In a compelling show of proof that it is truly a weather-driven market in winter, natural gas futures gapped higher and shot to new two-week highs Monday as traders returned from the weekend to learn that the rest of November would feature below-normal temperatures for the eastern half of the nation. The December contract finished at $4.263, up 28.2 cents for the session and just off its $4.28 high.
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Kinder Morgan Doubles Third Quarter Earnings
Kinder Morgan, Inc. may not be recession-proof, but its fee-based portfolio of midstream assets clearly felt no ill effects during the third quarter, according to CEO Richard Kinder. The company produced a 109% increase in third quarter net income to $58.2 million, or $0.48 per diluted common share, exceeding Wall Street consensus estimates by 2 cents/share. The results compared to $26.7 million, or $0.23 per diluted common share, in the third quarter of 2000.
Kinder Morgan Doubles Third Quarter Earnings
Kinder Morgan, Inc. may not be recession-proof, but its fee-based portfolio of midstream assets clearly felt no ill effects during the third quarter, according to CEO Richard Kinder. The company produced a 109% increase in third quarter net income to $58.2 million, or $0.48 per diluted common share, exceeding Wall Street consensus estimates by 2 cents/share. The results compared to $26.7 million, or $0.23 per diluted common share, in the third quarter of 2000.
Tight NE Capacity in January Proves More Pipes Needed
If regulators wanted further proof of need for additionalpipeline capacity to the Northeast, Independence Pipeline andTranscontinental Gas Pipe Line said they got it last month whendelivered prices in some markets shot up to nearly $20 per Dth.(See NGI, Jan. 24) Citing the January deliverability problem, thetwo pipelines separately asked FERC to deny the requests for a stayof the interim order conditionally approving their Northeastprojects.
Jan. Price Run-up Proves NE Capacity in Short Supply
If regulators wanted further proof of need for additionalpipeline capacity to the Northeast, Independence Pipeline andTranscontinental Gas Pipe Line said they got it last month whendelivered prices in some markets shot up to nearly $20Dth. Citingthe January deliverability shortage, the two pipelines separatelyasked FERC to deny the requests for a stay of the interim orderconditionally approving their Northeast projects.
Y2K is A-OK for Oil and Gas Industries
Using results from their latest Y2K survey as proof, the NaturalGas Council and the American Petroleum Institute (API) deemed theirworking group, formed to spur on Y2K readiness throughout the oiland gas industries, a success. With over two months to go, 93% ofthe oil and gas companies surveyed said their embedded systems areready for the Year 2000 and the rest expect to be done soon,leaders of the working group said at the National Press Club inWashington D.C. last week.
Y2K is A-Okay for Oil and Gas Industries
Using results from their latest Y2K survey as proof, the NaturalGas Council and the American Petroleum Institute (API) deemed theirworking group, formed to spur on Y2K readiness throughout the oiland gas industries, a success. With over two months to go, 93% ofthe oil and gas companies surveyed said their embedded systems areready for the Year 2000 and the rest expect to be done soon,leaders of the working group said at the National Press Club inWashington D.C. yesterday.
Independents Juggle Finances to Keep Going
Two recently announced deals provide further proof thatindependent producers are finding it tough going in the current lowcommodity price environment. Houston-based independentRutherford-Moran Oil Corp. struck a deal with Chevron to allow itto continue activities in the Gulf of Thailand, and EEX announcedit is selling $150 million of securities to fund its deep-waterdevelopment program.
Koch Denied Market-Based Rates
FERC yesterday ruled that Koch Gateway Pipeline failed to meetthe burden of proof in its request for market-based rate fortransportation services, causing it to reverse a 1997 initialdecision by an administrative law judge.