Lowered

With the North American natural gas rig count in “free fall,” FBR Capital Markets Friday lowered 4Q2008 earnings estimates for the oil services sector by 9% and slashed 2009 estimates by an average of 21%.

Colorado State University (CSU) weather forecasters on Friday slightly lowered their odds that a major hurricane would strike the U.S. coastline this year, but they continued to call for a “very active” Atlantic basin season. Landfall probabilities for the U.S. coastline “remain above their long-period averages.”

Colorado State University (CSU) weather forecasters on Friday slightly lowered their odds that a major hurricane would strike the U.S. coastline this year, but they continued to call for a “very active” Atlantic basin season. Landfall probabilities for the U.S. coastline “remain above their long-period averages.”

Citing unseasonably warm weather and reduced natural gas demand, the Energy Information Administration (EIA) in its Short-Term Energy Outlook for January lowered the ceiling for spot gas prices this winter to less than $7/Mcf. The agency last month predicted that winter spot prices would stay below the $9/Mcf mark (see NGI, Dec. 18, 2006).

Canaccord Adams lowered its price assumptions for Henry Hub gas and WTI crude “to be more in line with our current view of weaker market conditions that are shaping up for 2007,” wrote analyst Irene Haas in a Wednesday note.

Canaccord Adams lowered its price assumptions for Henry Hub gas and WTI crude “to be more in line with our current view of weaker market conditions that are shaping up for 2007,” wrote analyst Irene Haas in a Wednesday note.

Citing unseasonably warm weather and reduced natural gas demand, the Energy Information Administration (EIA) in its Short-Term Energy Outlook for January lowered the ceiling for spot prices this winter to less than $7/Mcf. The agency last month predicted that winter spot prices would stay below the $9/Mcf mark (see Daily GPI, Dec. 13, 2006).

New Orleans-based Energy Partners Ltd. (EPL), which has been trying to avoid a takeover by Australian-based Woodside Petroleum Ltd. subsidiary ATS Inc., lowered its 3Q2006 production guidance, citing equipment delays and mechanical issues at its South Timbalier and Eugene Island leases. The mechanical and equipment issues have been resolved, and EPL expected output to reach about 30,000 boe/d earlier this month. EPL last month rejected the ATS takeover offer of about $883 million, or $23/share (see NGI, Sept. 18). The ATS offer has been extended to Oct. 20. ATS also is seeking to remove EPL’s board, and it is soliciting proxies from shareholders to vote against EPL’s proposed $2.2 billion acquisition of Lafayette, LA-based Stone Energy Corp. (see NGI, June 26).

New Orleans-based Energy Partners Ltd. (EPL), which has been trying to avoid a takeover by Australian-based Woodside Petroleum Ltd. subsidiary ATS Inc., on Monday lowered its 3Q2006 production guidance, citing equipment delays and mechanical issues at its South Timbalier and Eugene Island leases.