Revamped

Alaska Gov. Sarah Palin, who last year revamped a long-proposed plan for an Alaska natural gas pipeline, was elected chair of the Interstate Oil and Gas Compact Commission (IOGCC) for the coming year. Palin, who took office last December, is the only chair in the history of the interstate compact to have served as a past official representative to the organization. Previously, she was chair of the Alaska Oil and Gas Conservation Commission, which regulates the state’s oil and gas industry. Through its Chairman’s Stewardship Awards the IOGCC also recognized five oil- and gas-related projects that it said “demonstrate superior environmental stewardship.” BP America Production Co. received the “large company” award for its project “to challenge conventional wisdom in venting wells to reduce greenhouse gas emissions.” In the “small company” category, Questar Exploration and Production was recognized for taking “a large step forward in ensuring the future of oil and gas development” with its liquids gathering gas system. The Cooperative Sagebrush Initiative was presented with the IOGCC’s environmental partnership award for its work “to enhance resources for conservation of habitats” across an 11-state sagebrush biome. Two organizations were honored for their energy education efforts. The Fort Worth Chamber of Commerce was recognized for its annual Barnett Shale Expo, which was designed to educate the public and stakeholders about how gas exploration could benefit the region. The Michigan Oil and Gas Producers Education Foundation also was honored for assisting Michigan Oil and Gas Association members to develop educational projects and programs.

Alaska Gov. Sarah Palin, who last year revamped a long-proposed plan for an Alaska natural gas pipeline, on Monday was elected chair of the Interstate Oil and Gas Compact Commission (IOGCC) for the coming year.

Alaska Gov. Sarah Palin asked state legislators for a redo Friday, as she delivered a revamped natural gas pipeline bill that she said was “fair, transparent and competitive.”

Two of the top U.S.-based integrated majors, ConocoPhillips and Amerada Hess Corp., along with revamped independent Kerr-McGee Corp., reported Wednesday phenomenal earnings growth in 4Q2005 and full-year 2005, boosted by soaring oil and natural gas prices. ConocoPhillips also recorded natural gas production gains in Alaska and the Lower 48 states in the final quarter; however, gas output at Hess and Kerr-McGee for the final period and the year was lower.

With a revamped business model designed to focus on natural gas processing, Oneok Inc. officially exited the power business Friday with the sale of its Spring Creek plant in Logan County, OK to Westar Energy Inc. for $53 million. The transaction will result in a 3Q loss in discontinued operations, but improved gas processing spreads and higher commodity prices will push Oneok’s quarterly income and earnings well ahead of forecasts, the company said Friday.

For Dynegy Inc., it’s way too early to party down, but the shunned wallflower of the energy merchant sector regained some of its former appeal to investors last week following some straight talk from the new CEO. Bruce Williamson, who assumed the helm just last month, offered a salve to the ailing company in his first conference call with analysts, inspiring confidence lacking for months in the former powerhouse energy merchant.