Omitted

Gas Marketing Declined in 2Q2009; Market ‘Plagued by Wishful Thinking’

Correction: Macquarie Cook Energy’s 8.12 Bcf/d was omitted from the initial release of the 2Q2009 survey. NGI has since received the Houston-based company’s data, which ranks Macquarie Cook fourth on the 2Q2009 survey. Macquarie Cook integrated Constellation Energy’s gas trading business into its operation at the beginning of April 2009 (see Daily GPI, March 31). The divestitures completed two initiatives that Constellation took to reduce risk in its merchant businesses and improve liquidity through the return of posted collateral. In a related transaction, Constellation struck a gas supply agreement with Macquarie Cook to supply gas to Constellation’s Louisville, KY-based retail division, Constellation NewEnergy Gas. In the second quarter of 2008 Constellation ranked second on NGI’s ranking of top gas marketers by volume at 14.2 Bcf/d, behind BP plc at 30.3 Bcf/d and tied with ConocoPhillips, which also reported 14.2 Bcf/d.

September 9, 2009