Revealed

With cold weather permeating the East, it was no surprise that the Energy Information Administration’s natural gas storage report for the week ended Jan. 25 revealed a 107 Bcf withdrawal, far greater than the prior week’s 88 Bcf pull. However, the withdrawal was on the low end of the range of industry estimates and slightly less than the 109 Bcf five-year average and the 115 Bcf pull for the same week last year.

Cheniere Energy, Inc. revealed Thursday it will hold a special meeting of stockholders on Feb. 8, 2005 to consider a proposal to triple the number of common stock shares available for issuance, taking the total to 120 million shares from the current 40 million shares.

Southern Union Co. has revealed itself as the “stalking horse” for Enron Corp.’s natural gas pipeline assets, announcing it would pay $2.3 billion, topping an offer by Oscar Wyatt Jr.’s company by $55 million. Creditors are expected to ask the bankruptcy court to set a new auction for August, with the Southern Union bid as the benchmark.

ChevronTexaco Corp. revealed in a first quarter interim update late Thursday that its domestic oil and natural gas production in the first two months of 2004 fell by 3-4% while its international liquids volumes were down 3%. The proxy statement also disclosed that CEO Dave O’Reilly’s salary doubled last year.

As the East Coast continues to be battered by sub-freezing temperatures, KeySpan revealed last week that its consumers on Monday (Jan. 26) broke an all-time gas consumption record in New York City that was set last year. Meanwhile, spot prices soared all the way up to $19/MMBtu on Tuesday for Wednesday flow at Transco Zone 6 New York and reached highs of $20 on Wednesday.

As the East Coast continues to be battered by sub-freezing temperatures, KeySpan revealed Wednesday that its consumers on Monday broke an all-time gas consumption record in New York City that was set last year. Meanwhile, spot prices soared all the way up to $19/MMBtu on Tuesday for Wednesday flow at Transco Zone 6 New York and reached highs of $20 on Wednesday.

South Texas Project (STP) nuclear power plant officials revealed Thursday that ultrasonic testing has confirmed small vertical cracks in the two instrumentation tubes inside the Unit 1 reactor vessel. The tubes had exhibited seepage in late April during a scheduled refueling and maintenance outage.

Houston-based Entergy-Koch Trading LP revealed last Tuesday that it received a subpoena from the Commodity Futures Trading Commission (CFTC) seeking information on its gas and power trading activities. Entergy-Koch already is conducting a review of its 2000 and 2001 trading activities in response to a March 26 Federal Energy Regulatory Commission staff report which detailed alleged wash trading activities.

Houston-based Entergy-Koch Trading LP revealed Tuesday that it received a subpoena from the Commodity Futures Trading Commission (CFTC) seeking information on its gas and power trading activities. Entergy-Koch already is conducting a review of its 2000 and 2001 trading activities in response to a March 26 Federal Energy Regulatory Commission staff report in which it was mentioned.