Houston-based Rosetta Resources Inc. grew net income and revenues during the second quarter, thanks to more production that was more heavily weighted to liquids. Where one goes to get that in Texas — as everyone knows — is the Eagle Ford Shale. As it continues to develop its core Gates Ranch area there, Rosetta is stepping out as well.
Midday
Articles from Midday
Transportation Notes
Tennessee lifted Saturday evening an OFO Action Alert for meters on the 200 Line downstream of Station 249.
Fire Erupts at Mont Belvieu NGL Facility
A fire that erupted at midday Tuesday at the Mont Belvieu, TX, natural gas liquids (NGL) hub was under control within a few hours and was being allowed to burn out, according to owner and operator Enterprise Products Partners LP.
Transportation Notes
Prior to an explosion and fire around midday at the DCP Midstream East Texas Plant at the Carthage Hub (see related story), Gulf South said it had been notified Wednesday by DCP Midstream that a gas quality issue discovered during maintenance begun Tuesday by Gulf South (see Daily GPI, Feb. 6) would require the continued shut-in of two plant-related points. In a related note, TGT said DCP Midstream had called Wednesday to say their Champlin interconnect was being shut in until further notice “due to operational issues at their plant.”
Futures Drop as Economy Woes Cast Doubt on Energy Demand
With the Wall Street bailout bill failing at the House of Representatives level at midday Monday, worries over a potential repeat of the Great Depression translated into energy demand reduction signals for many traders as energy futures crashed on the day, led by a 10% drop in near-month crude futures.
Transportation Notes
Citing the impact of Hurricane Ike and unavailable capacity associated with mandatory evacuations, Tennessee declared a force majeure event at midday Friday for Station 25 in Cleveland, TX, and Station 32 in Jasper, TX. “This event will significantly limit throughput on the 100 Line,” Tennessee said. Gulf South said it was notified that the Burns Processing Plant had resumed operations and the pipeline was again accepting nominations for flow Thursday at 14 locations affected by a plant outage earlier in the week (see Daily GPI, Sept. 12). “Please be aware the plant may be affected by the approaching Hurricane Ike and could go off-line again,” Gulf South added.
MMS: More than 20% of Gas Output Returns — but What About Ike?
As Gulf of Mexico (GOM) operators continued to ramp up oil and natural gas production and get back to work, the Minerals Management Service (MMS) estimated at midday Friday that more than 20% of the estimated gas output had returned, and more was expected to be returned over the weekend.
More than 20% of GOM Gas Output Returns — What About Ike?
As Gulf of Mexico (GOM) operators continued to ramp up oil and natural gas production and get back to work, the Minerals Management Service (MMS) estimated at midday Friday that more than 20% of the estimated gas output had returned, and more was expected to be returned over the weekend.
MMS: Nearly 13% of GOM Gas Production Restored
Around 87.5% of the natural gas and 95.2% of the oil produced in the Gulf of Mexico (GOM) remained shut in at midday Thursday, according to the Minerals Management Service (MMS). Estimated gas output from the GOM before Hurricane Gustav was 7.4 Bcf/d; oil production was around 1.3 million b/d.
Ignoring 3.2 Tcf of Gas in Storage, Futures Climb Higher
Natural gas futures were down modestly in midday trading as traders took a breather following a hectic three days of volatile price action in which the November contract spiked more than 90 cents. Not even the weekly release of fresh natural gas storage inventory data, featuring a 64 Bcf injection, could tilt the scales in either bulls’ or bears’ direction, leaving the market to trade mostly sideways Thursday morning.