With the exception of hefty double-digit upticks at California points, the rest of the cash market was mostly an array of flatness mixed with small increases and decreases Tuesday. Expectations of another large storage injection figure this afternoon and the approach of cooldowns in key market areas such as the Northeast had several sources looking for general softness today.
Hefty
Articles from Hefty
Lehman Bros. U.S. Gas Production Has Turned the Corner
Lehman Brothers confirmed Friday that beneath the hefty first quarter earnings for oil and gas companies a more compelling tale is unfolding as both majors and independents operating in North America benefit from the move to the drill bit. Production numbers are mixed, but many report that production is up significantly — and some predict the best is yet to come.
Lehman: Gas Production Has ‘Turned the Corner’
Lehman Brothers confirmed Friday that beneath the hefty first quarter earnings for oil and gas companies a more compelling tale is unfolding as both majors and independents operating in North America benefited from the move to the drill bit. Production numbers are mixed, but many report that production is up significantly — and some predict the best is yet to come.
Gas Production Mostly Up in Q1
Beneath the hefty first quarter earnings’ figures for oil and gas companies, a more compelling tale is unfolding as both majors and independents operating in North America appear to be benefiting from the move to the drill bit. Production numbers so far are mixed, but some indicate that gas production is up significantly — with some companies predicting the best is yet to come.
Kinder Morgan Pays Hefty Refunds to Pipe Customers
In compliance with a major rate settlement approved by FERC inDecember, Kinder Morgan Interstate Gas Transmission LLC (KMI) lastweek reported it paid $32.6 million in refunds to customers on itsmainline and Buffalo Wallow system last month.
Kinder Morgan Pays Hefty Refunds to Pipe Customers
In compliance with a major rate settlement approved by FERC inDecember, Kinder Morgan Interstate Gas Transmission LLC (KMI)earlier this week reported it paid a whopping $32.6 million inrefunds to customers on its mainline and Buffalo Wallow system lastmonth.
HL&P Facing Hefty Jury Awards
Reliant Energy’s Houston Lighting & Power (HL&P) couldbe on the hook for millions depending upon punitive damagesassessed in a case that has hit the utility with $4.2 million inactual damages awarded to three Texas cities. Lawyers for theplaintiffs last week suggested a punitive award in the range of $40million would be appropriate.
Hefty Price Upticks Expected to Continue Today
Cash prices Monday recovered all or most of the territory theyhad lost on Friday-and even more in some cases. Buoyed by a sharplyhigher screen and even a bit of re-emerging air conditioning load,cash numbers moved up by about a dime or more at virtually allpoints except Northern California, topped off by scattered gains of20-21 cents. Even crude oil futures, which had been in free-falllate last week, added a little psychological strength by clawingtheir way back above $21/bbl.
CNG Posts 2Q Loss After Large Merger Charges
Consolidated Natural Gas paid a hefty price during the secondquarter for its proposed merger with Dominion Resources. Thecompany took a one-time $165.3 million, $1.12/share, charge relatedprimarily to cash-out of stock options and awards to about 700employees and took another $6.3 million charge, $0.04/share, for aworkforce reduction related to the merger. CNG reported a secondquarter loss from continuing operations of $80 million, or 83 centsa diluted share, compared with income of $46.8 million, or 49 centsa diluted share, a year earlier. The comparison was made worse by a$13.9 million, or $0.15/share, gain in 2Q98 related to a favorableregulatory decision. Excluding special items for both periods,income from continuing operations was 33 cents a diluted share in2Q99, compared to 34 cents in 2Q98. Wall Street consensus had CNGpegged quite a bit higher at $0.39/share.
Bulls Make it Two in a Row with Another Small Victory
Fresh after receiving a boost from a hefty storage withdrawalWednesday afternoon, natural gas futures continued higher yesterdayin yet another tumultuous trading session. And for the second dayin a row locals were seen as the catalyst, using buy stops toorchestrate a gap higher opening. But overhead resistance at $1.77held and the market was left to ebb and flow within the 4-centtrading range, which was set in the first hour of trading. TheApril contract finished up 3.9 cents to $1.762.