El Paso Natural Gas issued an emergency notice Monday, reportingthat the Bondad 2A turbine must be taken down to repair an oil leaktoday. The work will reduce the capacity of the station by 95MMcf/d. El Paso also said Line 1200 and 1201 are being “SmartPigged” this week on Sept. 19, 21 and 24, causing a reduction of 40MMcf/d of San Juan Basin capacity. If you have questions, callMario Montes at (915) 496-2617.
Reporting
Articles from Reporting
Phillips CFO Outlines Production Growth
Phillips Petroleum expects to be reporting a 52% oil and gas production increase in 2000 over last year, according to Tom Morris, Phillips CFO, who spoke last week at the Lehman Brothers CEO Energy Conference. Morris said that he expects the company will follow up with a 17% increase in 2001 production.
Phillips CFO Outlines Production Growth
Phillips Petroleum expects to be reporting a 52% oil and gas production increase in 2000 over last year, according to Tom Morris, Phillips CFO, who spoke yesterday at the Lehman Brothers CEO Energy Conference. Morris said that he expects the company will follow up with a 17% increase in 2001 production.
Transportation Notes
Reporting that linepack was heavy on its south end, Northwestsaid Monday no on-system balancing and limited off-system balancingis being allowed in that segment.
Watson Outlines Dynegy’s Power-Driven Future
In reporting record third quarter improvements, including an 88%increase in earnings per share and a 16% increase in net income,Dynegy CEO Chuck Watson yesterday highlighted an aggressive powergeneration plan that will become the “engine for the growth of ourearnings for the future.”
People
PG&E Energy Trading-Gas Corp. has named Al Pollard to thepost of Midwest basis trader with responsibility for managing theMidwest desk’s basis risk, reporting to Michael L. Axton, directorof gas trading, Midwest. Pollard joins PG&E Energy Trading fromEnron where he has held trading positions in natural gas and powersince 1995.
Anadarko in Gulf With Texaco, Has Strong 2Q
Anadarko Petroleum, reporting a strong second quarter andincreased capital spending, also revealed last week it is gainingGulf of Mexico sub-salt exploration rights through an agreementwith Texaco Exploration and Production.
PG&E Non-Utility Operations Lag in 1Q99
While reporting increased earnings overall for both its utilityand unregulated businesses, PG&E Corp.’s first quarter resultsreleased yesterday (May 17) continue to show red ink for its Texasnatural gas operations, trading and energy services businesses.Results were net earnings of 42 cents-per-share, or 37 cents fullydiluted, compared to 36 cents-per-share for the first quarter of1998. Overall, the utility contributed all but three cents to theearnings, compared to 1998 first quarter when it provided 100percent of the earnings.
Warm Weather Cooled Some LDC 1Q Earnings
Atlanta Gas Light was one of the biggest losers among a group of37 LDCs reporting first quarter earnings. AGL’s net income was offa whopping 46% from the first quarter of 1998. PaineWebber notedthe significant drop was due mainly to a change in rate design thattook effect in July 1998 when the company unbundled.
Despite Huge Earnings Drop, Vastar Remains Bullish
Vastar Resources had a far better year in the field than it didin the commodity marketplace, reporting first-quarter 1999 netincome of $19 million, down from $48 million during the firstquarter of 1998. However, Vastar achieved a 24% increase inproduction and continued exploratory success, and is predictingbetter times ahead.