Mmbtu

As long as high natural gas storage levels persist — now about 16% above historical levels — prices could drop to as low as $2.00-$2.25/MMBtu in the next few months, and as prices trend downward, weakness in the share prices of U.S. exploration and production (E&P) companies will persist, according to the latest oil and gas production research by Lehman Brothers analysts.

Notes: Prices are in U.S. $/MMbtu for dry gas traded on Thursday May 23, 2002 for May delivery. Dashes in the change column indicate that insufficient information was collected to update the corresponding price. Comma delimited format (Premium Service)Tab delimited format (Premium Service) ©Copyright 2002 Intelligence Press, Inc. All rights reserved. The preceding news report…

Northern Natural Gas said a planned maintenance outage of its Northrup Compressor Station, affecting 4,000 MMBtu/d, has been extended through Tuesday.

Unocal Corp. CEO Charles R. Williamson told analysts last Wednesday at Lehman Brothers’ 15th annual CEO Energy Conference in New York City that the company’s worldwide net oil and gas production could average nearly 800,000 boe/d in 2007, a 63% boost from the company’s average production last year.

Unocal Corp. CEO Charles R. Williamson told analysts on Wednesday at Lehman Brothers’ 15th annual CEO Energy Conference in New York City that the company’s worldwide net oil and gas production could average nearly 800,000 boe/d in 2007, a 63% boost from the company’s average production last year.

As gas prices plummeted more than $5/MMBtu last week at the Southern California border, conservation, cool temperatures and more long-term contracts pressured power prices lower in the state to the point where generators “are having to compete for first time in months to sell us energy,” Ray Hart, deputy director of the California Department of Water Resources (DWR) said last Thursday.

William has agreed to provide up to 60,000 MMBtu/d of summer no-notice natural gas transportation service to the new Aquila Crossroads Energy Center near Clarksdale, MS. Williams will build 5,400 feet of 12-inch pipe and related meter facilities off its Texas Gas system to serve the 320 MW simple cycle peaking facility, beginning in June 2002.

Transwestern reduced total capacity on its San Juan Lateral byabout 100,000 MMBtu/d for Monday’s gas day following a 10:30 a.m.CST force majeure event at the Gallup (NM) Compressor Station. Acompressor unit was shut down while teams evaluate the situation.The force majeure will not affect plans to proceed with today’s SanJuan Lateral pigging operation, Transwestern said.

Repairs on an A-Line leak at the GPM/NNG Farnsworth receipt point(see Daily GPI, Feb. 7), affecting15,000 MMBtu/d, have been extended, Northern Natural Gas saidWednesday. The work, formerly expected to be completed Wednesday, nowlikely will last until Saturday, NNG said.