Despite posting record quarterly earnings during 3Q2008, Plano, TX-based Denbury Resources Inc. is following a number of its oil and gas producing peers in slashing its 2009 capital budget due to the bleak U.S. economic outlook. The company also noted that the troubling financial climate has made the planned unloading of its Barnett Shale assets more difficult than first expected.
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Denbury Posts Record Earnings, Reduces 2009 Spending
Despite posting record quarterly earnings during 3Q2008, Plano, TX-based Denbury Resources Inc. is following a number of its oil and gas producing peers in slashing its 2009 capital budget due to the bleak U.S. economic outlook. The company also noted that the troubling financial climate has made the planned unloading of its Barnett Shale assets more difficult than first expected.
British Columbia Unlocking Shale Play Magic
British Columbia (BC) is posting its eighth annual increase in natural gas reserves while continuing a streak of strong monthly drilling rights sales, amid rising expectations that provincial output and exports will keep on growing at an accelerating rate.
British Columbia Touted for Producing Stamina
British Columbia (BC) is posting its eighth annual increase in natural gas reserves while continuing a streak of strong monthly drilling rights sales, amid rising expectations that provincial output and exports will keep on growing at an accelerating rate.
Prices Ignore Futures Support, Fall at Most Points
September futures going higher in after-hours activity after posting a regular session gain of 17.5 cents Thursday did not have the cash market-boosting impact that one source had expected. Instead, prices fell at virtually all points Friday due to cooling load being subpar for late August in several areas, traders discounting the possibility of Tropical Storm Fay causing any substantive shut-ins, and the decline of industrial load that accompanies a weekend.
Transportation Notes
After posting an alert about experiencing excess linepack, Pacific Gas & Electric issued a systemwide Stage 2 high-inventory OFO for Thursday. Penalties of $1/Dth were set for daily positive imbalances exceeding a 5% tolerance.
Enbridge Posts Strong 4Q; Considers Asset Sales to Finance Pipe Projects
Even while posting a significant boost in 4Q2007 profit when compared to 4Q2006, Calgary pipeline operator Enbridge Inc. said it plans to sell some of its assets, in whole or in part, rather than issue common shares to help finance the C$1.5 billion equity portion of the C$11.6 billion capital projects it plans to undertake over the next four years, the company said Wednesday.
Dominion Sale of E&P on Track to Close in 2Q
Dominion Resources Inc.’s net income in the final quarter of 2006 plunged 88% from a year ago, with the volatile exploration and production (E&P) segment posting an 83.6% drop in earnings compared with a year earlier. Dominion E&P, which the CEO said is “on track” to be sold by the end of 2Q2007, is rumored to be drawing the interest of private equity players, global oil and gas majors and several U.S.-based independents.
North American Marketers Report Steady Rise in 3Q Trading Volumes
North American natural gas marketing showed steady growth in 3Q2006, with several of the perennial top performers posting double-digit gains in wholesale gas sales volumes, compared with a year ago. Wholesale gas sales reported to NGI for the period by the top 20 marketers were up 10% over a year ago to reach 120.42 Bcf/d, nearly 11 Bcf/d more than the 109.67 Bcf/d reported in 3Q2005.
North American Marketers Report Steady Rise in 3Q Trading Volumes
North American natural gas marketing showed steady growth in 3Q2006, with several of the perennial top performers posting double-digit gains in wholesale gas sales volumes, compared with a year ago. Wholesale gas sales reported to NGI for the period by the top 20 marketers were up 10% over a year ago to reach 120.42 Bcf/d, nearly 11 Bcf/d more than the 109.67 Bcf/d reported in 3Q2005.