Huge

Houston-based independent Pogo Producing Co. took a huge strategic leap on Monday, announcing it will purchase Unocal Corp.’s Canadian subsidiary Northrock Resources Ltd. for $1.8 billion in cash. The transaction will boost Pogo’s proven reserves by an estimated 45%.

Dynegy Inc. reported second quarter net income of $32 million (8 cents/share), a huge jump from the $2 million (1 cent/share) it reported for the same period a year ago. Most of the year-over-year increase was attributed to a $125 million deferred tax valuation allowance resulting from its anticipated sale of its midstream natural gas business, which was announced last week (see Daily GPI, Aug. 3).

The oil and natural gas industry faces a huge talent crunch in the next five years, with 50% of the industry workforce eligible to retire coupled with dwindling enrollment in undergraduate petroleum engineering programs. However, Microsoft Corp. CEO Steve Ballmer said that savvy companies should use growing energy information technology to bridge the generation gap and to secure an ample Web-based global workforce.

The oil and natural gas industry faces a huge talent crunch in the next five years, with 50% of the industry workforce eligible to retire coupled with dwindling enrollment in undergraduate petroleum engineering programs. However, the CEO of Microsoft Corp. said that savvy companies should use growing energy information technology to bridge the generation gap and to secure an ample Web-based global workforce.

XTO Energy Inc. shattered earnings records and reported huge increases across the board for natural gas, crude oil and natural gas liquids production for the fourth quarter, the company said Wednesday. Natural gas production rose 24% to 916 MMcf/d, oil production jumped 161% to 33,494 bbl/d, and natural gas liquids (NGL) output hit a record 8,626 bbl/d, 32% higher than 4Q2003.

XTO Energy Inc. shattered earnings records and reported huge increases across the board for natural gas, crude oil and natural gas liquids production for the fourth quarter, the company said Wednesday. Natural gas production rose 24% to 916 MMcf/d, oil production jumped 161% to 33,494 bbl/d, and natural gas liquids (NGL) output hit a record 8,626 bbl/d, 32% higher than 4Q2003.

As sources had predicted Friday, a sharp rebound from huge weekend price plunges was in store for Monday. Sure enough, all points rallied Monday by amounts ranging from about 40 cents to more than $1.30, with nearly all of the gains of a dollar or more being recorded in the West.

As sources had predicted Friday, a sharp rebound from huge weekend price plunges was in store for Monday. Sure enough, all points rallied Monday by amounts ranging from about 40 cents to more than $1.30, with nearly all of the gains of a dollar or more being recorded in the West.

After the surprising 75-90 cent gains on Monday in response to colder weather in eastern market areas, the natural gas cash market took a big step downward Tuesday as high temperatures hit the mid-60s across most of the nation. Many points tumbled more than $1, sharply increasing the basis gap with December futures, which only slipped 12.9 cents Tuesday to $7.471/MMBtu on Nymex.