Pacific Gas and Electric did not extend a systemwide high-inventory OFO beyond Wednesday.
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Transportation Notes
Tennessee will add a Critical Day 1 OFO in downstream Zones 4, 5 and 6 Saturday to the one it plans to implement Friday in upstream Zones 0, 1, L and 2 (see Daily GPI, Jan. 7). That will leave Zone 3 as the pipeline’s only segment not subject to an OFO.
Correction
In two recent articles: “After Six Years, Kelly to Leave FERC” and “Record $30M Fine for Energy Transfer Rattles Industry” (see NGI, Sept. 28a; Sept. 28b), William F. Hederman was identified as an analyst with Washington Research Group. Hederman is actually a senior vice president at Concept Capital’s Washington Research Group. NGI regrets the error.
People
The Commodity Futures Trading Commission said Walt Lukken will leave the agency effective July 10 after serving nearly seven years as commissioner and as chairman since January. He plans to join NYSE Euronext as senior vice president of global market structure in its office of general counsel.
BP CEO Promises Stronger Output, More Cost Cutting
BP plc CEO Tony Hayward, who was tapped last year to lead the troubled UK-based major, called 2007 a year “which most of us will be glad to leave behind.” He said BP’s final quarter’s profits were “very disappointing,” but BP is making “good, step-by-step progress” to ramp up new oil and natural gas fields and trim excess overhead.
Long-Term Calpine-GE Deal Coming in 60 Days
In the next 60 days, Calpine Corp. will leave its usual role as a major turbine purchaser to become a partner with GE Energy on a complex beta test of GE’s newest, most efficient combined-cycle turbine system for making electricity, according to Calpine Senior Vice President Bob Fishman.
Profit-Takers Leave Futures 7.9 Cents Down Friday
Playing a little bit of “give-and-take” on Thursday and Friday, the June natural gas futures contract met Thursday’s 7.5-cent run-up with a 7.9-cent drop in Friday trading. The prompt month closed Friday at $6.401, after trading between $6.38 and $6.48 with 53,838 contracts changing hands.
Futures Gap Lower, Drop 26.7 Cents, But Still Leave Direction Unclear
The January gas futures contract on Monday opened 46.1 cents lower than where it settled on Friday and ended the day down 26.7 cents at $6.954, helped in large part by the capture of Saddam Hussein and the subsequent decline of the entire petroleum complex. But the day’s futures trading left more questions than answers.
People
El Paso Corp. announced that Patricia A. Shelton will leave her position as president of the company’s western pipeline group at the end of the year and be replaced by James J. Cleary, who has been president of ANR Pipeline since the Coastal merger. The company did not say why Shelton is leaving. She joined the company in 1979 and has been president of the western pipeline division since January 2001. Before that, she served as president of El Paso Natural Gas Co. “Her leadership was pivotal in the integration of El Paso Natural Gas Company and Colorado Interstate Gas Company into the Western Pipeline Group following the Coastal merger,” said John W. Somerhalder, president of El Paso’s Pipeline Group. Prior to assuming his role as president of ANR, Cleary was executive vice president of Southern Natural Gas Co. Stephen C. Beasley, who has been president of Tennessee Gas Pipeline since February 2000 will lead both Tennessee and ANR as president of El Paso’s Eastern Pipeline Group. Beasley has served as vice president of marketing and business development for Tennessee.
El Paso Shuffles Pipeline Management
El Paso Corp. announced that Patricia A. Shelton will leave her position as president of the company’s western pipeline group at the end of the year and be replaced by James J. Cleary, who has been president of ANR Pipeline since the Coastal merger. The company did not say why Shelton is leaving.