The House went down to the wire Friday on the sweeping climate change and energy bill, with lawmakers passing it by the slimmest of margins. House Democrats managed to keep climate change alive in this Congress — barely.
Articles from Margins
Shares of Houston-based Spectra Energy hit a new low in intra-day trading Monday after the company reported a 39% drop in second quarter earnings. Shares in Spectra hit their lowest level since the company was created through the spin-off of Duke Energy’s natural gas business (see Daily GPI, Jan. 3).
In an interim report, Chevron Corp. said its 2Q2007 results will gain on higher upstream commodity prices, stronger refining margins and the sale of its interest in Dynegy Inc. Partially offsetting earnings will be net charges related to debt redemption and other corporate items. Based on data from the first two months of 2Q2007 (April and May), Chevron said U.S. oil-equivalent production increased an estimated 1% sequentially from 1Q2007. Oil-equivalent growth follows restoration of Gulf of Mexico volumes following third-party pipeline disruptions. However, the higher output was partially offset by scheduled maintenance and other downtime. U.S. oil-equivalent production reached 755,000 boe/d in the first two months of the quarter, compared with 768,000 boe/d for the entire 2Q2006. U.S. natural gas output reached 1,714 MMcf/d in the first two months, compared with 1,832 MMcf/d for the entire 2Q2006. For the entire 2Q2007, Chevron said U.S. natural gas realizations were up 16 cents/Mcf, but bidweek pricing was mixed. Henry Hub gas prices averaged $7.56/Mcf for the entire 2Q2007, compared with $6.81 in 2Q2006. Rocky Mountain gas prices averaged $3.72/Mcf for the entire quarter, down from $5.26 in 2Q2006. Chevron is scheduled to report its quarterly results on July 27.
In an interim report, Chevron Corp. said its 2Q2007 results will gain on higher upstream commodity prices, stronger refining margins and the sale of its interest in Dynegy Inc. Partially offsetting earnings will be net charges related to debt redemption and other corporate items.
ConocoPhillips on Wednesday was among the first in line among U.S.-based producers to issue a 4Q2006 earnings report, underwhelming investors on the news that its profit slid 13% from a year ago. However, the Houston-based company probably won’t be the last to report tempered profits during a quarter with warmer-than-normal temperatures, soaring service costs and falling energy prices.
“Significantly lower” worldwide refining margins and poorer-than-expected results in midstream and chemicals operations will push ConocoPhillips’ earnings lower in 4Q2006, the producer warned last week. ConocoPhillips also blamed a combination of “declining well performance and drilling results” in Canadian Rockies Foothills’ natural gas exploration and development activities, which will result in a $90 million after-tax quarterly charge.
ConocoPhillips warned Thursday that “significantly lower” worldwide refining margins and poorer-than-expected results in its midstream and chemicals operations will push earnings lower in 4Q2006. The producer also blamed a combination of “declining well performance and drilling results” in Canadian Rockies Foothills’ natural gas exploration and development activities, which will result in a $90 million after-tax quarterly charge.
Houston-based Marathon Oil Corp.’s profit surged in 3Q2006, pushed by strong oil prices and wholesale margins. However, worldwide natural gas sales volumes fell to 719 MMcf/d from 807 MMcf/d. In the United States, where more than half of its gas production is located, gas sales fell to 522 MMcf/d from 562 MMcf/d.
After winning by the barest of margins in an election that was disputed for weeks, Washington state’s new Gov. Christine Gregoire earlier this month shook up the three-member state Utilities and Transportation Commission (UTC) by appointing two new commissioners, including a new chairperson, to six-year terms. The move pushes the current UTC chairperson, Marilyn Showalter, out of the job she has held for the past four years.
New York will once again have razor-thin margins between supply and demand this summer, but the state should have adequate power supplies to meet expected demand, the New York Independent System Operator (NYISO) said last Tuesday.