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Drilling and oil field services company BJ Services is buying Lafayette, LA-based OSCA Inc. for $28/share or about $420 million. OSCA is a major provider of oil and gas well completion fluids, completion services and downhole completion tools in the United States and select international markets, and will give BJ Services another solid completion product line to market to its broad geographic area.

Drilling and oil field services company BJ Services is buying Lafayette, LA-based OSCA Inc. for $28/share or about $420 million. OSCA is a major provider of oil and gas well completion fluids, completion services and downhole completion tools in the United States and select international markets, and will give BJ Services another solid completion product line to market to its broad geographic area.

Producers and consumers alike stand to gain if Quebec and Ontario secure access to natural gas from the new production fields offshore of Nova Scotia that have to date been tapped almost entirely for exports to the northeastern United States, according to Gaz Metropolitain of Montreal and Enbridge Inc., owner of Toronto distributor Enbridge Consumers’ Gas. The two companies are proposing to build a new pipeline, the Cartier project, that would connect markets in Quebec City with a new lateral off of the Maritimes & Northeast Pipeline in New Brunswick.

Petro-Canada stepped forward as the first Canadian natural-gas supplier to disclose its share of the impact from Enron Corp.’s collapse, while efforts got under way to minimize the damage north of the border. Petro-Canada told its stockholders it has made a provision for “outstanding receivables” that will cut its fourth-quarter earnings by about C$15 million (US$9.6 million). The company said that it has switched 115 MMcf/d of production away from Enron to other gas traders without disrupting operations.

Petro-Canada stepped forward as the first Canadian natural-gas supplier to disclose its share of the impact from Enron Corp.’s collapse, while efforts got under way to minimize the damage north of the border. Petro-Canada told its stockholders it has made a provision for “outstanding receivables” that will cut its fourth-quarter earnings by about C$15 million (US$9.6 million). The company said that it has switched 115 MMcf/d of production away from Enron to other gas traders without disrupting operations.

Electronic commodity exchanges such as TradeSpark LP, IntercontinentalExchange (ICE) and Dynegydirect have gained significant market share over the past few weeks as EnronOnline has fallen out of favor due to Enron’s financial turmoil, failed merger with Dynegy and subsequent bankruptcy filing.

Electronic commodity exchanges such as IntercontinentalExchange (ICE) and Dynegydirect have gained significant market share over the past few weeks as EnronOnline has fallen out of favor due to Enron’s financial turmoil, failed merger with Dynegy and subsequent bankruptcy filing. ICE reported that natural gas volumes on its system set a new daily record Tuesday with a total of 422 Bcf traded.

Niagara Mohawk Holdings Inc., the parent company of Niagara Mohawk Power Corp., reported earnings of $4.2 million, or three cents a share for the third quarter, up from $2.7 million or two cents for the same period of 2000. The Syracuse, NY-based company, which serves most of the State of New York, saw its electric revenues jump 13.4% from a year ago to $940.9 million. Retail sales and total deliveries of electricity also were up from the third quarter of 2000. Electric revenues for the 12 months ending Sept. 30, 2001 were $3.4 billion, up 4.1% from same period a year ago. Retail sales of electricity for the three months increased 1.6% and for the 12 months ending Sept. 30, decreased 2.3% compared to the same periods a year earlier. Total deliveries of electricity, which include deliveries to customers who chose to buy electricity from other energy service providers, were up 26.1% for the third quarter of 2001, and up 8.8% for the 12 months ending Sept. 30, compared to the same periods in 2000. Niagara Mohawk’s natural gas revenues for the third quarter of 2001 were $69.1 million, down 13.4% from the same period in 2000. For the 12 months ended Sept. 30, 2001, natural gas revenues were $786.1 million, up 31.1%, compared to the same period in 2000. Revenues in both periods were primarily influenced by the market price of natural gas. The company passes the commodity cost of natural gas directly on to customers without markup.

EOG Resources suffered a 39% drop in third quarter net income to $69.2 million, or $0.59/share, mainly because of a decline in gas, oil and condensate prices. The company started curtailing gas and condensate production in September and has reduced its operating drilling rig fleet to 35 rigs from 50, according to CEO Mark Papa, who expects commodity prices to remain “sluggish” for about six more months.