With commodity prices soaring, first quarter producer earningsare coming in at record levels. Vastar Resources reported a massive307% increase first-quarter 2000 net income. Income was tallied at$77.4 million ($0.78 per diluted share), the company’s thirdconsecutive quarterly record, compared to $19 million ($0.19 perdiluted share) in 1Q99. Vastar’s gas production was down nearly 10%to 1,054 MMcf/d, but realized gas prices were up 57 cents to $2.19on average. Crude and condensate production came in at 46.0thousand barrels per day (Mb/d) down from 46.7 Mb/d in the sameperiod last year, but realized oil prices rocketed to $24.73 from$11.16. And gas liquids production increased to 20.8 Mb/d from 9.2Mbd in 1Q99, while realized liquids prices soared to $19.11 from$8.10.
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PaineWebber: Let the Good Times Roll
Taking into account strong gas futures prices despite thewarmest winter on record, a bleak supply picture and projections ofa very hot summer, PaineWebber reported an increase in its year2000 projection of composite spot gas prices from $2.40/MMBtu to$2.50/MMBtu. The firm’s report, issued yesterday, also indicatedthat the time is right to invest in diversified energy companies.
Rolled-In Pricing of Northern Border Project Booed
U.S. and Canadian shippers on Northern Border Pipeline havelobbed a barrage of protests at the pipeline’s latest request toroll-in the costs of its Project 2000 extension, with some going asfar as to question the need for the Illinois-to-Indiana extension.
Northern Border Shippers Blast Amended Extension
U.S. and Canadian shippers on Northern Border Pipeline havelobbed a barrage of protests at the pipeline’s latest request toroll-in the costs of its Project 2000 extension, with some going asfar as to question the need for the Illinois-to-Indiana extension.
Exploration Co. Success Rate: Nine for Nine
The Exploration Company (TXCO) is on a roll in Southwest Texaswith another high producer, its ninth consecutive successfulnatural gas well in the Prickly Pear (Glen Rose) Field west of SanAntonio, near the Mexican border.
Transco’s SouthCoast Project Comes Under Fire
Existing shippers on Transcontinental Gas Pipeline haveexpressed widespread opposition to the pipeline’s request to rollin the costs associated with its SouthCoast expansion project inGeorgia and Alabama.
Transco’s SouthCoast Faces Protests
Existing shippers on Transcontinental Gas Pipeline haveexpressed widespread opposition to the pipeline’s request to rollin the costs associated with its SouthCoast expansion project inGeorgia and Alabama.
Futures Rally and Roll on Fresh Fundamentals
After a somewhat subdued trading session Tuesday, natural gasfutures sprang back to life Wednesday in a see-saw battle betweenstorage bears and weather bulls. But, when the dust had settled itwas the bulls who took the day, leading one Houston-based trader tosurmise “weather is always king in natural gas.” The prompt Januarycontract settled up 3.8 cents at $1.99 in the regular tradingsession, before adding an additional 4 cents to finish at $2.03 inlast night’s Access session.
Georgia Retail Market Ready to Roll
Marketers participating in the soon-to-be-unbundled Georgiamarket scored some key victories in a decision last week by theGeorgia Public Service Commission which will provide them withcomplete customer information from Atlanta Gas Light in electronicformat, allow them a chance to prove they can do their own meteringand allow free trading of daily imbalances.
