Prolonged

Residual impacts from last year’s Gulf of Mexico hurricanes, higher taxes and a prolonged Texas refinery shutdown sent BP plc’s 1Q2006 net profit down 15% from a year ago, despite higher commodity prices. The London-based major posted a net profit of $5.63 billion, compared with $6.602 billion in 1Q2005.

TransCanada PipeLines Ltd., Canada’s top natural gas transporter, has put an end to prolonged conflicts with its customers by negotiating rate settlements on its principal delivery systems. The pipeline company announced a three-year agreement on Thursday on key items for establishing tolls on its Nova gas-gathering network in Alberta, source for about four-fifths of Canadian production.

TransCanada PipeLines Ltd., Canada’s top natural gas transporter, has put an end to prolonged conflicts with its customers by negotiating rate settlements on its principal delivery systems. The pipeline company announced a three-year agreement on Thursday on key items for establishing tolls on its Nova gas-gathering network in Alberta, source for about four-fifths of Canadian production.

Impacted by the lack of lasting cold in many regions of the country as well as bearish performances by the petroleum markets, January natural gas futures following the Christmas weekend plummeted lower towards the psychological $6.00 mark.

Proving that Hurricane Ivan’s lasting effects on Gulf of Mexico production didn’t go unnoticed by traders, the October natural gas futures contract on Tuesday spent the day exploring resistance levels following its gap higher at the open.

After prolonged gestation as a technical research project, coalbed methane is being born as a new branch of Canadian natural gas production this year with expectations that it will grow rapidly.

While disclosing that prolonged negotiations will likely delay the delivery date, the senior partner in Canada’s Arctic natural gas project said securing native participation in the Mackenzie Valley pipeline will be worth the wait.

While disclosing that prolonged negotiations will likely delay the delivery date, the senior partner in Canada’s Arctic natural gas project said securing native participation in the Mackenzie Valley pipeline will be worth the wait.

With the record levels of rig activity finally realizing an increase in natural gas supply, it is possible if the trend continues to see “a prolonged period of ‘weak’ natural gas prices” in the $2-3 range, according to Thomas Driscoll of Lehman Brothers. Supply growth, the current natural gas storage overhang, and weak demand could also lead to “lackluster” exploration and production share-price performance, the analyst warned.