The nation’s natural gas storage deficit to last year’s record level was slashed by 10 Bcf on Thursday morning as the Energy Information Administration (EIA) reported that 73 Bcf was injected into underground stores for the week ended Oct. 5. After trading a couple of pennies on either side of $7 prior to the report’s release, November natural gas futures were pushed lower by the injection report — which revealed a larger injection than many expected — before closing out the day at $6.876, down 13.4 cents from Wednesday.
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ConocoPhillips CEO Warns Rising Costs May Impact Output
ConocoPhillips has slashed its capital budget for 2007, and it warned that if service costs continue to escalate, its medium-term oil and natural gas production likely will be impacted.
NGI The Weekly Gas Market Report
Williams’ Earnings Fall 96%, Full-Year Forecast Rises on E&P, Pipe, Midstream
Soaring fuel prices, which slashed the value of unwinding energy trading contracts collapsed Williams’ 3Q earnings by 96%, the company reported Thursday. However, the Tulsa-based company raised its profit forecast for the year on the continued strong performances of its other three major business units: exploration and production (E&P), natural gas pipelines and midstream processing.
Williams’ 3Q Earnings Fall 96%, but Full-Year Forecast Rises on E&P, Pipe, Midstream Performance
Soaring fuel prices, which slashed the value of unwinding energy trading contracts collapsed Williams’ 3Q earnings by 96%, the company reported Thursday. However, the Tulsa-based company raised its profit forecast for the year on the continued strong performances of its other three major business units: exploration and production (E&P), natural gas pipelines and midstream processing.
Forest Cuts Estimated Alaskan Reserves 86%, Warns of More Reductions
Denver-based Forest Oil Corp. last week slashed its estimated Alaskan oil reserves by 86% and warned that other oil and gas field estimates may be cut. In addition, the independent forecast a fourth quarter write off of some of its overseas assets.
Forest Cuts Estimated Alaskan Reserves, Warns of Other Reductions
Denver-based Forest Oil Corp. on Tuesday slashed its estimated Alaskan oil reserves by 86% and warned that other oil and gas field estimates may be cut. In addition, the independent forecast a fourth quarter write off of some of its overseas assets.
Puget Shares Slip After ’03 Earnings Guidance Slashed
Puget Energy Inc. shares fell more than $2 last week to near $20/share on Friday after the company warned in an 8-K filing with the Securities and Exchange Commission that drought conditions and low hydroelectric production in the Pacific Northwest would force it to buy high-cost replacement power, which probably would have a negative impact on 2003 earnings.
EOG Income Slashed by Weak Prices
Enron Oil & Gas Co. (EOG) 1998 net income was less than halfwhat it was in 1997, which could be considered additional evidencethe company really is considering an “unsolicited offer” to buy thecompany.