Indication

If high attendance levels at the recent Offshore Technology Conference (OTC) in Houston are any indication, activity levels in the oil patch are expected to strengthen over the next few years, said Raymond James in its latest energy “Stat of the Week.”

In a clear indication that privately financed, natural gas-fired power generation is still in fashion, Pacific Gas and Electric Co. Tuesday announced a recent request-for-offers (RFOs) has turned up 1,760 MW of new combined-cycle generation plants, equating to more than $1.5 billion of new energy infrastructure in the northern half of California. The RFO drew more than 50 respondents, totaling more than 12,000 MW — all natural gas-fired supplies, PG&E’s utility said.

In a clear indication that privately financed, natural gas-fired power generation is still in fashion, Pacific Gas and Electric Co. Tuesday announced a recent request-for-offers (RFOs) has turned up 1,760 MW of new combined-cycle generation plants, equating to more than $1.5 billion of new energy infrastructure in the northern half of California. The RFO drew more than 50 respondents, totaling more than 12,000 MW — all natural gas-fired supplies, PG&E’s utility said.

Near-month gas futures tumbled 21.4 cents on St. Patrick’s Day in weak trading to end the week at $7.053, up about 33 cents from where the week started but with a clear indication that the recent rally has lost significant steam.

Touting its third quarter financial results as an indication that its post-Chapter 11 bankruptcy reorganization is now complete, Sioux Falls, SD-based NorthWestern Corp. Wednesday reported net income from continuing operations of $9.3 million, or 26 cents/share, compared with a loss from continuing operations of $25.2 million for the same period last year.

In an indication of how El Paso Corp. intends to turn around its troubled and heretofore U.S.-centered oil and gas production business, subsidiary El Paso Production Co. announced late Monday that it will purchase the rest of a joint oil and natural gas operation that it operates in Brazil with Unocal Corp.

In a clear indication of who will eventually be tapped to assume the role now occupied by popular ExxonMobil Corp. Chairman Lee Raymond, the board of directors on Thursday elected Rex Tillerson president of the corporation effective Monday (March 1). Raymond, 65, will remain chairman and CEO the board said.

In a clear indication of who will eventually be tapped to assume the role now occupied by popular ExxonMobil Corp. Chairman Lee Raymond, the board of directors on Thursday elected Rex Tillerson president of the corporation effective Monday (March 1). Raymond, 65, will remain chairman and CEO, the board said.

In another indication that the energy industry’s growing number of distressed assets aren’t easy to move, PG&E Corp.’s bankrupt National Energy Group (NEG) announced Wednesday that it again is postponing the shift of six power plants to groups of lenders led by French and U.S. banks.