Push has come to shove for Pogo Producing Co., which Thursday announced it has begun exploring strategic alternatives to sell or find a merger partner for all or part of its assets.
Push
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Pogo Decides to Sell or Find Merger Partner
Push has come to shove for Pogo Producing Co., which Thursday announced it has begun exploring strategic alternatives to sell or find a merger partner for all or part of its assets.
Traders Take Friday Off as $8 Level Remains Stout Resistance
Adding more credibility to the view that the psychological $8 level could be a top, bullish natural gas futures traders on Friday were unable to push the March contract above $7.920 during a quiet, week-ending trading session. The prompt month traded a slim 11-cent range from $7.810 to $7.920 before calling it a week at $7.827, down 4.4 cents on the day but 35.1 cents higher than the previous Friday’s close.
ConocoPhillips 4Q Oil, Gas Output Below Forecast
“Significantly lower” worldwide refining margins and poorer-than-expected results in midstream and chemicals operations will push ConocoPhillips’ earnings lower in 4Q2006, the producer warned last week. ConocoPhillips also blamed a combination of “declining well performance and drilling results” in Canadian Rockies Foothills’ natural gas exploration and development activities, which will result in a $90 million after-tax quarterly charge.
Xcel Eyes Storage Needs in Rockies
Xcel Energy told Colorado regulators last week that it’s in the market for more storage space to support its gas supply portfolio. The push for more renewable energy such as wind power in Colorado has created a need for more back-up gas-fired generation, and as gas demand increases so does the need for more storage.
Xcel Eyes Storage Needs in Rockies
Demand for gas storage capacity in the Rockies is growing as gas demand continues to grow and the push for more renewable energy such as wind power creates a need for more back-up gas-fired generation. Xcel Energy told Colorado state regulators last week that it’s in the market for more storage space to support its gas supply portfolio.
Despite Current Market Weakness, 2 Analysts Remain Long-Term Bulls
While market bears are currently in the driver’s seat and appear likely to push near-month futures prices down into the mid-$5s or possibly lower barring a sudden increase in hurricane activity, the bulls clearly have control of the out-months with the spread between October and January futures recently peaking at a whopping $4.70. Some analysts conclude that these spreads are a clear indication that lower prices won’t be around for long.
Prices Keep Rising at Most Points; West a Bit Weak
Getting support from weather that would continue baking most of the U.S. through the weekend, Thursday’s 15.5-cent push higher by expiring August futures and a lessening of the storage bearishness that has pervaded the market in recent months, cash prices continued to rise at a majority of points Friday.
Bodman to Alaska: Step It Up; LNG Is Coming
In a letter Wednesday to Alaska Gov. Frank Murkowski, U.S. Energy Secretary Samuel Bodman urged the governor to quickly push through the legislative and contractual work necessary to begin the Alaska Natural Gas Transportation Project.
Bears, Bulls Unwilling to Stick Necks Out; Futures Close 13.8 Cents Higher
One the day before the July contract’s expiration, natural gas futures traders were still unwilling to push the market in either direction decisively. July natural gas, which expires Wednesday, opened higher Tuesday and traded within a slim 13-cent range between $5.990 and $6.120 before closing at $6.107, up 13.8 cents on the day.