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ConocoPhillips said Tuesday that expected seasonal declines and scheduled maintenance activities in North Sea and Alaskan operations will send third quarter oil and natural gas production 7% lower sequentially over second quarter output. The company will issue its quarterly report on Oct. 27.

Affected by news late Thursday of damaged and missing rigs and platforms discovered in the Gulf of Mexico (see related story), natural gas futures on Friday morning headed toward, and then through the all-important psychological $5 resistance level. October futures hit a high on the day of $5.27 as of 1:16 p.m. (EDT), a 55.1 cent premium over Thursday’s settle.

Senate Democrats last Wednesday soundly filibustered efforts to send a corporate tax cut bill back to committee to add a $13 billion energy tax package to the legislation. Talks, however, were underway between Senate leaders last week to reach a compromise with Democrats to clear the way for a more favorable vote when lawmakers return from their week-long recess.

Senate Democrats on Wednesday afternoon soundly filibustered efforts to send a corporate tax cut bill back to committee to add a $13 billion energy tax package to the legislation. A Senate aide, however, said another vote was possible later Wednesday if Senate leaders were able to address Democrats’ concerns involving amendments to the bill.

Despite record gas demand in New England where temperatures plummeted well below zero Thursday, the EIA’s report of a lower than expected 153 Bcf withdrawal from storage last week sent the near-month gas futures contract plunging a massive 54.2 cents on the day to $5.845. Futures started to the upside but quickly lost footing, falling about 45 cents in 20 minutes after the EIA report was released at 10:30 a.m. EST.

Florida Gas Transmission (FGT) and Texas Eastern Transmission (Tetco) both reported natural gas pipeline damage on Tuesday. In both cases, there were no injuries and no fires, but gas flows were impacted.

After rising steadily for much of the session, the natural gas futures market tumbled lower in the last 30 minutes of trading Tuesday as locals rang the register and took profits for the day. At just 45,969, volume was light enough for their selling to make a difference and the October contract closed at $4.661, down 2.4 cents for the session and a dime off its earlier high.

Strong year-over-year production growth and robust commodity prices propelled EnCana Corp.’s second quarter earnings up 51%, the company reported Tuesday. The Canadian independent also reported a way to double its summer drilling program in the once untouchable northern climes, which lifted quarterly production in its northeast BC Greater Sierra play almost 25% from a year ago.

A subsidiary of BG Group plc, which has a long-term contract for 100% (starting in 2005; 80% currently) of the liquefied natural gas (LNG) capacity at the Lake Charles LNG facility in Louisiana, is planning to build a new 40-mile gas pipeline to carry regasified LNG from the terminal to additional pipelines in Louisiana.