Same

The New York Mercantile Exchange (Nymex) and ICAP plan to launch on July 18 an electronic market in same-day over-the-counter (OTC) options on prompt-month Nymex futures settlement prices for crude oil and natural gas.

A record number of applicants want to drill for natural gas and crude oil in the United States, with the combined permit total 4.7% higher than the same period in 2004, according to a survey by the Interstate Oil and Gas Compact Commission (IOGCC). Of 24 states surveyed, 19 had higher well permits during the period, and most were for natural gas wells.

BP plc on Tuesday estimated 2Q2005 oil and natural gas production will be about 4.101 MMboe/d, flat sequentially, but up about 3.5% from the 3.971 MMboe/d reported for the same period a year ago. The London-based major reiterated that its average full-year production is expected to range between 4.1 and 4.2 MMboe/d.

Some recent gas supply forecasts have been surprisingly bearish, showing domestic dry gas production growth at the same time that LNG imports are soaring. But Ron Denhardt of Strategic Energy & Economic Research said he’s taking more of a “wait and see” approach.

Some recent gas supply forecasts have been surprisingly bearish, showing domestic dry gas production growth at the same time that LNG imports are soaring. But Ron Denhardt of Strategic Energy & Economic Research said he’s taking more of a “wait and see” approach.

Both Southern California Gas and Pacific Gas & Electric extended high-linepack OFOs through at least Saturday under the same conditions with which the orders originated. The SoCalGas OFO originally was implemented Thursday, while PG&E’s began Friday.

Albuquerque-based PNM Resources, holding company for Public Service Company of New Mexico, Thursday announced first-quarter earnings increased 22% over the same period last year, attributing the rise to a combination of smooth operating performance and “steady” growth in customers for both electricity and natural gas distribution services. First quarter net income was $30.5 million, an increase of $5.7 million over the first quarter of 2004, the company said. Diluted earnings-per-share increased 22% to 50 cents/share, the company said. Nonfuel operating and maintenance expenses declined by $2.2 million in the quarter; wholesale electricity profits jumped 57%, and electric and gas distribution utility loads increased about 2%, PNM said in announcing its first quarter results. CEO Jeff Sterba said PNM’s proposed acquisition of Texas-based TNP Enterprises and its subsidiaries remained “on track.”

EOG Resources Inc.’s total daily production rose 19.3% in the first quarter compared to levels during the same quarter last year, with natural gas production in the United States and Canada up 12.4%, the company said Tuesday.

At the same time that supply projections go up in Canada’s chief natural gas-producing province, the demand side of the Alberta market is going on a diet. Weaning plants partly or entirely off gas is a feature of all the latest entries into the lineup of oilsands projects, the biggest and fastest-growing element of industrial fuel demand in Alberta, and also all Canada.