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An international contest has developed over access to natural gas supplies from offshore Nova Scotia, with Canadian distributors claiming they are being shut out by an American agenda.

An international contest has developed over access to natural gas supplies from offshore Nova Scotia, with Canadian distributors claiming they are being shut out by an American agenda.

Burlington Resources’ second quarter earnings spiked 145% to $231 million, or $1.10/share, while its discretionary cash flow grew 65% to $557 million on strong natural gas prices. During the quarter, the company’s gas production was basically flat at 1,945 MMcf/d. Oil production declined to 69,600 b/d from 79,300 b/d in 2Q2000. However, realized gas prices soared. Natural gas price realizations rose to $4.10/Mcf from only $2.75 in 2Q2000, while oil prices were only about a dime stronger at $24.92/bbl.

Burlington Resources’ second quarter earnings spiked 145% to $231 million, or $1.10/share, while its discretionary cash flow grew 65% to $557 million on strong natural gas prices. During the quarter, the company’s gas production was basically flat at 1,945 MMcf/d. Oil production declined to 69,600 b/d from 79,300 b/d in 2Q2000. However, realized gas prices soared. Natural gas price realizations rose to $4.10/Mcf from only $2.75 in 2Q2000, while oil prices were only about a dime stronger at $24.92/bbl.

FPL Group Inc. last week said that it expects to meet consensus earnings per share estimates of $0.76 for the first quarter of 2001, excluding expenses of about $30 million related to its failed merger attempt with Louisiana-based Entergy Corp. (see NGI, April 9). FPL Group will announce its latest earnings results on April 20.

FPL Group Inc. yesterday said that it expects to meet consensus earnings per share estimates of $0.76 for the first quarter of 2001, excluding expenses of about $30 million related to its failed merger attempt with Louisiana-based Entergy Corp. (see Daily GPI, April 3). FPL Group will announce its latest earnings results on April 20.

Cinergy Corp. yesterday said that it expects to realize 45% of its 2001 earnings per share target of $2.75 in the first half of the year and the remaining 55% in the latter half of 2001. “Having acquired 1,700 MW of gas-fired electric peaking capacity over the last 18 months, our energy merchant generation portfolio has changed and that is reflected in the timing of our expected profit realization during 2001,” said R. Foster Duncan, excecutive vice-president and CFO at Cinergy.

Texas regulators, legislators, industry and consumers will sharea forum in March to voice concerns about the state’s high naturalgas prices and the coming advent of deregulation. The conference,tentatively set for the end of March in Austin, won unanimoussupport from the Texas Railroad Commission — but one commissionersuggested “less talk, more action” to resolve issues as quickly aspossible.

Texas regulators, legislators, industry and consumers will sharea forum in March to voice concerns about the state’s high naturalgas prices and the coming advent of deregulation. The conference,tentatively set for the end of March in Austin, won unanimoussupport from the Texas Railroad Commission — but one commissionersuggested “less talk, more action” to resolve issues as quickly aspossible.