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Newfield Exploration CEO David A. Trice told analysts Thursday that the company will meet its production targets for the year. “We think that the consistency of our performance and track record sets us apart from our peers and competitors,” said Trice. “We are in the planning process for 2004 at this time and will publish specific 2004 guidance in February 2004. Our current outlook calls for 2-5% organic growth in 2004. With some significant wells coming on line in the fourth quarter of 2003, and increased drilling activity in our onshore areas, we expect our gas production to exit 2003 at about 525 MMcf/d and oil production to end the year at about 16,000 b/d, reflecting the sale of Australia [assets].” Trice also stated that year-to-date 2003, Newfield has replaced its production with the addition of new reserves in all domestic focus areas. Newfield’s areas of operation include the Gulf of Mexico, the onshore U.S. Gulf Coast, the Anadarko and Arkoma Basins and select international ventures.

Range Resources said that based on drilling results through Sept. 30, the company is on track to meet its production and reserve growth targets for 2003. Third quarter production averaged 159.2 MMcfe/d, a slight increase over second quarter and 5.2% higher than in 3Q2002. With newly drilled wells steadily coming online, production has continued to increase and currently exceeds 162 MMcfe/d. The company also announced that its bank group recently approved an increase in the funds available under its credit facility. The borrowing base was increased by $10 million to $180 million. The company currently has over $75 million available under the facility. On Sept. 30, Range had $280 million of total debt, down from $368 million at the end of 2002. At the end of the third quarter, its debt-to-capital ratio had fallen to 50% from 64% at year-end 2002. “Fourth quarter production is off to a good start, and over 30 wells are currently drilling, completing or awaiting pipeline connection,” said Range President John Pinkerton. “We are also pleased that our bank group is recognizing our progress and is providing additional flexibility under the credit facility. With our stronger financial position, we remain focused on our strategy of drill bit growth coupled with complementary acquisitions.”

Duke Energy on Friday reiterated it plans to meet a 2003 earnings forecast and affirmed that it expects to fully fund its annual dividend. The news sent shares of the Charlotte, NC-based energy company higher than they have been since January, gaining 58 cents to close at $19.53.

Duke Energy on Friday reiterated it plans to meet a 2003 earnings forecast and affirmed that it expects to fully fund its annual dividend. The news sent shares of the Charlotte, NC-based energy company higher than they have been since January, gaining 58 cents to close at $19.53.

A Shell Canada Ltd. executive believes that Nova Scotia’s offshore oil and gas industry will decline after 2010 unless more discoveries are made in the near future.

The Commodity Futures Trading Commission (CFTC) met with 40 federal law enforcement officials last week to share information related to the ongoing energy investigations nationwide.

The Commodity Futures Trading Commission (CFTC) met with 40 federal law enforcement officials Wednesday to share information related to the ongoing energy investigations nationwide.

While many energy companies are struggling to make ends meet in the current difficult financial environment, the service/fee-based liquids and gas transportation and terminals businesses of Kinder Morgan Inc. (KMI) and its master limited partnership, Kinder Morgan Energy Partners LP (KMP), showed tremendous growth in the third quarter, and CEO Richard Kinder said the companies see nothing standing in the way of continued double-digit growth despite the crisis in parts of the industry.

The Mid Atlantic Area Council (MAAC) expects to have sufficient generating capacity to serve the 2002 forecast summer peak demand, the regional reliability council recently said in its 2002 summer pre-seasonal assessment. MAAC is forecasting a summer net peak demand of 52,569 MW.