Soars

Canadian Superior reported record production growth of 150% in the third quarter compared to third quarter 2001, but posted a net loss of C$821,000 for the quarter and C$1.6 million for the first nine months of 2002, due largely to increased non-cash depletion expenses, compared to a loss of C$95,000 and income of C$8,789,000, respectively, for the same periods during 2001.

Canadian Superior in its third quarter 2002 earnings reported record production growth, with third quarter 2002 production up 150% from third quarter 2001. As a result of the increased natural gas production and stronger commodity prices, the company added that third quarter 2002 revenues increased 178% over the corresponding 2001 period.

Marketing and risk management losses in the third quarter more than offset an earnings increase from ongoing core businesses, Williams Companies said Thursday. The company recorded an unaudited third quarter 2002 net loss of $294.1 million, or 58 cents per share, compared with restated net income of $221.3 million, or 44 cents per share, for the same period last year.

While the East looked around and, seeing nearly all appreciable weather load fading fast, decided to sit tight or retreat a bit price-wise Wednesday, most western points were soaring in a frenzy of buying. California and Rockies pipes saw spikes that often hit triple digits. Only flatness in the Pacific Northwest and at a couple of Permian Basin points, along with a downturn for intra-Alberta numbers, belied the overall western strength.

It’s virtually certain that the Southern California border indexfor December will be record-setting. It had seemed likely when atrader reported physical border basis at plus 490 last Wednesday (seeDaily GPI, Nov. 27). But things werejust getting started then. The border basis bid-ask spread reachedplus 640-650 on a popular electronic trading service Monday, said awestern source.

The finger-pointing and calls for market intervention — mostnotably centered on electricity price caps —heated up fasterthan the temperatures on both coasts this week, with merchantgenerators and incumbent regulated utilities drawing the ire ofstate and federal policymakers.

The industry spent 35% more on offshore drilling in the U.S. andabout 10% more on gas-directed drilling last year than in 1997,according to the 1998 Joint Association Survey on Drilling Costs(JAS) by the American Petroleum Institute.

The industry spent 35% more on offshore drilling in the U.S. andabout 10% more on gas-directed drilling last year than in 1997,according to the 1998 Joint Association Survey on Drilling Costs(JAS) by the American Petroleum Institute.

Storm hype or not? It was inevitable that debate on the subjectwould break out again Wednesday after Tropical Storm Irene formedin the northwest Caribbean Sea and cash prices saw this week’suphill climb get even steeper. Virtually all points were rising by15 cents or more, led by New England citygate (Tennessee Zone 6 andAlgonquin) upticks of around a quarter.