Despite an abbreviated legislative calendar for the remainder of the year, American Gas Association (AGA) officials last Wednesday said they were optimistic that Congress will vote out legislation opening more of the federal Outer Continental Shelf (OCS) to oil and natural gas leasing.
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AGA Optimistic OCS Bill Will Clear Congress This Year
Despite an abbreviated legislative calendar for the remainder of the year, the American Gas Association (AGA) on Wednesday said it was optimistic that Congress will vote out legislation opening more of the federal Outer Continental Shelf (OCS) to oil and natural gas leasing.
NGI The Weekly Gas Market Report
S&P: Independents Will Continue Asset Consolidation Role
Barring a snap back to cold weather, look for natural gas prices to remain “soft” at around $7/MMBtu and perhaps less for the remainder of the first half of this year, Standard & Poor’s Ratings Service said in a 2006 oil and gas trends research note released last week.
S&P: Prices Soft for Now; Expect More Producer M&A
Barring a snap back to cold weather, look for natural gas prices to remain “soft” at around $7/MMBtu and perhaps less for the remainder of the first half of this year, Standard & Poor’s Ratings Service said in a 2006 oil and gas trends research note released Tuesday.
Futures Gain as Potentially ‘Anemic’ Storage Report Looms
After staking out a session low of $13.75 in morning trade, November natural gas futures steadily climbed for the remainder of the session Tuesday, hitting a high of $14.24 before closing at $14.224, up 20.7 cents on the day.
People
NUI Chairman John Kean announced that he will step down on April 1, while retaining his directorship for the remainder of his term. Kean is scheduled to retire at the company’s next annual meeting of shareholders, as required by NUI corporate bylaws. NUI bylaws stipulate that directors are to retire at age 72, or with the first annual meeting of shareholders following their 72nd birthday. “I have been intricately involved with NUI Corp. for more than 40 years as we have grown the company and moved through many different phases,” Kean said. “Now, during perhaps the most dramatic period, the sale of the company, I believe it is important to our shareholders, customers and employees that the transition to the next chairman allow for an uninterrupted stewardship.” James J. Forese, a member of the NUI board since 1978, will succeed Kean as chairman effective April 1. NUI put itself up for sale last September, and Kean resigned as CEO after leading the company since its inception in 1969 (see Daily GPI, Sept. 29, 2003). Earlier this year, NUI brought in former KeySpan executive Craig G. Matthews as NUI’s new president and CEO to lead the sale of the company. Matthews will be responsible for overseeing the sale process, including negotiating a definitive agreement with a final party and securing shareholder and multi-state regulatory approvals. A transaction is expected in the second quarter.
People
NUI Chairman John Kean announced that he will step down on April 1, while retaining his directorship for the remainder of his term. Kean is scheduled to retire at the company’s next annual meeting of shareholders, as required by NUI corporate bylaws. NUI bylaws stipulate that directors are to retire at age 72, or with the first annual meeting of shareholders following their 72nd birthday. “I have been intricately involved with NUI Corp. for more than 40 years as we have grown the company and moved through many different phases,” Kean said. “Now, during perhaps the most dramatic period, the sale of the company, I believe it is important to our shareholders, customers and employees that the transition to the next chairman allow for an uninterrupted stewardship.” James J. Forese, a member of the NUI board since 1978, will succeed Kean as chairman effective April 1. NUI put itself up for sale last September, and Kean resigned as CEO after leading the company since its inception in 1969 (see Daily GPI, Sept. 29, 2003). Earlier this year, NUI brought in former KeySpan executive Craig G. Matthews as NUI’s new president and CEO to lead the sale of the company. Matthews will be responsible for overseeing the sale process, including negotiating a definitive agreement with a final party and securing shareholder and multi-state regulatory approvals. A transaction is expected in the second quarter.
Futures Drop on Mixed Weather Outlooks, Light Volume
Pressured by forecasts calling for mild temperatures for the remainder of the year, natural gas futures tumbled precipitously Monday in light, holiday week trading. The January contract, which is set to expire next Monday, experienced the worst of the selling as it dropped 9.4% or 65.8 cents to close at $6.324. At 64,257, estimated volume was light for the session considering the size of the price movement.
Anadarko’s Cost Cutting Precedes 26% Quarterly Earnings Gain
Anadarko Petroleum Corp. on Thursday cut 100 exploration and production (E&P) staff positions — including several senior executives — and closed its offices in Midland and Amarillo, TX, which will eliminate more than 15%, or $100 million, in total overhead costs. The cost cutting news preceded an earnings report that showed a 26% gain from a year ago, but changes had been rumored after the company confirmed two days ago that it would shutter some of its onshore U.S. rigs (see Daily GPI, July 30).
Michigan PSC Warns Residents $5-6 Gas is Here to Stay
Natural gas wellhead prices will likely remain in the $5-6/Mcf range for the remainder of the year according to an updated report authored by the Michigan Public Service Commission (MPSC). The projection marks a more than 30% increase over the average price that prevailed throughout 2000 and 2001 of $3.87/Mcf.