Progress

The Minerals Management Service (MMS) said Monday that because of the lack of progress in restoring Gulf infrastructure damaged by the hurricanes it will begin reporting offshore production shut-ins only twice a week instead of daily going forward.

With its chemicals unit spun off, and asset sales on track, Kerr-McGee Corp. continues to make significant progress in becoming a pure play exploration and production company, a company executive said Tuesday. The producer also remains on track to hit its fourth quarter production target of 248,500-277,200 boe/d.

Discussions between the state of Alaska and major producers over an Alaska natural gas pipeline “continue to make progress,” Lee Raymond, ExxonMobil chairman, told a Senate committee hearing Wednesday, but “it is absolutely critical from our point of view that all elements be clear and the interaction between the gas operation and the oil operation at Prudhoe Bay also be clear.

Inergy said subsidiary Central New York Oil and Gas Co. sold the remaining 2.4 Bcf of working gas storage capacity at its Stagecoach storage field in Tioga County, NY, and is making progress advancing a Phase II expansion project at the facility that will add another 12-13 Bcf of working gas capacity.

Not all of the elements are in place to commercialize the two major proposed Alaskan and Canadian natural gas pipelines, but progress is being made. ExxonMobil Corp. is “awaiting the right conditions for development” because the North American market will need gas from both projects in the next decade, a company executive said Tuesday.

Calling the construction of a natural gas pipeline “our greatest prospect for new jobs and prosperity,” Gov. Frank Murkowski told Alaskans Wednesday he expected to be able to soon deliver to the legislature one or more Stranded Gas contracts by applicants seeking to build pipelines to tap the state’s huge gas resources.

Calling the construction of a natural gas pipeline “our greatest prospect for new jobs and prosperity,” Gov. Frank Murkowski told Alaskans Wednesday he expected to be able to soon to deliver to the legislature one or more Stranded Gas contracts by applicants seeking to build pipelines to tap the state’s huge gas resources.

Not all of the elements are in place to commercialize the two major proposed Alaskan and Canadian natural gas pipelines, but progress is being made. ExxonMobil Corp. is “awaiting the right conditions for development” because the North American market will need gas from both projects in the next decade, a company executive said Tuesday.

In reviewing the company’s progress in 2004 and its priorities for 2005, DTE Energy CEO Anthony F. Earley Jr. said he expects the company will report 2004 operating (non-GAAP) earnings guidance of $2.40 to $2.50 per share. For 2005, Earley said the preliminary estimate for 2005 operating earnings guidance is between $3.30 and $3.60 per share.