North American producers plan to target their 2012 capital expenditures mostly to oil and liquids-rich basins, with the Permian Basin and West Texas leading the list, according to a new spending survey by Barclays Capital.
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Industry Brief
San Diego-based energy holding company Sempra Energy said all of its business units met or exceeded their financial objectives this year. As a result, Sempra said it expects to meet or exceed the higher end of its previously announced 2011 earnings-per-share guidance of $4-4.30. The guidance excluded a second quarter $1.14/share gain from South American utility acquisitions. On a generally accepted accounting principles basis Sempra’s previously announced guidance was $5.14-5.44/share, which the company also expects to meet or exceed. Sempra’s 4Q2011 and full-year 2011 results are scheduled to be announced Feb. 28.
Bakken Drilling Not Slowing, S&P Analyst Says
Countering recent reports that drilling activity in the Bakken Shale play in North Dakota was being cut back, an analyst with Standard & Poor’s Ratings Services (S&P) told NGI’s Shale Daily Monday that drilling and production was still “full steam ahead,” although margins may compress some next year.
Quebec Gas Consumers Dodge Supply Threat
Quebec natural gas consumers have been granted a reprieve from losing heating season supplies as a result of a potential hazard on their lone pipeline.
Transportation Notes
As a result of liquids takeaway issues at its processing plant being resolved, Stingray canceled Tuesday the force majeure it had declared Oct. 24. See the bulletin board for a list of delivery points that have been reactivated.
FERC OKs Projects to Deliver Marcellus Gas to Canada
The Federal Energy Regulatory Commission Thursday issued certificates for National Fuel Gas Supply Corp.’s Northern Access Project and Tennessee Gas Pipeline’s 230C Project, both of which would clear the path for the delivery of more Marcellus shale gas north into Canada.
New England’s Electric Grid Ever More Dependent on Natural Gas
New England’s electrical grid faces a series of challenges in coming years, including potential problems that could result from an increased reliance on natural gas, according to independent grid operator ISO New England (ISO-NE).
New England’s Electric Grid Ever More Dependent on Natural Gas
New England’s electrical grid faces a series of challenges in coming years, including potential problems that could result from an increased reliance on natural gas, according to independent grid operator ISO New England (ISO-NE).
Industry Briefs
The proposed merger of Southern Missouri Gas Co. — doing business as Southern Missouri Natural Gas (SMNG) — and Missouri Gas Utility (MGU) has been approved by the Missouri Public Service Commission (PSC). The merger would not result in any rate changes or a reduced level of service or reliability, the companies said in their application to the PSC. SMNG serves about 8,000 customers in Greene, Webster, Laclede, Wright, Douglas, Texas, Howell, Stone and Taney counties;. MGU serves about 1,500 customers in Harrison, Daviess, Caldwell, Pettis and Benton counties. The post-merger company would operate as Missouri Gas Utility.
GHG Regulations Extend to Minor Pollution Sources in Gas Industry
As a result of the Environmental Protection Agency’s (EPA) Phase II Greenhouse Gas tailoring rule, which went into effect in July, minor sources of pollution — including gas processing plants, fractionating plants, compressor stations and other midstream energy assets — are now considered major source pollutants and thus are subject to more stringent regulation, said a partner with a major Washington, DC-based law firm.