Natural gas storage levels are at an all-time high and the year-on-year storage deficit, which currently stands at 484 Bcf, is likely to balloon to more than 600 Bcf by mid-December, causing further downward pressure on spot prices, said Ronald Barone, a gas analyst with UBS Warburg.
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Devon Earnings Slide; Mitchell to Cut Texas Drilling
Oklahoma City-based Devon Energy Corp., which stands to become the largest independent when it completes its acquisitions of two North American producers, saw its third-quarter earnings decline from last year, posting $90 million, or 69 cents per share, compared with earnings of $165 million or $1.27 per share a year ago. Mitchell Energy & Development Corp., one of Devon’s acquisitions, also reported lower quarterly earnings and now plans to reduce its active Texas drilling program.
Devon Earnings Slide; Mitchell to Cut Texas Drilling
Oklahoma City-based Devon Energy Corp., which stands to become the largest independent when it completes its acquisitions of two North American producers, saw its third-quarter earnings decline from last year, posting $90 million, or 69 cents per share, compared with earnings of $165 million or $1.27 per share a year ago. Mitchell Energy & Development Corp., one Devon’s acquisitions, also reported lower quarterly earnings and now plans to reduce its active Texas drilling program.
FERC Stands by Creditworthiness Element of CA Mitigation
FERC is refusing to budge on several key points included in a market monitoring and mitigation plan for California’s sagging energy markets that was unveiled in April. The Federal Energy Regulatory Commission re-emphasized its belief that it is important for the California Independent System Operator (Cal-ISO) to ensure the presence of a creditworthy buyer for all transactions made with any generator that offers power in compliance with the rules set forth in the mitigation plan.
FERC Stands By Cal-ISO Third-Party Payment Decision
FERC is refusing to budge from a recent order that directs the California Independent System Operator (Cal-ISO) to assure payment for all third-party energy sales made to the state transmission coordinator.
Georgia Stands Behind Choice, Despite Minority Opposition
The Georgia House and Senate passed separate bills last week that would change the states deregulation program for the first time since its inception in 1998. The changes, however, are a far shot from the re-regulation that some legislators including Georgia Sen. Regina Thomas (D-Savannah) had sought.
Georgia Stands Behind Choice
The Georgia House and Senate passed bills this week that changethe the states deregulation program for the first time since itsinception in 1998. The changes, however, are a far shot from there-regulation that some legislators including Georgia Sen. ReginaThomas (D-Savannah) had sought (see Daily GPI, March 5).
Duke Stands By California Market
In the midst of much uncertainty surrounding California’s powersituation, Duke Energy North America Monday reiterated itscommitment to the state’s struggling wholesale electricity market,announcing new bilateral power deals with Pacific Gas and ElectricCo. and progress with redevelopment plans at three coastal powerplant sites it is operating.
Northeast Rise Stands Out From Otherwise Sedate Market
While most of the market relaxed Wednesday with flat to slightlyhigher price performance, the Northeast was battening down thehatches in preparation for a rare visitor of late: honest togoodness winter weather like they used to have in the old days. Asa result, delivered prices in the Northeast shot higher bydouble-digit amounts, led by a spike of more than half a dollar toaround $3.20 for Transco Zone 6-NYC.
TRC Commissioner Touts TX Gas
Texas stands to play a larger role in meeting the nation’sdemand for natural gas, according to one member of the TexasRailroad Commission. After reviewing a report by the NationalPetroleum Council titled “Meeting the Challenges of the Nation’sGrowing Natural Gas Demand,” TRC Commissioner Tony Garza said hesaw opportunities for the state.