Heavy

Slashing the heavy debt that helped finance its major Montana utility additions and at the same time helped drive it into Chapter 11 protection, South Dakota-based NorthWestern Corp. emerged from bankruptcy last Monday, leaving remaining shareholders with worthless stock that was wiped out when a new board took over and 35.5 million shares of new stock were issued, most going to creditors.

Slashing the heavy debt that helped finance its major Montana utility additions and at the same time helped drive it into Chapter 11 protection, South Dakota-based NorthWestern Corp. emerged from bankruptcy late Monday, leaving remaining shareholders with worthless stock that was wiped out when a new board took over and 35.5 million shares of new stock were issued, most going to creditors.

Slashing the heavy debt that helped finance its major Montana utility additions and at the same time helped drive it into Chapter 11 protection, South Dakota-based NorthWestern Corp. emerged from bankruptcy late Monday, leaving remaining shareholders with worthless stock that was wiped out when a new board took over and 35.5 million shares of new stock were issued, most going to creditors.

Price declines stayed rather moderate for the most part Wednesday, and heavy cooling load in much of the Southwest kept several Rockies, San Juan Basin and Southern California border points in the vicinity of flat. But outside of the western heat, the cash market was losing virtually all of its remaining vestiges of support.

Despite closing almost 2 cents up on the day, some market-watchers considered Tuesday a loss for August natural gas futures as morning trading levels as high as $5.96 could not be sustained. The prompt month tapped out at $5.805 on the downside in afternoon trading before settling at $5.837, up 1.9 cents on the day.

The Department of the Interior’s Minerals Management Service (MMS) said last week that 329,000 MMBtu of royalty-in-kind (RIK) gas produced from federal leases in the Gulf of Mexico was sold to eight companies during a March sale.

The Department of the Interior’s Minerals Management Service (MMS) said Wednesday that 329,000 MMBtu of royalty-in-kind (RIK) gas produced from federal leases in the Gulf of Mexico was sold to eight companies during a March sale.

Keeping its 2004 capital spending program in line with 2003’s $2.8 billion campaign, Anadarko Petroleum Corp. has approved capital spending this year in the range of $2.6 billion to $2.9 billion. The producer added that it expects to place its focus on its Lower 48 exploration and production efforts.

With plans to focus on Lower 48 exploration and production, Anadarko Petroleum Corp. said last week it has approved a 2004 capital spending budget of $2.6-2.9 billion compared to $2.8 billion in 2003.