Revise

California regulators Thursday unanimously agreed to revise a nine-month-old investigation of utility holding companies now that the federal Public Utility Holding Company Act (PUHCA) has been repealed. Thursday’s action by the five-member California Public Utilities Commission (CPUC) alters the scope and schedule for looking at utility holding companies and the relationships among subsidiaries — both utilities and nonutilities.

ConocoPhillips has begun a television and print advertising campaign in Alaska that opposes the state’s plan to revise oil and natural gas taxes — less than a month after the oil major appeared to endorse the proposed legislation. The tax revision plan, proposed by Gov. Frank Murkowski, are part of a two-prong strategy to develop the long-awaited natural gas pipeline from the North Slope to the Lower 48 (see Daily GPI, Feb. 23).

Although it doesn’t need to revise its power forecasts for the region, the Northwest Power and Conservation Council’s power planning director Monday told the group’s oversight board power committee that natural gas prices were high even before the Gulf of Mexico hurricanes and they have increased dramatically following the back-to-back natural disasters. The power council’s plans shaped late last year anticipated the type of wholesale gas price volatility being experienced, according to Terry Morlan, the council planning director.

The Energy Information Administration’s (EIA) announcement last week that it will revise the methodology used to produce its weekly natural gas storage report had brokers and energy industry insiders wondering what exactly they are going to see Thursday morning.

Following the release of its natural gas storage report for the week ended July 22, the Energy Information Administration (EIA) announced on Thursday that it will revise the estimation system used to produce the storage estimates published in the Weekly Natural Gas Storage Report.

Two successful drilling programs in Texas and the Arkoma Basin have given Houston-based Southwestern Energy Co. impetus to revise upward its gas-rich production forecast for this year to a range of 48.5-50.5 Bcfe.

The fallout continues from El Paso Corp.’s announcement to revise downward its oil and gas reserves by 41%, with at least three class action lawsuits filed by the end of the week. El Paso announced the changes late Tuesday, and investor confidence has eroded since (see Daily GPI, Feb. 19).

Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves last week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.

Calgary-based Nexen Inc. became the latest producer to revise downward its oil and gas reserves, reclassifying 8% of its proved North American reserves this week. The company, which will take a C$175 million (C$1.40/share) writedown in fourth quarter earnings, blamed the revision on a cutback in spending on aging, conventional North American assets.