Burlington Resources Inc. has created an Office of the Chairman, which will include CEO Bobby S. Shackouls, CFO Steven J. Shapiro and COO Randy L. Limbacher. The Chairman’s office will be responsible for setting strategic direction and guiding the execution of the company’s goals to achieve both volumetric growth and sector-leading financial returns.
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Enterprise Restructures Board to Ensure Independence
Following on the heels of its merger with El Paso Corp.’s GulfTerra Energy Partners LLP last month, Enterprise Products Partners LP announced last week it is restructuring its board of directors so that most of the general partner’s directors are independent. Enterprise merged with GulfTerra, El Paso Corp.’s energy partnership, in mid-December (see Daily GPI, Dec. 16, 2003).
Industry Briefs
Kerr-McGee Corp. has added hedge positions for 2004 sales. They include 100,000 MMBtu/d with a floor price of $5/MMBtu and a ceiling price of $6.06/MMBtu for the first quarter; 565,000 MMBtu/d through fixed-price swaps at an average price of $4.75 for the second quarter; and 575,000 MMBtu/d through fixed-price swaps at an average price of $4.75 for the third and fourth quarter. With the additional hedges, Kerr-McGee has hedged approximately 70% of its projected 2004 U.S. oil volumes at an average WTI price of $27.69/bbl and approximately 70% of its 2004 North Sea oil volumes at an average Brent price of $25.99/bbl. Approximately 75% of the projected 2004 U.S. gas sales have been hedged through a combination of fixed-price swaps and costless collars. Details on Kerr-McGee’s oil and gas hedges for the remainder of 2003 and for 2004 are available at www.kerr-mcgee.com/guidance.html.
EnCana’s Revised Panuke Project May Include SOEP Pipe Option
EnCana last week withdrew its estimated C$1 billion regulatory plan to develop the Scotian offshore Deep Panuke project, and said it will instead submit a new plan within six months after drilling two successful exploration wells at the natural gas play.
EnCana’s Revised Panuke Project May Include SOEP Pipe Option
EnCana on Wednesday withdrew its regulatory plan to develop the Scotian offshore Deep Panuke project, and said it will instead submit a new plan within six months after drilling two successful exploration wells at the natural gas play.
Cove Point Pipeline Expansion Approved by FERC
FERC issued a certificate Thursday to Dominion Cove Point LNG LP for its proposed Cove Point East Project, which will include two new compressor stations with 19,340 horsepower in Loudoun and Fairfax counties, VA.
Cove Point Pipeline Expansion Approved by FERC
FERC issued a certificate Thursday to Dominion Cove Point LNG LP for its proposed Cove Point East Project, which will include two new compressor stations with 19,340 horsepower in Loudoun and Fairfax counties, VA.
Mexico Asks Congress for $16B Energy Sector Infusion
Mexico’s government is proposing a $16 billion infusion into its energy sector in 2004, which would include $10 billion alone for the state-run oil and gas monopoly Petroleos Mexicanos (Pemex).
People
The American Gas Association has elected Atmos Energy CEO Robert W. Best as its chairman for 2004. AGA’s other new officers include New Jersey Resources CEO Laurence Downes as the 2004 first vice chairman and DTE Energy COO Stephen Ewing at second vice chairman. Seven members also were elected to serve three-year terms on the AGA board: EnergySouth CEO John Davis, Avista Corp. CEO Gary Ely, TXU Gas President Michael McCall, Memphis Light Gas & Water CEO Herman Morris, Cinergy Corp. CEO James Rogers, Montana-Dakota Utilities CEO Ronald Tipton and Wisconsin Public Service CEO Larry Weyers. The AGA represents 191 local energy utility companies that deliver gas to 53 million homes throughout the United States.
People
The American Gas Association has elected Atmos Energy CEO Robert W. Best as its chairman for 2004. AGA’s other new officers include New Jersey Resources CEO Laurence Downes as the 2004 first vice chairman and DTE Energy COO Stephen Ewing at second vice chairman. Seven members also were elected to serve three-year terms on the AGA board: EnergySouth CEO John Davis, Avista Corp. CEO Gary Ely, TXU Gas President Michael McCall, Memphis Light Gas & Water CEO Herman Morris, Cinergy Corp. CEO James Rogers, Montana-Dakota Utilities CEO Ronald Tipton and Wisconsin Public Service CEO Larry Weyers. The AGA represents 191 local energy utility companies that deliver gas to 53 million homes throughout the United States.