Phenomenal

Using horizontal drilling techniques that have led to phenomenal success onshore in North America, BP plc plans to spend $1.5 billion to tap a hard-to-reach offshore reservoir in the Arctic waters of the Beaufort Sea.

Thanks in large part to the extension of a key federal production tax credit (PTC) by the U.S. Congress through 2007, the U.S. wind power sector is experiencing phenomenal growth, with thousands of megawatts of the renewable resource being added to the country’s power grid.

Two of the top U.S.-based integrated majors, ConocoPhillips and Amerada Hess Corp., along with revamped independent Kerr-McGee Corp., reported Wednesday phenomenal earnings growth in 4Q2005 and full-year 2005, boosted by soaring oil and natural gas prices. ConocoPhillips also recorded natural gas production gains in Alaska and the Lower 48 states in the final quarter; however, gas output at Hess and Kerr-McGee for the final period and the year was lower.

Phenomenal energy demand and higher prices will lead to one of the best financial quarters ever for the energy industry, according to Raymond James & Associates. Energy companies are expected to post “some of the greatest year-over-year earnings growth rates of any of the 11 S&P groups,” the investment bank said in a equity research report last Monday.

Phenomenal energy demand and higher prices will lead to one of the best financial quarters ever for the energy industry, according to Raymond James & Associates. Energy companies are expected to post “some of the greatest year-over-year earnings growth rates of any of the 11 S&P groups,” the investment bank said in a equity research report yesterday.

After last year’s phenomenal earnings growth rate of 26%,UtiliCorp United’s CEO thinks the energy services provider hasnever been stronger, and said last week that the company’s diverseportfolio should guarantee earnings of at least 15% for the nextseveral years. Rick C. Green Jr. stressed, though, that diversitydid not necessarily mean adding more assets, just doing well withthe ones the company already holds.

After last year’s phenomenal earnings growth rate of 26%,UtiliCorp United’s CEO thinks the energy services provider hasnever been stronger, and said yesterday that the company’s diverseportfolio should guarantee earnings of at least 15% for the nextseveral years. Rick C. Green Jr. also stressed, though, thatdiversity did not necessarily mean adding more assets, just doingwell with the ones the company already has.

Top North American Gas Marketers : Ranking by 2000 Sales VolumeRanking by Fourth Quarter 2000 Sales Volume

The natural gas futures market had one of its more volatileweeks last week as daily price fluctuations averaged more than 20cents and price ranges averaged a substantial 28 cents. As ofFriday afternoon, the July contract stood at a lofty perch of$4.160/MMBtu, 11.7 cents higher than the previous Friday and 94.3cents above where the near-month contract stood one month earlier.