Shortfalls

Economist: Pipeline Network Failing Canadian Oil Industry

If left unaddressed, pipeline shortfalls will put Canada’s oil industry at risk and will have “substantial negative impact” on the country’s economy, according to a report issued by the Canada West Foundation (CWF).

February 14, 2013

Texas, Western Points Pace Advance; Futures Gain On Production Stats

Physical prices Monday were up a nickel on average as West Coast traders reported power shortfalls resulting from a delayed restart of nuclear generating capacity, and warm temperatures in Texas added to loads. Government figures reported a modest decline in natural gas production and futures romped higher. At the close of trading June had increased 9.9 cents to $2.285 on stout volume, and July gained 9.5 cents to $2.394. June crude oil eased 6 cents to $104.87/bbl.

May 1, 2012

Chesapeake to End CEO Well Plan; S&P Cuts Ratings

Chesapeake Energy Corp.’s board of directors Thursday was working with CEO Aubrey McClendon to terminate early the Founder Well Participation Program (FWPP) in which the CEO has a contractual right to participate and invest up to a 2.5% working interest in every new well the company drills.

April 27, 2012

Transportation Notes

After enduring major supply shortfalls late last week that resulted in service curtailments for some downstream customers, El Paso did a complete turnabout during the weekend. It declared a change to normal pack condition Saturday morning and then said the situation had graduated to a high pack condition late that afternoon, where it remained Monday. El Paso was suspending all Park services and imbalance paybacks to the pipe until further notice. Maximum withdrawals from Washington Ranch storage field last week had changed into maximum injections by late Saturday night. El Paso appealed for assistance from “any customer [who] can voluntarily take more gas or reduce some supply for a period of time.” A force majeure and emergency Critical Operating Condition implemented during the cold weather last week had been canceled Saturday and were not replaced by any similar actions related to the new high-linepack situation.

February 8, 2011

California Weighs Energy Tax for Education

Facing multi-billion-dollar budget shortfalls, the California legislature has warmed up an old proposal to levy a severance tax on oil and gas production to fund the state’s struggling higher education system. The measure, Assembly Bill 656 (AB 656), was voted out of the lower house Revenue and Taxation Committee last week with a “pass as amended” recommendation, sending the proposal to the Appropriations Committee.

January 18, 2010

California Lawmakers Consider Oil/Gas Tax for Education

Facing multi-billion-dollar budget shortfalls, the California legislature has warmed up an old proposal to levy a severance tax on oil and gas production to fund the state’s struggling higher education system. The measure, Assembly Bill 656 (AB 656), was voted out of the lower house Revenue and Taxation Committee Monday with a “pass as amended” recommendation, sending the proposal to the Appropriations Committee.

January 13, 2010

ConocoPhillips VP: Costs Have Led to Gas Price Step-Change

While some believe natural gas prices have been dragged higher by $100/bbl oil or pushed up by supply shortfalls, these factors don’t explain the step-change gas prices have experienced. Higher full-cycle gas production costs — due particularly to greater reliance on unconventional supply basins — have driven the prices all gas consumers pay to a new level, one where they’re bound to stay, a ConocoPhillips executive told NGI.

April 21, 2008

ConocoPhillips VP: Gas Price Step-Change Driven by Costs

While some believe natural gas prices have been dragged higher by $100/bbl oil or pushed up by supply shortfalls, these factors don’t explain the step-change gas prices have experienced. Higher full-cycle gas production costs — due particularly to greater reliance on unconventional supply basins — have driven the prices all gas consumers pay to a new level, one where they’re bound to stay, a ConocoPhillips executive told NGI.

April 21, 2008

Likely ’05 Summer Peak Power Shortfalls Dominate CA Energy Action Plan Talks

Forget previously discussed concerns about 2006, it’s the summer of 2005 that’s worrying California state energy officials who gathered to review an update of the state Energy Action Plan last Tuesday. Dominating their discussions were “what-if” questions and proposed contingencies, including everything from mandatory load-reduction programs to accelerated power plant-building and delayed plant closings for older units.

December 13, 2004

Likely ’05 Summer Peak Power Shortfalls Dominate CA Energy Action Plan Talks

Forget previously discussed concerns about 2006, it’s the summer of 2005 that’s worrying California state energy officials who gathered to review an update of the state Energy Action Plan Tuesday. Dominating their discussions were “what-if” questions and proposed contingencies, including everything from mandatory load-reduction programs to accelerated power plant-building and delayed plant closings for older units

December 8, 2004
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