Sign

Soaring gas prices prompted U.S. gas utilities to use more aggressive hedging strategies and sign longer term agreements ahead of winter last year to mitigate the impact of rising prices on consumers, according to a new report by the American Gas Association (AGA).

In a move sure to be closely scrutinized by opposing state and federal regulators squabbling over jurisdiction, Houston-based ConocoPhillips and Mitsubishi’s Sound Energy Solutions (SES) announced late Monday that they signed a memorandum of understanding to work jointly on SES’s proposed liquefied natural gas (LNG) receiving terminal in the Port of Long Beach, CA.

BP plc’s chief executive said Tuesday that a better-than-expected 1Q2005 earnings increase — up 29% from a year earlier — is a sign of things to come this year as oil and natural gas prices remain high.

In another sign that California’s two major utilities have recovered since the state’s energy crisis, Standard & Poor’s Ratings Services last Wednesday raised their respective credit ratings and declared their individual outlooks were “Stable.”

In another sign that California’s two major utilities have recovered since the state’s energy crisis, Standard & Poor’s Ratings Services Wednesday raised their respective credit ratings and declared their individual outlooks were “Stable.”

Sempra Energy LNG Corp. is expected to sign a final agreement as early as Monday with the government of Indonesia on a 20-year liquefied natural gas (LNG) supply agreement, according to Indonesia’s energy minister. In August, Sempra said that it was close to finalizing the deal, which would give it gas to supply its planned Baja California, Mexico LNG terminal.

Sempra Energy LNG Corp. is expected to sign a final agreement as early as Monday with the government of Indonesia on a 20-year liquefied natural gas (LNG) supply agreement, according to Indonesia’s energy minister. In August, Sempra said that it was close to finalizing the deal, which would give it gas to supply its planned Baja California, Mexico LNG terminal (see Daily GPI, Aug. 4).

In a sign that at least one industry player believes an Alaskan natural gas line may not become reality for some time, Burlington Resources Inc. has abandoned 32 Alaskan North Slope Foothills leases it obtained in 2001. Burlington apparently no longer considers the North Slope to be a core area, and the company did not want to pay the annual rent to retain the leases, according to a spokesman for the Alaska Division of Oil and Gas.

In a sign that at least one industry player believes an Alaskan natural gas line may not become reality for some time, Burlington Resources Inc. has abandoned 32 Alaskan North Slope Foothills leases it obtained in 2001. Burlington apparently no longer considers the North Slope to be a core area, and the company did not want to pay the annual rent to retain the leases, according to a spokesman for the Alaska Division of Oil and Gas.