Rose

Fort Worth-based XTO Energy Inc. on Tuesday reported that its year-end 2003 estimated proved oil and gas reserves rose to a record 4.185 Tcfe, up 24% from 2002’s year-end total of 3.372 Tcfe. Carrizo Oil & Gas Inc., headquartered in Houston, also reported year-end proved reserves were a record 70.4 Bcfe, up 11% over year-end 2002’s 63.2 Bcfe.

Fort Worth-based XTO Energy Inc. on Tuesday reported that its year-end 2003 estimated proved oil and gas reserves rose to a record 4.185 Tcfe, up 24% from 2002’s year-end total of 3.372 Tcfe. Carrizo Oil & Gas Inc., headquartered in Houston, also reported year-end proved reserves were a record 70.4 Bcfe, up 11% over year-end 2002’s 63.2 Bcfe.

Net income for the quarter was $35 million compared to $31.2 million in 4Q2002, and net income for the year rose 24% to $127.9 million on improved results from utility and wholesale operations.

Weekend prices rose by 20-55 cents at nearly all points Friday as new forecasts indicated that extremely cold conditions in the Northeast and Midwest will extend beyond this week, and that January’s worst conditions of all may begin around mid-month. The exceptions to overall bullishness were triple-digit declines at a few points serving the New England market.

Spot prices rose sharply early Tuesday as expected following Nymex’s wild 76.7-cent rise on Monday, but cash points managed only 30- to 45-cent increases on average and weakened toward the end of trading.

Capping a four-day rally in which prices rose nearly 30%, the natural gas futures market tumbled Friday as producers’ selling mixed with profit-taking from speculative accounts. January finished at $6.135, down 20.2 cents for the day, but still up more than $1.20 for the week. At 83,751, estimated volume was relatively light for the session, evidence that funds had backed off their scorching buying pace of earlier in the week.

Capping a tumultuous week of trading, the natural gas futures market rose Friday as a wave of weather-related short-covering boosted prices throughout the morning. Only modest softening was seen in light afternoon trading, leaving the November contract to close at $4.767, up 8.1 cents on the day.

Prices rose across the board Wednesday between about a dime and 30 cents in most cases, fueled by the approach of cold fronts in the Northeast and Midwest and feeding somewhat off the previous day’s screen gain of nearly 20 cents. New England citygates were overachievers with upticks approaching half a dollar.

Cash prices rose a nickel or more at most locations on Wednesday, with most Gulf Coast points up 5-8 cents, Midcontinent and Midwest quotes slightly higher and some points farther West with double digit increases. Although many industry observers were walking around scratching their heads, a few sources noted that heating demand is picking up and the continuing production shut-ins in the Gulf are likely to significantly reduce storage injection volumes.