Natural gas growth potential and prospects for continued modest prices were talked up to a group of state regulatory commissioners meeting in Los Angeles Monday, following keynote addresses earlier in the day touting gas and all of its traditional and renewable competitors.
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Two of Edison International’s Edison Mission Group (EMG) generation units had their ratings and outlook downgraded by Moody’s Investors Service, which cited the prospects for continuing cash flow problems exacerbated by “low energy and capacity prices.” EMG’s Edison Mission Energy (EME) and subsidiary Midwest Generation Co. were downgraded — for EME from “B3” to “Caa1” for its senior unsecured notes; from “B2” to “B3” for it corporate family rating; and the outlook was set at negative for both of EMG’s independent generators. “The downgrade recognizes the continuing multi-year challenge that EME faces in satisfying state and federal environmental requirements across its generation fleet,” Moody’s said.
Market Posts Higher Quotes at Most Points
Prospects of greater heat levels returning this week had prices rebounding at a large majority of trading locations Monday. The previous Friday’s rise of 3.6 cents by prompt-month futures and the return of industrial load from its usual weekend decline were additional minor bullish factors.
Texas Measure Targets Shale Patch Incentive
A bill in a Texas House committee if passed would repeal a natural gas drilling tax break that benefits the vast majority of wells in the state’s shale gas plays. The bill’s sponsor says the incentive has outlived its usefulness, but an industry advocate claims its repeal would be a gas production- and job-killer.
Duvernay Shale Has Been a Tough Nut to Crack
More than two years after a spectacularly expensive takeover called attention to Alberta’s vast Duvernay geological formation, drilling is beginning — and the deep shale target is turning out to be expensive to hit.
Triana, Marathon Make Marcellus Development Pact
Triana Energy LLC and a unit of Marathon Oil Corp. will develop 82,000 acres of Marcellus Shale prospects in Fayette County, PA, and several counties in northern West Virginia, Triana said Thursday.
Nevada Shales: ‘Low on Pecking Order,’ State Official Says
While there are probably no significant shale gas supplies coming out of Nevada any time soon, there are some longer-term prospects, and in the meantime state oil and gas stakeholders are keeping an eye on shale developments in the Rockies and Western Canada, according to a gas engineering specialist at the Nevada Public Utilities Commission (PUC).
Mexico Will Need More Gas, Says Study
Mexico is emerging as an outlet for North America’s abundant shale gas production, according to a Canadian survey of North American “continental market” prospects.
Mexico’s Imports of Gas to Climb, Says Study
Mexico is emerging as an outlet for North America’s abundant shale gas production, according to a Canadian survey of North American “continental market” prospects.
Chesapeake Spending, Accounting Methods Scrutinized
Chesapeake Energy Corp.’s continued acquisitiveness this year has given the producer an even bigger bag of domestic shale prospects to develop, but the buying spree, plus questions about its accounting practices, has drawn a “sell” recommendation from one veteran analyst.