Quarter

Noting it has “three teams” of negotiators talking to Russia’s Gazprom, Sempra Energy divulged during a first-quarter earnings conference call Wednesday that it is exploring power generation and energy marketing deals with the gas producer in addition to processing some of its liquefied natural gas (LNG) through one or more North American receiving terminals.

Noting it has “three teams” of negotiators talking to Russia’s Gazprom, Sempra Energy divulged during a first-quarter earnings conference call Wednesday that it is exploring power generation and energy marketing deals with the gas producer in addition to processing some of its liquefied natural gas (LNG) through one or more North American receiving terminals.

Imports of liquefied natural gas (LNG) soared 29% last year to 652 Bcf, or about 3% of total U.S. demand, the Office of Fossil Energy said in its fourth quarter report on Natural Gas Imports and Exports. LNG was imported from seven countries, but Trinidad made up 71% of the total. The Department of Energy is expecting LNG imports to grow another 12% this year to 730 Bcf.

Imports of liquefied natural gas (LNG) soared 29% last year to 652 Bcf, or about 3% of total U.S. demand, the Office of Fossil Energy said in its fourth quarter report on Natural Gas Imports and Exports. LNG was imported from seven countries, but Trinidad made up 71% of the total. The Department of Energy is expecting LNG imports to grow another 12% this year to 730 Bcf.

In an interim 1Q2005 update, BP plc said overall oil and natural gas production is expected to be about 4.09 MMboe/d, which is about the same output level as the final quarter of 2004 and slightly higher than the 4.015 MMboe/d reported for the same period a year ago.

Following a report of accelerated losses in last year’s fourth quarter, El Paso Corp. followed up Thursday with a long-range planning update in which it intends to get out of all noncore businesses and pay down debt quicker in hopes of hitting net income of up to $750 million next year, the company told financial analysts at a conference it hosted in Houston. This follows a reported net loss in 2004 of more than $1 billion announced by the company Wednesday.

With throughput on the Jonah Gas Gathering System in southwestern Wyoming averaging near capacity at 1 Bcf/d in the fourth quarter of 2004, TEPPCO Partners LP has announced plans for a $122 million expansion project that will loop the system and add about 500 MMcf/d of new capacity by December.

With throughput on the Jonah Gas Gathering System in southwestern Wyoming averaging near capacity at 1 Bcf/d in the fourth quarter of 2004, TEPPCO Partners LP has announced plans for a $122 million expansion project that will loop the system and add about 500 MMcf/d of new capacity by December.

Houston Exploration Co. said last week it would revise its second and third quarter cash flow statements by $60 million because it misclassified a component of an asset exchange with KeySpan Corp. in June. KeySpan, which completed selling all of its stock in the company last Wednesday, completed a $449 million share transfer exchange last May that reduced its ownership from 55% to 24% (see NGI, May 31).