on Friday. The new company, ChevronTexaco Corp., moves to fifth place on the majors’ list, following arduous negotiations that began more than two years ago (see Daily GPI, June 4, 1999). The companies finally came to terms last October and cinched the deal after Texaco agreed to spin off several of its businesses (see Daily GPI, Aug. 13; Oct. 17, 2000).

FERC Chairman Pat Wood and Commissioner Suedeen Kelly were on hand last Wednesday to celebrate the groundbreaking on Cheniere Energy’s Sabine Pass liquefied natural gas (LNG) import terminal in Cameron Parish, LA. The Commission granted final permission to begin construction on the bulk of the facility last week.