Higher commodity prices and greater production lifted several of the majors as they released second quarter earnings last week. Exxon Mobil Corp. and Chevron Corp., the number one and two energy companies in the world, posted uneven profits, with Exxon up a modest 5% in both natural gas and refining operations earnings, while Chevron’s jumped 21%. Meanwhile, the rest of the leader board, including Conoco Inc., USX-Marathon, Texaco and Phillips Petroleum, all posted sky-high earnings for the quarter, but are heeding analysts’ warnings that going forward, it will be difficult to continue soaring if oil and natural gas prices remain depressed.
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CA Waives Air Emission Restrictions for Peak Power
California Monday lifted air pollution limits on many of its peaking natural gas-fired generation plants to free them up to supply critically needed extra megawatts this summer. Gov. Gray Davis and his administration, strong environmental protection advocates, rationalized the move, noting that the alternative — firing up more on-site diesel back-up generation units — would be even more detrimental to air quality.
June 18, 2001
Transportation Notes
Citing improved linepack and operating conditions, Florida Gas Transmission lifted Friday an Overage Alert Day notice.
June 18, 2001
CA Waives Air Emission Restrictions for Peak Power
California Monday lifted air pollution limits on many of its peaking natural gas-fired generation plants to free them up to supply critically needed extra megawatts this summer. Gov. Gray Davis and his administration, strong environmental protection advocates, rationalized the move, noting that the alternative — firing up more on-site diesel back-up generation units — would be even more detrimental to air quality.
June 13, 2001
Transportation Notes
Citing improved operating conditions, Tennessee lifted an OFO Balancing Alert Monday. The OFO had taken effect Saturday (see Daily GPI, April 9).
April 10, 2001
El Paso, Coastal Earnings Beat the Street
El Paso Energy Corp. saw its fourth quarter profit lifted 55%last week, driven by strong growth in unregulated businesses, whilemerger partner Coastal also outperformed expectations, with fourthquarter earnings up 21%.
February 5, 2001
El Paso, Coastal Earnings Beat the Street
El Paso Energy Corp. saw its fourth quarter profit lifted 55%,driven by strong growth in unregulated businesses, while mergerpartner Coastal also outperformed expectations, with fourth quarterearnings up 21%.
January 30, 2001
Transportation Notes
Perhaps partially in response to recent customer protests (seeDaily GPI, Dec. 19, 2000 and Jan. 2), Northwest lifted Wednesday itsrealignment and must-flow OFOs through the Kemmerer (WY) CompressorStation but said it reserves the right to re-impose both OFOs upon 24hours’ notice. The pipeline said it determined that ending the orderswas feasible “as a result of more favorable pricing conditions,reduced northbound volumes and increased southbound volumes” throughKemmerer. The must-flow OFO was implemented Nov. 16 (see Daily GPI, Nov. 16, 2000) and had its originalrequirement of up to 10% of contract demand flowing south throughKemmerer revised several times. The realignment OFO was issued Nov. 10(see Daily GPI, Nov. 13, 2000).
January 4, 2001
Transportation Notes
Sonat lifted Saturday an OFO Type 1 and force majeure associatedwith a shut-in test of its Bear Creek (LA) Storage Facility. BearCreek’s injection/withdrawal capacity was restored to 100%.
October 16, 2000
Transportation Notes
Citing “decisive customer response,” effective with Sunday’s gas day Northwest lifted a Stage I Overrun Entitlement Period that had begun Thursday (see Daily GPI, Sept. 29). A Deficiency Period associated with a compressor outage at the Soda Springs Station in Wyoming (see Daily GPI, Oct. 2) remains in effect until further notice.
October 3, 2000
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