Devon Energy Corp., the largest U.S.-based independent producer, Thursday reported a 13% increase in quarterly net income and a 43% increase in total daily oil, natural gas and gas liquids production. The large production increase was mainly a result of Devon’s Ocean Energy merger last year. Excluding the impact of the merger Devon’s production still climbed 7% over 1Q2003.
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CA Governor Still Has Energy Policy in Sight, Aides Say
With two of his most likely opposition party political rivals stirring up energy issues last week, California Gov. Arnold Schwarzenegger appears to have forgotten about the energy sector, but aides in his Sacramento press office disagree with that perception. They predict Schwarzenegger will divulge before summer his “energy plan.”
CA Governor Still Has Energy Policy in Sight, Aides Say
With two of his most likely opposition party political rivals stirring up energy issues this week, California Gov. Arnold Schwarzenegger appears to have forgotten about the energy sector, but aides in his Sacramento press office disagree with that perception. They predict Schwarzenegger will divulge before summer his “energy plan.”
Transportation Notes
The third-party maintenance work scheduled for April 14-16 at the Gulfterra-Thompsonville receipt point in Jim Hogg County, TX (see Daily GPI, April 13) was postponed until further notice, NGPL said. Therefore, it was accepting intraday nominations at the point Wednesday.
Kelliher, Kelly Sworn In as FERC Commissioners; No Word Yet on Massey Nomination
Joseph T. Kelliher and Suedeen Kelly were sworn in late last week as the newest members of the Federal Energy Regulatory Commission. Both are expected to make their debut appearance at the Commission’s next regular meeting on Dec. 17.
Transportation Notes
Third-party abandonment and removal of the Brazos Block A-20 platform offshore Texas will require Transco to reconfigure and reroute the line that currently boards and departs from the platform. The project is currently scheduled to begin on or about Nov. 14 and is estimated to last for 30 days. During this period, production from the Brazos A-23, A-19 and 544 blocks will not be available for flow to Transco.
Transportation Notes
Florida Gas Transmission (FGT) said a third-party excavator caused its eight-inch diameter pipeline near Manatee, FL, in Bradenton County to rupture Tuesday morning, forcing the small pipeline to be shut down. No explosion occurred and there were no injuries. The line, which serves Peoples Gas, was carrying 15-20 MMcf/d. The line was back and flowing as of about 4 a.m. Wednesday morning, said FGT spokeswoman Gina Taylor.
Fitch Expects Dynegy Credit Renewal, Downgrades on Overall Profile
Although it “anticipates” a successful renewal and restructuring of maturing credit facilities, Fitch Ratings has lowered the debt ratings on Dynegy Inc. and Dynegy Holdings Inc. to “CCC+” from “B” and also has lowered the long-term ratings of affiliates Illinois Power and Illinova Corp. All of the ratings for the corporation and its affiliates remain on Rating Watch Negative.
Fitch Expects Dynegy Credit Renewal, Downgrades on Overall Profile
Although it “anticipates” a successful renewal and restructuring of maturing credit facilities, Fitch Ratings has lowered the debt ratings on Dynegy Inc. and Dynegy Holdings Inc. to “CCC+” from “B” and also has lowered the long-term ratings of affiliates Illinois Power and Illinova Corp. All of the ratings for the corporation and its affiliates remain on Rating Watch Negative.
CA Budget Deficits Exceed $21 Billion, Davis Says
California will have to make multi-billion dollar cuts in its budget — starting now, the governor said after meeting with the state legislative leaders on a conference call Thursday.