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Industry Brief

Onshore natural gas explorer CDX Gas LLC has filed for bankruptcy protection in U.S. Bankruptcy Court for the Southern District of Texas (No. 08-37922). The filing, which indicated the producer owes $500 million to $1 billion, would allow the Houston-based producer to restructure its finances and operations. Formed in 1991, CDX and its affiliated companies were acquired in March 2006 by investor group TCW and some co-investors. CDX operates across the United States in the Appalachian, Barnett, Arkoma, Black Warrior, Cahaba, Piceance, Uinta and San Juan basins. It extracts coalbed methane using its patented Z-Pinnate Horizontal Drilling and Completion System, which was developed for the Appalachian Basin operations.

December 16, 2008

FERC Tries to Resolve Disputed Payment for Grays Harbor Lateral

Both Northwest Pipeline and Duke Energy were off in their estimates of how much Duke Energy owes Northwest for building lateral facilities for a planned power generation project in Washington State that was later canceled, FERC said last Wednesday.

October 9, 2006

FERC Tries to Resolve Disputed Payment for Grays Harbor Lateral

Both Northwest Pipeline and Duke Energy were off in their estimates of how much Duke Energy owes Northwest for building lateral facilities for a planned power generation project in Washington State that was later canceled, FERC said Wednesday.

October 6, 2006

Illinois Attorney General Says Nicor Owes Customers $160 Million

Illinois Attorney General Lisa Madigan has called for Nicor Gas to refund customers at least $160 million for overcharges in 2000, 2001 and part of 2002 through Nicor’s purchased gas adjustment (PGA) mechanism.

July 10, 2006

Gas Still King in Alberta, Despite Upstart Oil Sands Development

Oil sands are emerging as Alberta’s celebrity product, but the province still owes much of a developing economic boom — and the capital to finance the new star — to its long-standing status as Canada’s chief natural gas-producing jurisdiction.

March 17, 2006

Unocal Must Pay Alaska Fertilizer Plant $38M for Underdeliveries of Feedstock Gas

Unocal Corp. said Friday that an arbitration panel has ruled that it owes Agrium U.S. Inc. $36 million plus $2 million in interest for underdelivery of natural gas to Agrium’s fertilizer plant in Alaska. As a result, Unocal said it expects to take a charge against earnings in the second quarter.

July 26, 2004

Illinois Attorney General Says Nicor Owes Customers $160 Million

Illinois Attorney General Lisa Madigan on Friday called for Nicor Gas to refund customers at least $160 million for overcharges in 2000, 2001 and part of 2002 through Nicor’s purchased gas adjustment (PBR) mechanism.

November 25, 2003

Refunds to California Estimated to Reach $3.3 Billion

California customers may expect to collect as much as $3.3 billion in power refunds, slightly more than the $3 billion the state still owes to power generators but up from original calculations of $1.8 billion, under a decision Wednesday by FERC to recalculate its market cap for power sold during the western power crisis in 2000-2001. The refund amount is considerably less than state claims of $9 billion.

March 31, 2003

Refunds to California Estimated to Reach $3.3 Billion

California customers may expect to collect as much as $3.3 billion in power refunds, slightly more than the $3 billion the state still owes to power generators but up from original calculations of $1.8 billion, under a decision Wednesday by FERC to recalculate its market cap for power sold during the western power crisis in 2000-2001. The refund amount is considerably less than state claims of $9 billion.

March 27, 2003