Showed

Barrett Resources Corp. unveiled its second quarter 2001 results Wednesday, which showed a strong increase over the equivalent time frame from 2000 due primarily to its gas business in the Rocky Mountains. The company reported net income of $55.1 million ($1.61 per diluted share) for the quarter that ended June 30, compared to a net loss of $4 million ($0.12 per diluted share) during the second quarter 2000.

Indications of the shortage of pipeline capacity to California showed up again recently in a protest filed by producers against deals made by Transwestern Pipeline with two shippers for gas transportation in February. The producers claim others did not have a meaningful opportunity to bid on capacity and that it was sold outside the tariff rate structure.

A policy change directed at construction funding on newly formed, project-financed pipelines, which showed up for the first time in FERC’s certificate order for Gulfstream Natural Gas System, “constitutes flawed policy and lacks reasoned decision-making,” the pipeline said (see NGI, Feb. 26).

Indications of the shortage of pipeline capacity to Californiashowed up again last week in a protest filed by producers againstdeals made by Transwestern Pipeline with two shippers for gastransportation in February. The producers claim others did not havea meaningful opportunity to bid on capacity and that it was soldoutside the tariff rate structure.

A policy change directed at construction funding on newlyformed, project-financed pipelines, which showed up for the firsttime in FERC’s certificate order for Gulfstream Natural Gas System,”constitutes flawed policy and lacks reasoned decision-making,” thepipeline said (see Daily GPI, Feb. 22).

A quiet market week showed no inclination for change going intothe weekend. Most points ranged from flat to up a dime, but only afew rose more than a nickel or so. Major departures from theoverall market trend were (where else?) in California, where Malinpushed nearly a dollar higher while the border and PG&Ecitygate slipped about 35-40 cents each.

The cash market showed signs of fatigue Wednesday in strugglingto maintain this week’s upward momentum. Most new gains were in the5-15 cents range, and some western points were beating modestretreats. However, cash may get its second wind today after thescreen reacted quite bullishly to AGA’s first report of net storagewithdrawals this season.

A U.S. House Commerce Subcommittee set the stage Monday in SanDiego for a continuation of California’s “great electricitydebate,” and the actors all showed up to deliver their linespredictably from the often-conflicting perspectives of consumers,generators, state regulators, energy officials and federalregulators. With two San Diego-based members of the subcommitteeamong the Congressional lawmakers attending, all sides got in theirtwo-cents worth, and are expected to do the same today when theFederal Energy Regulatory Commission holds its hearing on San Diegoelectricity price spikes.

Devon Energy once again showed its knack for timing on Friday bygrabbing Santa Fe Snyder while its stock was undervalued. Devonperformed a similar feat with PennzEnergy just last year (see DailyGPI, May 21). Observers believe this$2.23 billion merger, excluding about $1 billion in debt assumption,could be one of the last this year among large and small producersbecause of the impact of the booming energy market on stock prices.