Numerous

The numerous energy transaction Internet sites are likely toconsolidate leaving somewhere between one and six viable sites,executives of three of the leading sites told a GasMart/Power 2000audience in Denver last week.

The numerous energy transaction Internet sites are likely toconsolidate leaving somewhere between one and six viable sites,executives of three of the leading sites told a GasMart/Power 2000audience in Denver yesterday.

Although you couldn’t tell from rapidly depleting gas storagelevels or lofty gas prices, this winter turned out to be thewarmest on record for the United States, according to a report bythe National Oceanic and Atmospheric Administration. And it was thethird winter in a row in which record warmth cooked the UnitedStates.

KN Energy cleaned house last week, starting with a corporate yard sale with tags on everything but the kitchen sink. It also continued the shake-up among top management that began with the sudden departure of former CEO Larry Hall last month when KN’s merger with Kinder Morgan was first announced (see NGI July 12).

A day after the release of an agreement with the state of NewHampshire last week that settled numerous electric restructuringissues, Northern Utilities announced it was buying back YankeeEnergy for $679 million after a 10-year separation originallyordered by the Securities and Exchange Commission.

The 7-to-1 decision by the U.S. Supreme Court in favor of AmocoProduction Co. in the case that pitted the company and numerousroyalty owners against the Southern Ute Indian Tribe is good newsfor coalbed methane gas production, observers said.

Following the lead of numerous other oil and gas companies whoare trimming staff this year because of low commodity prices, UnionPacific Resources Group announced it will reduce headquarters staffby 14%, or about 140 positions. Combined with attrition, UPR’sheadquarters staff will have been reduced by about 20% since thebeginning of the year.

Following the lead of numerous other oil and gas companies whoare trimming staff this year because of low commodity prices, UnionPacific Resources Group announced it will reduce headquarters staffby 14%, or about 140 positions. UPR has significantly cut back itsU.S. operations this year, divesting an estimated $600 million inexploration and production properties. It also acquired NorcenEnergy, with its strong Latin American focus, and recently sold itsdomestic midstream business to Duke Energy.

The dam supporting natural gas futures prices finally burstThursday. After successfully fighting back numerous attempts tofall below major support at $2.11 the last several weeks, the JuneNymex contract succumbed to major selling by funds yesterday, andsettled the day down 10.2 cents to $2.067. Volume was extremelyheavy, with an estimated 93,072 contracts changing hands.