Robust

With senior management and the board promising more robust returns from other energy investments, ScottishPower shareholders voted last Friday on the proposed $9.4 billion sale of its PacifiCorp utility operations in the United States. Results of the vote will be announced Tuesday, following annual and special shareholder meetings held in Glasgow.

Prices were in retreat by mostly small amounts at nearly all points Wednesday despite heating load remaining fairly robust in several regions. One source felt that it was mainly a case of the market having wrung all the upside it could out of this week’s cold spells and having only minuscule next-day support from energy futures.

Robust oil and natural gas prices continue to generate significant free cash flow and strong credit protection metrics for upstream companies, providing independent producers the opportunity to focus on long-term balance sheet improvement and potentially achieve ratings upgrades, according to a report issued on Tuesday by Fitch Ratings.

Robust oil and natural gas prices continue to generate significant free cash flow and strong credit protection metrics for upstream companies, providing independent producers the opportunity to focus on long-term balance sheet improvement and potentially achieve ratings upgrades, according to a report issued on Tuesday by Fitch Ratings.

Occidental Petroleum Corp. generated its highest reported earnings ever in the second quarter on robust energy prices and record oil and natural gas production. The Los Angeles-based producer earned $581 million ($1.48/share), compared with $374 million (98 cents/share) in 2Q2003. Production averaged 574,000 boe/d in the quarter, 6% higher than a year ago.

A survey by global accounting firm Grant Thornton of 60 senior executives at mid-sized independent exploration and production (E&P) companies found that on average most expect Henry Hub natural gas prices to increase modestly over the next four years, moving from $4.44/Mcf in 2004 to $4.82 in 2007.

A survey by global accounting firm Grant Thornton of 60 senior executives at mid-sized independent exploration and production (E&P) companies found that on average most expect Henry Hub natural gas prices to increase modestly over the next four years, moving from $4.44/Mcf in 2004 to $4.82 in 2007.

Strong year-over-year production growth and robust commodity prices propelled EnCana Corp.’s second quarter earnings up 51%, the company reported Tuesday. The Canadian independent also reported a way to double its summer drilling program in the once untouchable northern climes, which lifted quarterly production in its northeast BC Greater Sierra play almost 25% from a year ago.

In the space of less than two years the robust market in the Pacific Northwest for added power generation capacity and corresponding demand for new interstate natural gas pipeline capacity has dried up. This fact has been made clear in current negotiations between the Snohomish (WA) County Public Utility District (PUD) and Williams’ Northwest Pipeline Co. unit over a $6.7 million annual payment the utility agreed to make for added new gas pipeline capacity.