Overshadowed

A marginal increase in natural gas sales by BP plc and significant increases by Tenaska Inc., Chevron Corp. and J.Aron & Co. were overshadowed by declines at ConocoPhillips, Shell Energy NA and Macquarie Energy, resulting in a 5% (7.53 Bcf/d) overall decline in gas sales transactions in 1Q2013 compared with 1Q2012, according to NGI’s 1Q2013 Top North American Gas Marketers Ranking.

A marginal increase in natural gas sales by BP plc and significant increases by Tenaska, Chevron and J.Aron & Co. were overshadowed by declines at ConocoPhillips, Shell Energy NA and Macquarie, resulting in a 5% (7.53 Bcf/d) overall decline in gas sales transactions in 1Q2013 compared with 1Q2012, according to NGI’s 1Q2013 Top North American Gas Marketers Ranking.

Royal Dutch Shell Group more than doubled its 4Q earnings on soaring oil and natural gas prices, but the positive news was completely overshadowed with the company’s announcement Thursday that it will reduce its proved reserves for the fifth time in just about one year’s time.

Passing without much fanfare, the release of the Energy Information Administration’s natural gas storage report was no match for changing forecasts for Hurricane Ivan’s path. The National Hurricane Center has sharply altered its path projections for the category four hurricane at least three times.

Despite reporting record high second quarter oil and gas production and revenues, Oklahoma City-based Devon Energy Corp. said that lower oil and natural gas prices caused net earnings to fall below year-ago levels. In addition, “sharply lower” gas prices in Canada also resulted in a non-cash full cost ceiling adjustment of $371 million, net of an income tax benefit.

Despite reporting record high second quarter oil and gas production and revenues, Oklahoma City-based Devon Energy Corp. said that lower oil and natural gas prices caused net earnings to fall below year-ago levels. In addition, “sharply lower” gas prices in Canada also resulted in a non-cash full cost ceiling adjustment of $371 million, net of an income tax benefit.

Class-action lawsuits overshadowed the political finger-pointing in California last week as multiple El Paso Energy and Sempra Energy subsidiaries were hit with complaints for alleged conspiracy and price manipulation that led to abnormally high gas prices for consumers.

Although it has been overshadowed lately by the boomingproduction in the Powder River Basin in Montana and Wyoming, theRaton Basin in southeastern Colorado and northeastern New Mexicohas nearly doubled its coal-bed methane production over the pasttwo years. As a result, Colorado Interstate Gas is planning to beefup its gas transportation infrastructure in the basin and increasetakeaway capacity by 85,000 Dth/d to 200,000 Dth/d starting inSeptember 2001.

Although it has been overshadowed lately by the boomingproduction in the Powder River Basin in Montana and Wyoming, theRaton Basin in southeastern Colorado and northeastern New Mexicohas nearly doubled its coal-bed methane production over the pasttwo years. As a result, Colorado Interstate Gas is planning to beefup its gas transportation facilities and increase basin takeawaycapacity by 85,000 Dth/d to 200,000 Dth/d starting in September2001.