Republished

Freeport Contemplating Budget Cuts, Sales, Partners

After gaining access earlier this year to a big bundle of onshore and offshore opportunities in the United States, Freeport-McMoRan Copper & Gold Inc. now is reworking its strategy to relieve the cost burden and increase production, top executives said last week.

July 29, 2013

JPMorgan Exiting Physical Commodities Business

JPMorgan Chase & Co. said Friday it is planning to exit the physical commodities business, including its remaining holdings of commodities assets and its physical trading operations.

July 29, 2013

ERCOT Preparing for More Gas-Fired Power

Last year, natural gas-fueled plants accounted for 57% of the generating capacity in the Electric Reliability Council of Texas (ERCOT) and more than 44% of energy use. As the reliance on gas-fired power grows, ERCOT is working with other organizations to protect against and prepare for a large-scale system-wide blackout.

July 29, 2013

Louisiana Lawsuit Targets Pipelines for Coastal Damage

A lawsuit filed last week against pipeline companies in Louisiana by the Southeast Louisiana Flood Protection Authority-East (SLFPA-E) is an example of a state agency and its lawyers looking for a big payout, the head of the Louisiana Oil and Gas Association (LOGA) told NGI Wednesday. A lawyer for the plaintiff, however, said his client only wants the pipelines to do their share of the work in restoring protections for the state’s coast.

July 29, 2013

Senators Delve Into Speculators’ Control of Commodity Assets

Members of a panel testifying at a hearing of a Senate Banking, Housing and Urban Affairs subcommittee last week warned that allowing global conglomerates to own multiple pieces of the production and marketing chain for any commodity, including oil and natural gas, while simultaneously also speculating on the price of those commodities, opens the door to potential manipulation of prices.

July 29, 2013

Gas Storage Capacity Grew by 2%, EIA Says

The capacity of underground natural gas storage facilities increased by about 2% from November 2011 to November 2012, the Energy Information Administration (EIA) said in a new report. The increase was seen in both demonstrated maximum and design capacities.

July 29, 2013

George P. Mitchell: A Quintessential American Story

George Phydias Mitchell, 94, who is credited with pioneering unconventional drilling techniques that have opened up North America’s natural gas and oil potential, died Friday at his home in Galveston, TX.

July 29, 2013

Spot Prices in 2013 Return to ’09-’11 Levels, Says EIA

Spot prices for U.S. natural gas at most major trading points increased on average 40-60% in the first half of 2013 (1H2013) from a year earlier as demand eclipsed supply, the U.S. Energy Information Administration (EIA) reported last week.

July 29, 2013

Oneok Spinning Off Gas Distribution Business

Oneok Inc. plans to spin off its natural gas distribution business to create ONE Gas Inc., which would be one of the largest gas utilities in the United States with more than two million customers in three states and the only publicly traded, 100% regulated, pure-play gas distribution utility.

July 29, 2013

BOP May Have Ignited Offshore Gas Well

Federal regulators, working with Walter Oil & Gas Corp., said Friday they were continuing to oversee and coordinate response efforts to secure the producer’s South Timbalier Block 220 natural gas well in the shallow Gulf of Mexico (GOM), which blew out last Tuesday and ignited a fire later that night.

July 29, 2013
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