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Similar to other recent forays above the $3.00 mark, Wednesday’s price surge in the natural gas pit at Nymex was short-lived as locals and speculative accounts liquidated new longs and reinitiated short positions. After topping out at $3.04 at 10:15 a.m. EDT, the September contract shuffled lower throughout the session, ending down 6.5 cents at $2.91. Estimated volume was moderate, with 93,329 contracts changing hands.

Tengasco Inc. reported a second quarter loss of $858,197, or 9 cents per diluted share, versus a loss of $336,034, or 4 cents per diluted share for the second quarter in 2001. Among other things, the company attributed the loss to a “substantial decline” in natural gas and oil prices. Revenues declined 30% for the quarter and 23% for the first six months of the year.

Brazil’s Petrobras is buying 22 million bbl of oil reserves and 267 Bcf of gas reserves in Argentina from Devon Energy for $90 million. About 75% of the reserves are classified as proved undeveloped. The properties produced 6,100 b/d of oil and 17 MMcf/d of gas net to Devon’s interest during the first six months of 2002. The transaction, which is subject to Argentine regulatory approvals, is expected to close by the end of the year.

Aquila Inc. said it will issue up to 11.6 million shares of stock to pay for employee bonuses and other incentive pay, based on the company’s performance, according to an S-8 filing with the Securities and Exchange Commission (SEC) July 12. About 2.6 million shares will be used to cover last year’s Omnibus Incentive Compensation Plan, with the balance for bonuses this year and into the future. The maximum offering price per share is $6.97, with the offering currently worth about $80 million.

Aquila Inc. said it will issue up to 11.6 million shares of stock to pay for employee bonuses and other incentive pay, based on the company’s performance, according to an S-8 filing with the Securities and Exchange Commission (SEC) July 12. About 2.6 million shares will be used to cover last year’s Omnibus Incentive Compensation Plan, with the balance for bonuses this year and into the future. The maximum offering price per share is $6.97, with the offering currently worth about $80 million.

Aquila Inc. said it will issue up to 11.6 million shares of stock to pay for employee bonuses and other incentive pay, based on the company’s performance, according to an S-8 filing with the Securities and Exchange Commission (SEC) July 12. About 2.6 million shares will be used to cover last year’s Omnibus Incentive Compensation Plan, with the balance for bonuses this year and into the future. The maximum offering price per share is $6.97, with the offering currently worth about $80 million.

Carefully combing through its financial records for last year, like so many other energy companies these days, Northern Border Partners LP found a discrepancy related to some gathering and processing hedges. The company said it will have to revise downward previously estimated results for the fourth quarter and full year 2001.

Carefully combing through its financial records for last year, like so many other energy companies these days, Northern Border Partners LP found a discrepancy related to some gathering and processing hedges. The company said it will have to revise downward previously estimated results for the fourth quarter and full year 2001.

Once again the California Public Utilities Commission distinguished itself last Wednesday more for what it did not do rather than the actions it took during a regular business meeting in San Francisco. The highest profile example among the “inactions” concerned what to do about the effective date for the regulators’ Sept. 20, 2001 suspension of direct access retail electricity contracts, which could affect the fate of 10% to 12% of the loads of the state’s three private sector utilities.