Rose

Aquila Inc. shares rose nearly 3% Monday to $4.03 after the company announced an “accelerated repositioning” plan that will involve selling some utility assets in order to collect funds for an investment program designed to achieve 3-5%/year earnings growth and eventually return the company’s credit to investment grade status.

High natural gas prices were cited by the Environmental Protection Agency (EPA) as one of the primary reasons that total U.S. greenhouse gas emissions rose by 0.6% in 2003 from 2002 levels. Rising gas prices caused electric power producers to switch from natural gas to burning more coal.

High natural gas prices were cited by the Environmental Protection Agency (EPA) as one of the primary reasons that total U.S. greenhouse gas emissions rose by 0.6% in 2003 from 2002 levels. Rising gas prices caused electric power producers to switch from natural gas to burning more coal.

Range Resources reported that fourth quarter 2004 production volumes rose to 214.8 MMfe/d, a 30% increase comapred to 4Q2003 levels. Production for the year averaged 196 MMcfe/d, a 23% increase over 2003. About 71% of the company’s production in the quarter was natural gas. The company’s production is projected to continue to increase sharply in 2005. Range currently expects first quarter 2005 production to reach 224-226 MMcfe per day, a 27% increase over productiong during the first quarter of 2004 and a 5% increase over the most recent quarter. Range’s fourth quarter 2004 oil and gas price realizations (including the impact of hedging) averaged $4.85/Mcfe, a 20% increase over the prior-year period. First quarter 2005 price realizations are expected to average $5-$5.10/Mcfe, which is 25% higher than the prior-year period.

Gas production shut ins due to Hurricane Ivan rose to more than 6 Bcf/d, according to a mid-day tally Wednesday of 65 companies by the Interior Department’s Minerals Management Service (MMS). But those production losses barely phased the weak natural gas cash and futures markets. Cash prices were down another 5-15 cents in regions other than Gulf Coast Louisiana and the Northeast, and most Louisiana points were flat to up only a nickel.

Despite fundamental support remaining weak for the most part, prices rose at nearly all points Wednesday. A few cases of flat numbers in the West were the exception to gains that ranged from a couple of pennies to around 15 cents. The largest upticks tended to be concentrated in the Midcontinent.

Shares of Houston-based independent producer Mission Resources Corp. rose more than 8% last Tuesday to $6.50 but slide back to the $5.60s by Friday after the company said that it retained Petrie Parkman & Co. to assist in evaluating strategic alternatives designed to enhance shareholder value. Mission also said the move does not guarantee that a transaction will take place.

Shares of Houston-based independent producer Mission Resources Corp. rose more than 8% Tuesday to $6.50 by mid-afternoon after the company said that it retained Petrie Parkman & Co. to assist in evaluating strategic alternatives designed to enhance shareholder value. Mission also said the move does not guarantee that a transaction will take place.

Prices rose mostly by double-digit amounts Thursday, but traders had trouble identifying what caused the rebound a day after the upward trend earlier in the week had come to a halt. Gains were fairly consistent throughout all regions in ranging from a little less than a dime to about 20 cents.