Positioning

Top officials from Alberta and British Columbia on Thursday touted the strategic positioning and infrastructure of their provinces in facilitating the movement of natural gas through the proposed Alaska pipeline, which, if constructed, will deliver gas to the Lower 48.

Focused on its current challenges but positioning itself for recovery, Duke Energy last week announced another cut to its forecasted capital expenditures for 2003 to $3 billion from a previous $3.2 billion. The reduction, said CEO Richard Priory, will ensure financial flexibility and enhance Duke’s cash-positive position for 2003.

Focused on its current challenges but positioning itself for recovery, Duke Energy announced another cut to its forecasted capital expenditures for 2003 to $3 billion from a previous $3.2 billion. The reduction, said CEO Richard Priory, will ensure financial flexibility and enhance its cash positive position for 2003.

Positioning itself to become a major regional energy player, DTE Energy last Thursday announced the closing of its approximately $3.9 billion merger with MCN Energy Group. The completion of the merger finishes a process that kicked off in October 1999 (see NGI, October 11, 1999).

Positioning itself to become a major regional energy player, DTE Energy yesterday announced the closing of its approximately $3.9 billion merger with MCN Energy Group. The completion of the merger finishes a process that kicked off in October 1999 (see Daily GPI, October 6, 1999).

Positioning itself to become a top tier national energymarketing and trading merchant, Allegheny Energy Inc. announcedyesterday it will acquire Global Energy Markets (GEM), the energycommodity marketing and trading arm of Merrill Lynch & Co.Subsidiary Allegheny Energy Supply LLC will pay $490 million andgive its new partner a 2% equity interest. In turn, Merrill Lynchwill refer clients to its partner.

Small gains dominated the late-July incremental cash marketWednesday. Positioning for cash-outs was the primary reason forfirmness in the Midcontinent and Gulf Coast, according to aproducer; “there’s not much else to base it on.” Predictably,incremental business tended to get shoved onto a back burner as theHenry Hub futures contract for August expired.

Chevron and its Project Genesis partners made the first movetoward positioning the 28,700-ton hull of the Genesis drilling andproduction platform in waters 2,600 feet deep in the Gulf ofMexico, 150 miles south of New Orleans. Project teams from ChevronUSA Production, Exxon, PetroFina, and contractors last weekup-righted the 705-foot cylindrical steel hull, which will be thefoundation for the entire platform. The hull arrived by barge fromFinland earlier this year and was floated into position from itslaunch site in Ingleside, TX.