Although two separate preliminary applications were filed last month for the Alaska natural gas pipeline, it’s much too early for hopes to be raised, cautioned an official with ConocoPhillips, a sponsor of one of the proposals. Much will depend on whether the omnibus energy bill (HR 6) is revived in the Senate this session.
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ConocoPhillips: Failed Energy Bill Would Be ‘Epitaph’ for Alaska Gas Pipeline
Although two separate preliminary applications were filed last week for the Alaska natural gas pipeline, it’s much too early for hopes to be raised, cautioned an official with ConocoPhillips, a sponsor of one of the proposals. Much will depend on whether the omnibus energy bill (HR 6) is revived in the Senate this session.
FERC Clips Pipes’ Broad Authority to Adjust Gas Quality Limits
In separate orders involving Columbia Gulf Transmission and Tennessee Gas Pipeline, FERC signaled last Thursday that it will not tolerate the practice of pipelines using notices on web sites to impose more restrictive quality limits for natural gas accepted into their systems.
FERC Clips Pipes’ Broad Authority to Adjust Gas Quality Limits
In separate orders involving Columbia Gulf Transmission and Tennessee Gas Pipeline, FERC signaled Thursday that it will not tolerate the practice of pipelines using notices on web sites to impose more restrictive quality limits for natural gas accepted into their systems.
Industry Briefs
Stone Energy said it has entered into gas put contracts with three separate counterparties covering 90,000 MMBtu/d of its 2004 Gulf Coast Basin production. The contracts set a 2004 floor price on the production of $3.50/MMBtu. Monthly payments are scheduled to be made by the counterparty if Nymex prices fall below the floor price. But Stone is able to fully participate in commodity prices above the floor price. The cost of the contracts, which totaled $2.4 million, will be amortized through earnings as the contracts settle. Previously, the company was unhedged for its 2004 natural gas production from the Gulf Coast Basin. The company continues to evaluate additional cost-effective hedging opportunities for its 2004 oil and natural gas production.
Industry Briefs
Stone Energy said it has entered into gas put contracts with three separate counterparties covering 90,000 MMBtu/d of its 2004 Gulf Coast Basin production. The contracts set a 2004 floor price on the production of $3.50/MMBtu. Monthly payments are scheduled to be made by the counterparty if Nymex prices fall below the floor price. But Stone is able to fully participate in commodity prices above the floor price. The cost of the contracts, which totaled $2.4 million, will be amortized through earnings as the contracts settle. Previously, the company was unhedged for its 2004 natural gas production from the Gulf Coast Basin. The company continues to evaluate additional cost-effective hedging opportunities for its 2004 oil and natural gas production.
Southwest Gas Seeks $76 Million Rate Hike in Nevada
Las Vegas, NV-based Southwest Gas Corp. Thursday asked Nevada state regulators for separate rate hikes totaling $76.5 million for its north and south customers to cover increasing gas costs, with the bulk of the hike proposed for customers in the southern half of the state who do not have access to Canadian gas.
Kinder Morgan’s 3Q Up 17% on Partner, Fee-based Asset Performance
Kinder Morgan Inc. (KMI), one of North America’s largest natural gas storage and transportation companies, reported a 17% year-over-year hike in earnings in the third quarter, driven by strong performance from its general partner, Kinder Morgan Energy Partners LP (KMP), as well as another solid quarter from its fee-based assets.
S&P Opines a Reorganized PG&E Possibly Would Receive an Investment Grade Rating
Four separate Pacific Gas & Electric Co. (PG&E) entities could emerge from bankruptcy with BBB- ratings if all goes well with the company’s reorganization plan, Standard & Poor’s said Thursday. That means the bankruptcy court would have to approve the company’s plan to split itself into four units, and it would have to pass regulatory muster, meet certain financial conditions and be implemented within the expected time frame.
Northern Natural Contracts with CenterPoint for Gas Pipeline Maintenance
CenterPoint Energy’s Pipeline Services unit announced that it recently signed two separate agreements with Northern Natural Gas (NNG) to provide operations and maintenance (O&M) services for NNG’s 30-inch Black Marlin System and its Matagorda Offshore Pipeline System (MOPS) along with some related offshore Louisiana pipeline assets.