The Texas Petro Index (TPI), an indicator of upstream oil and gas activity in Texas, increased modestly but steadily during the first half of the year, beginning July a scant 1.2% from matching the peak index achieved nearly five years ago, according to data released Monday. As has been the case for a while, oil production is the big story, but casinghead gas is lending support to natural gas output.
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Apache Corp., which now claims to be the second biggest North American onshore operator, reported a 45% increase in total liquids output year/year in the United States and Canada, driven by a revamped drilling program in the legacy Permian and Anadarko basins.
Natural gas futures moved little Monday as traders saw scant reason for the market to advance or decline from current levels. Strong demand from power generation and industrial use suggests little room for lower prices, but at the same time any advance would require weather conditions to be much different from what is currently forecast. January futures rose a penny to settle at $7.035 and February added 2.3 cents to $7.176.
Natural gas futures trading on the New York Mercantile Exchange was scant Monday as a number of market participants took the day off to observe the Jewish Holiday Yom Kippur. While trading within a slim 13-cent range, November natural gas put in a high of $5.730 before settling at $5.643, up 2.3 cents on the day.
Enron Corp. paid nearly zilch in federal income taxes for five of the six years preceding its collapse into bankruptcy in December 2001, according to a report issued by the congressional Joint Committee on Taxation last Thursday.
Enron Corp. paid nearly zilch federal income taxes for five of the six years preceding its collapse into bankruptcy in December 2001, according to a report issued by the congressional Joint Committee on Taxation Thursday.