Oklahoma City-based Gulfport Energy Corp. reported late Thursday that a portion of the company’s production has been restored at the West Cote Blanche Bay field in southern Louisiana following a tug boat and barge accident last month that ruptured a natural gas pipeline and killed four people.
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American Electric Power subsidiary Public Service Company of Oklahoma (PSO) plans to issue a request for proposals Nov. 3 for about 68.5 Bcf of gas supply and transportation service to meet the requirements of its existing and proposed gas-fired power generation starting in July 2007. The company said 40 Bcf would be annual baseload supply with 28.5 Bcf of seasonal service. PSO currently has seven power plants with 4,083 MW of generation, a portion of which is gas-fired. It also is planning to add 320 MW of gas-fired generation at its existing Riverside and Southwestern power plants. The company has included the daily gas requirements and average demand swings for each of its plants in the RFP. Bidders can submit bids for two to five years of supply. Contracts will be awarded in January. For more information, go to http://www.psoklahoma.com/.
Falling Prices Prompt Chesapeake to Shut In Production
With October futures plummeting to a daily low of $4.07 on expiration day last Wednesday while December futures remained more than $3 higher, Oklahoma City-based Chesapeake Energy decided it was a good time to announce the shut-in of a net 100 MMcf/d of production (125-150 MMcf/d gross), which represents the bulk of the third largest independent producer’s remaining unhedged production.
Falling Prices Prompt Chesapeake to Shut In 125-150 MMcf/d of Production
With October futures plummeting to a daily low of $4.07 on expiration day Wednesday while December futures remained just over $7, Oklahoma City-based Chesapeake Energy decided it was a pretty good time to announce the shut-in of 125-150 MMcf/d (gross), which represents the bulk of the third largest independent producer’s remaining unhedged production.
Newfield Exploration Piping Up Woodford Shale Play
Newfield Exploration Co. and MarkWest Energy Partners LP agreed to construct and operate a gathering system for development of Newfield’s Woodford Shale play in southeastern Oklahoma’s Arkoma Basin.
Northern Natural Loses Bid to Sell Pipe to Duke Energy
FERC has rejected Northern Natural Gas Co.’s bid to sell 419 miles of natural gas pipelines and associated compression facilities in Texas, Kansas and Oklahoma to Duke Energy Field Services LP. FERC took this action after denying Duke Energy’s request that the facilities be declared nonjurisdictional gathering.
Northern Natural Loses Bid to Sell Pipe to Duke Energy
FERC on Friday rejected Northern Natural Gas Co.’s request to sell 419 miles of natural gas pipelines and associated compression facilities in Texas, Kansas and Oklahoma to Duke Energy Field Services LP. FERC took this action after denying Duke Energy’s plea for the facilities to be declared nonjurisdictional gathering.
Anadarko Completes Purchase of Kerr-McGee
Anadarko Petroleum Co. completed its $16.4 billion purchase of Oklahoma City, OK-based oil and natural gas producer Kerr-McGee last Thursday after shareholders for Kerr-McGee approved the transaction.
Strong Gas Liquids Prices Boost Devon Earnings
Oklahoma City-based Devon Energy Corp. reported second quarter earnings of $859 million, or $1.94/common share ($1.92/diluted common share), up substantially from second quarter 2005 earnings of $653 million, or $1.40/share ($1.38/diluted share). Earnings per share increased 39% compared with the second quarter of 2005.
Strong Gas Liquids Prices Boost Devon Earnings
Oklahoma City-based Devon Energy Corp. reported second quarter earnings of $859 million, or $1.94/common share ($1.92/diluted common share), up substantially from second quarter 2005 earnings of $653 million, or $1.40/share ($1.38/diluted share). Earnings per share increased 39% compared with the second quarter of 2005.