Revenues

Canadian natural gas exporters are dining out on the tight continental market, taking in rich increases in revenue from the United States at the same time as their ability to deliver continues to falter.

Northern Natural Gas has initiated a new rate case directed at increasing revenues by $55 million and changing its methods of operation to better fit in with the competitive market (RP03-398).

Besides its record oil and natural gas production and revenues in 2002, Devon Energy Corp. also could boast Thursday that it pumped up its oil, gas and natural gas liquids (NGL) reserve replacements last year by 278% at a cost of $7.18/boe.

Despite reporting record high second quarter oil and gas production and revenues, Oklahoma City-based Devon Energy Corp. said that lower oil and natural gas prices caused net earnings to fall below year-ago levels. In addition, “sharply lower” gas prices in Canada also resulted in a non-cash full cost ceiling adjustment of $371 million, net of an income tax benefit.

FERC will review costs and revenues for Maritimes & Northeast Pipeline in hearings initiated under section 5 of the Natural Gas Act, according to an order voted out at the Commission’s meeting last Wednesday.

FERC will review costs and revenues for Maritimes & Northeast Pipeline in hearings initiated under Section 5 of the Natural Gas Act, according to an order voted out at the Commission’s meeting Wednesday.

FERC will review costs and revenues for Maritimes & Northeast Pipeline in hearings initiated under Section 5 of the Natural Gas Act, according to an order voted out at the Commission’s meeting Wednesday.

Coming off a tough month in which the company admitted that 10% of its energy trading revenues over the past three years came from “round-trip” transactions (see NGI, May 20), Reliant Resources CEO Steve Letbetter last week told the investment community that the company still expects to hit its 2002 earnings target of $1.80-2.00.

TransCanada PipeLines’ fast action last week in replacing the abandoned Millennium Pipeline proposal — for the time being, at least — with a less environmentally-challenged new export route to the northeastern United States, is just the latest action in the pipeline company’s campaign to drum up increased traffic or raise its rates to cover what it calls the costs of competition.