Property

Rising costs, property sales and lower volumes from production-sharing contracts contributed to a disappointing quarter for BP plc on Tuesday. Going forward, the London-based major said 2007 oil and natural gas output will range between 3.8-3.9 MMboe/d, nearly flat compared with its 2006 annual production of 3.93 MMboe.

Former executives of Gryphon Exploration Co. have formed Phoenix Exploration Co. for oil and gas exploration and property acquisition in the Gulf Coast and Gulf of Mexico.

Washington Gas, the natural gas distribution subsidiary of WGL Holdings Inc., has announced plans to build its first liquefied natural gas (LNG) storage facility on company-owned property in Chillum, MD, outside of Washington, DC.

Property sales and to a lesser degree, the recent hurricanes, sent Oklahoma City-based Devon Energy Inc.’s combined oil and natural gas production down from a year ago, but even with the divested assets, high commodity prices lifted net earnings 44%, to $744 million ($1.63/share), compared with $517 million ($1.03) in 3Q2004.

Petrofund Energy Trust said Tuesday it purchased about 4 million boe in western Canadian gas and oil reserves (84% gas) through a combination of three property and corporate transactions for a total purchase price of C$66.4 million. The majority of the production is located in Alberta and British Columbia with minor interests in Saskatchewan.

Unocal Windy Hill Gas Storage LLC is conducting a nonbinding open season through May 18 for 6 Bcf of future natural gas storage capacity at a facility planned on its Windy Hill property in Morgan County, CO. The new facility would be the first bedded salt underground gas storage facility in Colorado.

Unocal Windy Hill Gas Storage LLC is conducting a nonbinding open season through May 18 for 6 Bcf of future natural gas storage capacity at a facility planned on its Windy Hill property in Morgan County, CO. The new facility would be the first bedded salt underground gas storage facility in Colorado.

Devon Energy Corp., on the asset acquisition trail since 1988, believes it has all the bases covered in terms of natural gas assets, expertise and overall size and is focusing going forward almost exclusively on developing those predominantly North American assets and paying down the debt it accumulated during the acquisition phase.

Devon Energy Corp. Monday announced a series of financial moves, including divestiture of some of its North American oil and gas reserves, a two-for-one stock split, a buyback of up to 10% of its stock and a move from the American to the New York Stock Exchange.