A more than $400 million jury verdict issued Jan. 27 against two producers in an Appalachia royalty case “is clearly excessive” and “would have far-reaching negative implications for all gas producers in West Virginia” if allowed to stand, said NiSource Inc. and Chesapeake Energy Corp.
Reaching
Articles from Reaching
Global Gas Output Forecast to Nearly Double by 2011
Worldwide offshore oil production has risen by just over a third since 1991 and will continue to rise at about the same rate, reaching 35 million b/d in 2011. However, offshore natural gas production more than doubled between 1991 and 2006 to 867 billion cubic meters (30.6 Tcf), and gas is forecast to almost double again by 2011, Douglas-Westwood Ltd. stated in a new report.
Global Gas Output Forecast to Nearly Double by 2011
Worldwide offshore oil production has risen by just over a third since 1991 and will continue to rise at about the same rate, reaching 35 million b/d in 2011. However, offshore natural gas production more than doubled between 1991 and 2006 to 867 billion cubic meters (30.6 Tcf), and gas is forecast to almost double again by 2011, Douglas-Westwood Ltd. stated in a new report.
Clock Runs Out on Senate, House OCS Negotiations
Despite eleventh-hour negotiations, House and Senate leaders headed home for the November elections without reaching a compromise on legislation to open up more of the federal offshore to oil and natural gas leasing. The Republican leadership is expected to take up the issue of coastal drilling in the lame-duck session, which — depending on the outcome of the elections — could make a deal even more elusive.
Clock Runs Out on Senate, House OCS Negotiations
Despite eleventh-hour negotiations, House and Senate leaders headed home for the November elections without reaching a compromise on legislation to open up more of the federal offshore to oil and natural gas leasing. The Republican leadership is expected to take up the issue of coastal drilling in the lame-duck session, which — depending on the outcome of the elections — could make a deal even more elusive.
CA Lawmakers Pass Global Warming, Emissions Bills; Gov to Sign
California’s legislature Thursday put the final exclamation point on the state’s far-reaching move establishing the toughest standards in the nation in an attempt to turn back the clock on greenhouse gas (GHG), or global warming, emissions, passing mandatory reporting and emission limits for electric generation plants, refineries and other major industries (AB 32), along with a ban on adding any new power generation or supply contracts tied to traditional coal-fired power generation (SB 1368).
Futures Post Small Rally on Short-Covering
July natural gas was mostly quiet Wednesday as traders pushed the contract back and forth between the day’s $6.500 to $6.680 range. After reaching the day’s high late in the session on a little short-covering, the prompt month ended up settling at $6.588, up 8.6 cents on the day.
ConocoPhillips Profit Surges on Higher Prices; U.S. Gas Output Up
ConocoPhillips on Wednesday reported that net profit surged in the first quarter, reaching $3.29 billion ($2.34/share), compared with profit of $2.91 billion ($2.05) in 1Q2005. To perhaps inoculate itself from criticism about soaring oil company profits, ConocoPhillips also reported that it reinvested 141% of the net income into developing new resources and its global refining business.
Raymond James Lowers 2006 Gas Price Forecast Due to ‘Highly Unfavorable Weather’
With natural gas futures prices reaching six month lows last week, energy analysis firms are having to reassess their 2006 price estimates to account for the unseasonably warm weather streak that much of the U.S. has experienced this winter-to-date. Analysts at Raymond James said Monday that they were lowering their natural gas forecasts for the first half of 2006 due to “highly unfavorable weather.”
Marathon’s Earnings Triple, Revenue Up 21%
Reflecting full ownership of its downstream and growth in upstream income, Marathon Oil Corp.’s 4Q2005 profit soared, with net income reaching $1.27 billion ($3.43/share), compared with $429 million, ($1.23) a year ago. Revenue was up 21% to $17.3 billion from $14.3 billion. U.S. natural gas sales grew in the quarter, but they were down overall for the year.