Showed

Based on a third quarter production survey, which showed a 3.1% year-over-year decrease and a 1.5% sequential production drop, analysts at Raymond James & Associates believe domestic gas production decline rates actually accelerated during the quarter rather than slowed. And this may have happened despite a nearly 30% increase in drilling since late last year.

Based on a third quarter production survey, which showed a 3.1% year-over-year decrease and a 1.5% sequential production drop, analysts at Raymond James & Associates believe domestic gas production decline rates actually accelerated during the quarter rather than slowed. And this may have happened despite a nearly 30% increase in drilling since late last year.

Preliminary voting results presented by PG&E to a federal bankruptcy court in San Francisco last Wednesday showed that 97% of the company’s utility creditors favor its Chapter 11 reorganization plan as embodied in a proposed settlement with state regulators.

Preliminary voting results presented by PG&E to a federal bankruptcy court in San Francisco Wednesday showed that 97% of the company’s utility creditors favor its Chapter 11 reorganization plan as embodied in a proposed settlement with state regulators.

Much like in trading for the long holiday weekend, the West showed the greatest relative price strength Tuesday, but even that region succumbed to overall falling numbers. With a natural gas screen dip of 9.2 cents almost lost in a general crash of energy futures and forecasts pointing to a cool September for most of the eastern U.S., prospects for a substantive gas price rally appear remote.

Chesapeake Energy Corp. showed production gains for the eighth consecutive quarter, boosting its oil and gas 55% year-over-year and 19% more than the first quarter. In the last eight quarters, the Oklahoma City-based independent has seen its production grow 72%, averaging a sequential quarterly growth rate of 7%.

While not even coming close to the power of 2002’s Hurricane Lili, 2003’s Hurricane Claudette showed Tuesday that she could still make a dent in the Gulf of Mexico’s natural gas and oil output. The industry in Houston, however, appeared to be taking the “bad weather” in stride, moving personnel in from offshore rigs, but preparing to send them right back out again. For gas prices also, it appeared to be a ho-hum event, with prices Tuesday generally up a few pennies.

Marathon Oil Corp. showed a nearly 100% gain on fourth quarter net income from $98 million, or $0.32 per diluted share in 2001, to $194 million, or $0.62 per diluted share in 2002. The company also reported last week it had achieved a 250% reserve replacement ratio, including expansion of its Powder River Basin coalbed methane holdings.

Marathon Oil Corp. showed a nearly 100% gain on fourth quarter net income from $98 million, or $0.32 per diluted share in 2001, to $194 million, or $0.62 per diluted share in 2002. The company also reported it had achieved a 250% reserve replacement ratio, including expansion of its Powder River Basin coalbed methane holdings.