Lowers

Midstream operator AltaGas Ltd., based in Calgary, said Thursday it plans to build a 120 MMcf/d gas processing facility and associated gathering system in the Gordondale area of the Montney Shale in British Columbia.

Dominion Resources reported net income of $337 million ($1.02 per share) for the third quarter, compared to a net loss of $256 million (79 cents per share) during the same quarter last year, but the company’s operating earnings missed Wall Street estimates and Dominion lowered its earnings guidance in part because of a fuel-cost freeze in its electric utility service territory.

Dominion Resources reported net income of $337 million ($1.02 per share) for the third quarter, compared to a net loss of $256 million (79 cents per share) during the same quarter last year, but the company’s operating earnings missed Wall Street estimates and Dominion lowered its earnings guidance because of a regulatory setback.

Delays in liquefied natural gas (LNG) expansions in Equatorial Guinea will push down Marathon Oil Co.’s expected second quarter production numbers, the company said last week. Quarterly worldwide production for the Houston-based producer will average 341,000 boe/d, off from its previous guidance of 348,000 boe/d, and the 2004 production forecast will average 360,000 boe/d, compared with a previous estimate of 365,000 boe/d.

Delays in liquefied natural gas (LNG) expansions in Equatorial Guinea will push down Marathon Oil Co.’s expected second quarter production numbers, the company said Wednesday. Quarterly worldwide production for the Houston-based producer will average 341,000 boe/d, off from its previous guidance of 348,000 boe/d, and the 2004 production forecast will average 360,000 boe/d, compared with a previous estimate of 365,000 boe/d.

Citing five years of drought affecting water levels in its Salt Lake City Area Integrated Projects (SLCA/IP), the federal Western Area Power Administration (WAPA) earlier this month indicated in the Federal Register that it would be cutting back on hydro power supply and keeping capacity at current levels for its 20-year supply contracts over the next 20 years beginning with the new federal fiscal year on Oct. 1.

Bellevue, WA-based Puget Energy Tuesday reported it was lowering its 2003 earnings by $4 million based on recent information about losses at an energy-focused venture capital fund that its utility had invested in starting in 1997. The revision was reported in a 10-K filing to the Securities and Exchange Commission.

Unocal Corp. said Tuesday that its capital expenditures this year will reach about $1.93 billion, up from last year’s $1.66 billion. About 94% of the total capital spending plan is for exploration and production projects, with two-thirds targeted for projects outside North America.

Boston-based consulting firm Energy Security Analysis Inc. (ESAI) has lowered its 10-year forecast of Henry Hub gas prices by 90 cents/MMBtu to $4.09/MMBtu because of the aggressive investments expected to be made in U.S. LNG infrastructure and the significant destruction of domestic industrial gas demand.