Milestone

CME Group has completed its New York trading floor integration of energy and metals futures and options, “a key milestone” following its 2008 acquisition of Nymex Holdings, parent of the New York Mercantile Exchange (Nymex), the company said Monday. The integration was completed in two phases: first the reconfiguration of the energy trading floor on April 20, and combining the trading rings onto one trading floor Monday. “We have consolidated two major trading floors into one vibrant facility at our Nymex world headquarters in Lower Manhattan,” said Terry Duffy, CME Group executive chairman. “We are confident that combining several markets into our trading rings will give members and customers access to greater liquidity on our New York trading floor. We look forward to moving forward with the integration of our clearing systems in the third quarter of this year.” The combined New York trading floor, which represents CME Group’s continuing commitment to New York City as a global financial center, is now home to open outcry trading for Nymex and Comex futures and options, including crude oil, natural gas, heating oil, gasoline, gold, silver, copper, platinum and palladium. CME Group expects its integration of Nymex to be substantially complete in 4Q2009. CME Group CEO Craig Donohue said the successful integration of the New York trading facilities occurred within nine months of the acquisition. “As a result of our successful integration efforts to date, we are on track to realize $60 million in annual cost synergies by the end of this year,” he said.

Anadarko Petroleum Corp. is close to approaching a milestone of 600,000 boe/d net production worldwide, and assuming no significant weather-related challenges, 3Q2008 oil and natural gas output should be “above the midpoint” of its guidance of 51-54 million boe, said CEO Jim Hackett.

Devon Energy Corp.’s net Barnett Shale production surpassed the magic number of 1 Bcfe/d in April, a milestone achieved 21 months ahead of the company’s original target date.

Devon Energy Corp.’s net Barnett Shale production surpassed the magic number of 1 Bcfe/d in April, a milestone achieved 21 months ahead of the company’s original target date.

Portland, OR-based Northwest Natural Gas Co., the largest natural gas-only distributor in the region, said it passed a significant milestone Tuesday in its effort to reduce its greenhouse gas (GHG) footprint by encouraging its 600,000 customers to move to electronic, or paperless, billing systems. More than 10% now have chosen that path.

Calling it a “positive milestone” in what is now a three-year permitting process, Sempra Energy’s San Diego Gas and Electric Co. (SDG&E) early in the new year reacted upbeat and confident that its proposed 150-mile, $1.3 billion high-voltage transmission project, Sunrise Powerlink, ultimately will be built. The utility insists it is the most “cost-effective and reliable” means of tapping large new renewable-produced electricity from neighboring Imperial County.

Devon Energy Corp. said that as of the end of June it has produced 1 Tcf of natural gas from the Barnett Shale formation in East Texas, a significant milestone since it purchased Mitchell Energy & Development in 2002.

Marking another milestone in its efforts to emerge from bankruptcy, NRG Energy Inc. last week reported that all of its necessary creditor classes voted overwhelmingly in favor of the company’s proposed plan of reorganization.

Sempra Energy passed a five-year milestone in its natural gas infrastructure projects in Mexico earlier this month, touting its projects as meeting all of their major shareholder and customer goals. Since 1997, the company has invested $650 million in Mexico, built a Mexican work force of 350 and connected more than 50,000 customers in three population centers in northern Mexico: Mexicali, Chihuahua and La Laguna-Durango.