In a story Monday on Transwestern Pipeline’s Phoenix Expansion, NGI incorrectly reported Transwestern Pipeline as being a subsidiary of Southern Union Co. (see Daily GPI, Sept. 24). Transwestern Pipeline is owned by Dallas-based Energy Transfer Partners LP. In December of last year, Southern Union Co. completed a transaction that increased its ownership interest in Florida Gas Transmission and resulted in the transfer of its ownership position in Transwestern Pipeline to Energy Transfer Partners LP (see Daily GPI, Dec. 4, 2006). NGI regrets the error.
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Correction
In an Aug. 14 story titled “Rockies Producers Enjoy Rapid Pipeline Build-Out; 8.4 Bcf/d of Capacity Planned,” it was incorrectly stated that export capacity out of the Rockies would be nearly doubled in the next three years (see NGI, Aug. 14). Walter “Skip” Simmons of Wood Mackenzie told the Colorado Oil and Gas Association’s (COGA) annual Rocky Mountain Natural Gas Strategy Conference and Investment Forum in Denver that export capacity would grow to 12.4 Bcf/d. However, a slide showing current export capacity of 6.6 Bcf/d excluded the San Juan Basin. While export capacity will grow significantly through mainly the Rockies Express pipeline, it is intraregional capacity that will more than double, Simmons said. NGI regrets the error.
Correction
In an Aug. 11 story titled “Rockies Producers Enjoy Rapid Pipeline Build-Out; 8.4 Bcf/d of Capacity Planned,” it was incorrectly stated that export capacity out of the Rockies would be nearly doubled in the next three years (see Daily GPI, Aug. 11). Walter “Skip” Simmons of Wood Mackenzie told the Colorado Oil and Gas Association’s (COGA) annual Rocky Mountain Natural Gas Strategy Conference and Investment Forum in Denver that export capacity would grow to 12.4 Bcf/d. However, a slide showing current export capacity of 6.6 Bcf/d excluded the San Juan Basin. While export capacity will grow significantly through mainly the Rockies Express pipeline, it is intraregional capacity that will more than double, Simmons said. NGI regrets the error.
Correction
In a story that ran in today’s Daily Gas Price Index. It was incorrectly stated that FERC informed El Paso Natural Gas this week that it should have a written agreement governing money pool arrangements with its parent company. The story should have said that although El Paso Natural Gas already does have a written agreement with its parent related to its cash management program, the agreement is outdated and does not identify the current name of the parent company. FERC Chief Accountant John Delaware also told the pipeline company that it should update its cash management agreement to include missing information, such as the duties and responsibilities of both the pipeline and its parent company, the specific interest rate, when the interest is to be paid and the method for calculating and allocating expenses (see Daily GPI, Sept. 12).
Correction
In an article about El Paso Tennessee Pipeline Co.’s second quarter appearing in the Aug. 15 issue of Daily GPI, it was incorrectly reported that the earnings of Tennessee Pipeline were not included in the consolidated financial report of El Paso Corp. Tennessee’s earnings, including writedowns totaling $342 million related to investments in power generation assets and oil reserves in financially-troubled Argentina in the first half of the year, were include in El Paso financials.
Correction
A story that ran in NGI’s Daily Gas Price Index on Sept. 7 titled, “CONSOL CEO Highlights Gas Production, Talks Power,” incorrectly reported the difference between analysts’ estimates of CONSOL Energy earnings and CEO J. Brett Harvey’s guidance for the six month period ending Dec. 31. Harvey told investors last Thursday at the Friedman Billings Ramsey 8th Annual Investor Conference in Washington, DC, that he expects the company to earn about $0.50/share for the six-month period, which is $0.34 below Wall Street estimates of $0.84/share for the six-month transition period ending Dec. 31. NGI regrets the error. In addition, CONSOL Energy issued a correction to its news release on Friday. CONSOL Energy acquired “366 Bcf” rather than “366 MMcf” as originally issued on Thursday.
Correction
NGI’s Daily Gas Price Index incorrectly stated that “active”ownership by a class of market participants in a regionaltransmission organization (RTO) was limited to a benchmark of 25%.The correct level is 15%. Active ownership of RTOs by either aclass of market participants or an individual market participantwill cease after a five-year period, “with an extension possible incertain circumstances,” FERC said last week on rehearing of Order2000, which promotes the formation of RTOs in the electricitymarket.