Lets

In a sign that at least one industry player believes an Alaskan natural gas line may not become reality for some time, Burlington Resources Inc. has abandoned 32 Alaskan North Slope Foothills leases it obtained in 2001. Burlington apparently no longer considers the North Slope to be a core area, and the company did not want to pay the annual rent to retain the leases, according to a spokesman for the Alaska Division of Oil and Gas.

FERC last Wednesday said 11 major energy companies, several of which had publicly admitted to supplying false data to published indexes on natural gas trades, have shown to the agency’s satisfaction that they have plugged up the holes in their systems for reporting prices to forestall abuses in the future.

FERC on Wednesday said 11 major energy companies, several of which had publicly admitted to supplying false data to published indexes on natural gas trades, have satisfactorily shown the agency that they have improved their systems for reporting prices in the future.

While FERC’s ability to monitor the electric power market has faltered, a report by a Commission task force has found that the level of price spikes for wholesale power has grown progressively higher over the past couple of summers, with the biggest increases being seen in the eastern half of the nation.

While FERC’s ability to monitor the electric power market hasfaltered, a report by a Commission task force has found that thelevel of the price spikes for wholesale power has grownprogressively worse over the past couple of summers, with thebiggest increases being seen in the eastern half of the nation.

With commodity prices soaring, first quarter producer earningsare coming in at record levels. Vastar Resources reported a massive307% increase first-quarter 2000 net income. Income was tallied at$77.4 million ($0.78 per diluted share), the company’s thirdconsecutive quarterly record, compared to $19 million ($0.19 perdiluted share) in 1Q99. Vastar’s gas production was down nearly 10%to 1,054 MMcf/d, but realized gas prices were up 57 cents to $2.19on average. Crude and condensate production came in at 46.0thousand barrels per day (Mb/d) down from 46.7 Mb/d in the sameperiod last year, but realized oil prices rocketed to $24.73 from$11.16. And gas liquids production increased to 20.8 Mb/d from 9.2Mbd in 1Q99, while realized liquids prices soared to $19.11 from$8.10.

energyOn.com, an e-commerce company offering a consumer resourceWeb site which lets customers in deregulated gas and electricmarkets compare service offers, has expanded its service territoryto include New York, New Jersey and Pennsylvania. The companyalready provided information on markets in Ohio, and expects to addmany more states in the near future. Information on gas andelectric supplier choices in California will be launched later thismonth, the company said.

With bipartisan and Administration support, legislation craftedby the Wyoming Congressional delegation to give coalbed methaneleaseholders and production companies some relief from a recentappellate court decision won rapid and unanimous approval by theSenate Energy Committee last Wednesday. The bill, S.2500, isexpected to be taken up by the full Senate at any time, and thebill’s language also is expected to become part of a manager’samendment to the Interior Department’s appropriations bill, whichmust be approved before the end of the session next month.

Marketers lost a battle against LDCs last month when theMichigan Public Service Commission (MPSC) sided with MichiganConsolidated Gas (MichCon) and Consumers Energy in a dispute overfees charged for tracking title to gas that changes hands on theLDCs’ systems. The MPSC found it had no jurisdiction to regulatetitle transfer tracking fees.