Pittsburgh-based retail energy provider Direct Energy is plunging into the retail natural gas market in California, going after all sizes of commercial and industrial customers to add to its residential mix.
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Moody’s: E&P Small Fry Getting Bump from Shales
Focusing on oil and natural gas liquids (NGL) has paid off for small exploration and production (E&P) companies, according to Moody’s Investors Service, as they are expected to gain from rapid production and reserve growth.
It’s a Buyer’s Market — But Few Buyers Available
North American producers of all sizes have reduced their spending and drilling plans this year, and some highly leveraged companies are attempting to hold their operations together in the face of low commodity prices and a tight credit market. The acquisition and divestiture (A&D) market is slow, but some smaller players with solid balance sheets and liquidity are letting it be known that they might be interested in a few choice assets.
It’s a Buyer’s Market — But Few Buyers Available
North American producers of all sizes have reduced their spending and drilling plans this year, and some highly leveraged companies are attempting to hold their operations together in the face of low commodity prices and a tight credit market. The acquisition and divestiture market is slow, but some smaller players with solid balance sheets and liquidity are letting it be known that they might be interested in a few choice assets.
Industry Briefs
Deepwater field sizes have increased steadily but deepwater operating costs per unit are facing upward pressure as well, according to Ziff Energy’s fifth annual study on deepwater statistics. Ziff found that deepwater average unit operating costs did fall from 1997 to 1999. However since then average unit operating costs have remained nearly flat with a small increase between 2000 and 2003. For the 13 deepwater fields tracked in the latest study for 2003, all but three of the fields had increased unit costs even among fields with increased production volumes, Ziff said. For information about the study, contact Ziff at (888) 736-5780.
AltaGas Posts Record Earnings; Sizes Up Acquisition Market
Calgary-based AltaGas Services Inc. reported record first quarter net income of C$10 million or C$0.22 per basic and diluted share, compared to C$7.4 million or C$0.19 per basic and diluted share for the first quarter of 2002, representing a 35% increase in net income and a 16% increase in earnings per share.
AltaGas Posts Record Quarterly Earnings; Sizes Up Acquisition Market
Calgary-based AltaGas Services Inc. reported record first quarter net income on Wednesday of C$10 million or C$0.22 per basic and diluted share, compared to C$7.4 million or C$0.19 per basic and diluted share for the first quarter of 2002, representing a 35% increase in net income and a 16% increase in earnings per share.