Putting

Devon Energy Corp. on Friday issued a disappointing production forecast through 2009, putting most of the blame on escalating costs in Western Canada, where 70% of its output is natural gas. The Oklahoma City-based independent said it is “significantly” reducing development of its conventional gas projects in Canada “until business conditions improve.”

Devon Energy Corp. on Friday issued a disappointing production forecast through 2009, putting most of the blame on escalating costs in Western Canada, where 70% of its output is natural gas. The Oklahoma City-based independent said it is “significantly” reducing development of its conventional gas projects in Canada “until business conditions improve.”

Putting to rest at least part of its concern related to its failed performance-based rate (PBR) scheme that ran from 2000 through 2002, Naperville, IL-based Nicor Inc. announced Tuesday that it has been advised by the U.S. Attorney for the Northern District of Illinois that the government is closing its inquiry and will not seek to prosecute the company or any individuals in connection with the ill-fated plan.

As part of a broader strategy to emphasize its natural gas business and deemphasize independent power generation, San Diego-based Sempra Energy is considering putting its Port Arthur, TX, liquefied natural gas (LNG) import terminal on hold while expanding its more advanced LNG projects in North Baja California, Mexico and Cameron, LA. The decision marks the third case in a month in which a Gulf Coast LNG project has been shelved or canceled (see NGI, Aug. 28).

The healthy year-over-year natural gas storage surplus could be slimmed down rapidly this winter — putting upward pressure on natural gas prices — if the 2007 Farmers’ Almanac weather forecast holds up. “Shivery is not dead,” editor Peter Geiger said, alluding to the winter weather forecast in the latest edition of the 188-year-old publication.

As part of a broader strategy to emphasize its natural gas business and deemphasize independent power generation, San Diego-based Sempra Energy is considering putting its Port Arthur, TX, liquefied natural gas (LNG) import terminal on hold while expanding its more advanced LNG projects in North Baja California, Mexico and Cameron, LA.

The healthy year-over-year natural gas storage surplus could be slimmed down rapidly this winter — putting upward pressure on natural gas prices — if the 2007 Farmers’ Almanac weather forecast holds up. “Shivery is not dead,” editor Peter Geiger said, alluding to the winter weather forecast in the latest edition of the 188-year-old publication.

The defense teams for Enron Corp. founder Kenneth Lay and ex-CEO Jeffrey Skilling launched their attack on Monday, putting up a string of lower level ex-employees who countered bits of the testimony by some of the prosecution’s ex-Enron executives.

Putting in a wild and volatile day of trading Wednesday, March natural gas futures ratcheted higher in the morning to put in a $9.820 high before collapsing lower. After notching a low of $8.700 late in the session, the prompt month settled at $8.723, down 59.3 cents on the day.