With fallout from last April’s Macondo well blowout a lingering financial and legal concern, BP plc on Tuesday cautiously reinstated a shareholder dividend and announced new substantial changes to its worldwide portfolio.
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DCP Midstream: Distribution Remains on Target
Despite the lingering effects of hurricane damage to its Discovery offshore gathering system in the Gulf of Mexico and an ongoing integrity project at its Douglas pipeline in Wyoming, DCP Midstream Partners LP has no plans to lower its payout, according to CEO Mark Borer.
DCP Midstream: Distribution Remains on Target
Despite the lingering effects of hurricane damage to its Discovery offshore gathering system in the Gulf of Mexico and an ongoing integrity project at its Douglas pipeline in Wyoming, DCP Midstream Partners LP has no plans to lower its payout, according to CEO Mark Borer.
Some Western Points Defy Overall Cash Softness
With more truly spring-like weather starting to supplant lingering vestiges of winter in sections of the North and the Rockies, most points were flat to down as much as about 80 cents Monday. Several locations, primarily in the California, Arizona/Nevada and Southwest basin areas, were higher.
Southwest Gas Earnings Up; More Weather-Neutral Rates Sought
Even with solid earnings improvement, Las Vegas, NV-based Southwest Gas Corp’s. lingering issue with regulators in the three states in which it operates is how to make its natural gas distribution earnings more stable and less influenced by swings in the weather in Nevada, Arizona and the eastern desert/mountain fringes of California. Net income for the first quarter ended March 31 was $49.8 million, or $l.19/share, compared to $44.2 million, or $1.12/share, for the same period in 2006.
El Paso CEO: Days of Consistently Reporting Losses ‘Done’
El Paso Corp. narrowed its losses in the final quarter of 2005 on a string of asset sales, and despite lingering effects from last year’s devastating hurricanes in the Gulf of Mexico, the company’s core natural gas pipelines and exploration and production (E&P) groups posted solid earnings.
Analysts Differ on Strength of Gas Prices in 2006
Because of the lingering supply disruptions in the Gulf of Mexico and the late onset of colder-than-normal winter weather, Raymond James analysts this week hiked their 1Q2006 price estimate to $12.50/Mcf from $8.25, and their 2Q2006 forecast to $9.75 from $9. However, Houston-based Gerdes Group is forecasting a year-over-year moderation, with 2006 1Q prices averaging $8.26/MMBtu.
Futures Drop 3% as Slightly Bearish Injection Trumps Constructive Technicals
Shrugging off lingering technical bullishness, the natural gas futures market tumbled lower Thursday as traders adjusted their positions in reaction to slightly bearish supply news. Light trading volume at Nymex due to traders’ observance of Yom Kippur was seen as adding to the price volatility, with the November contract carving out a wide, 41-cent trading range. It closed for the session at $13.103, down 42.1 cents for the day.
Attorney Catalogues Hundreds of Legal Actions in West Energy Crisis, Most Unnecessary
While most have been disposed of or are lingering in court appeals, the blizzard of litigation after California’s wholesale energy market meltdown four years ago has spawned 236 separate lawsuits and a 42-page listing compiled by an attorney who has been involved in much of the litigation.
Screen, Lingering Shut-Ins Keep Cash Market Rising
Prices continued to rise across the board Tuesday, although in nearly all cases the increases were smaller than those of the previous day. Fundamental market influences remained fairly weak for the most part, but the combination of a substantial amount of offshore production remaining shut in and the natural gas screen joining the rest of Nymex’s energy futures products in new run-ups was able to push cash numbers higher again.