The pace of returning Gulf of Mexico and Gulf Coast gas production appeared to have quickened over the weekend, and gas futures and cash prices reflected that trend in light trading on Columbus Day (Thanksgiving Day in Canada). Cash points tumbled between a nickel and 30 cents in the Northeast, 15-45 cents in the Gulf Coast, and 10-55 cents in the Midwest and Midcontinent.
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Heat Helps Some Points Avoid Screen-Driven Dips
As anticipated, the previous day’s futures plunge of nearly 30 cents was reflected by overall softness in Tuesday’s cash market. But there was enough hot weather demand to distribute pockets of flat to higher prices here and there.
Dynegy Launches Refinancing Plans but Warns of 2Q Net Loss
Dynegy Inc. last week began climbing out of its deep debt-filled hole, launching a major junk bond refinancing project as well as a stock restructuring deal to pay off a credit line with ChevronTexaco Inc., its largest shareholder. If the transactions are completed as envisioned, Dynegy’s debt maturities would be “significantly” reduced over the next few years, including a portion of its recently restructured $1.66 billion credit facility and the secured financing of its Midwest generation assets.
Devon Scores Record Production, Reserve Replacement with Acquisitions
Besides its record oil and natural gas production and revenues in 2002, Devon Energy Corp. also could boast Thursday that it pumped up its oil, gas and natural gas liquids (NGL) reserve replacements last year by 278% at a cost of $7.18/boe.
Puget Energy Sees Higher Revenues, Earnings
The extremely higher costs of natural gas and electricity lastyear are reflected in the financial results announced Tuesday byone of the Pacific Northwest’s major combination energy companies,Bellevue, WA-based Puget Energy. The holding company for the stateof Washington’s largest investor-owned utility, Puget Sound Energy,recorded $40 million in receivables for excess power provided toCalifornia’s independent grid operator, Cal-ISO.
Calpine Reports Revenue, Earnings Increases
The continued successful implementation of its aggressive growthstrategy was reflected in the annual and quarterly financialresults of San Jose, CA-based Calpine Corp., which Tuesdayannounced triple-digit percentage increases in revenues, net incomeand earnings-per-share. Net income, before an extraordinary charge,was $324.7 million in 2000, compared to $96.2 million in 1999, a238% increase; revenues were $2.3 billion, compared to $847.7million in 1999, a 171% increase; and earnings-per-share were$1.11, compared to 43 cents/share in 1999, a 158% increase.
NYC Deliveries Spike Over $4; Aftermarket Mixed
While the rest of the nascent December aftermarket Tuesdayreflected a mix of prices both above and below indexes but mostlyon the slightly higher side, Northeast citygates reacted todeliverability limits and increasingly winter-like weather byshooting up to $3-plus in most cases. The spike was most evident atTransco Zone 6-New York City, which saw a tremendous range of about$1.63 from top to bottom led by a high quote of $4.75.