After staking out a session low of $13.75 in morning trade, November natural gas futures steadily climbed for the remainder of the session Tuesday, hitting a high of $14.24 before closing at $14.224, up 20.7 cents on the day.
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ExxonMobil’s Raymond Announces Retirement
Lee R. Raymond, who served as a lightning rod for environmental critics while steadily guiding ExxonMobil Corp. to become the world’s richest public company, on Thursday said he will retire at the end of this year.
Ultra Sees Steady Increase in Production from Wyoming Fields
Upstart independent Ultra Petroleum, which has steadily grown its natural gas reserves more than 24-fold in Wyoming in the past five years, expects to see a 37% increase in output this year in the prolific Pinedale Anticline and Jonah fields, the CEO said last week.
Ultra Sees Steady Increase in Production from Wyoming Fields
Upstart independent Ultra Petroleum, which has steadily grown its natural gas reserves more than 24-fold in Wyoming in the past five years, expects to see a 37% increase in output this year in the prolific Pinedale Anticline and Jonah fields, the CEO said Tuesday.
Unocal’s Reserves May Be Appeal for ChevronTexaco
Unocal Corp.’s share price climbed steadily Thursday and Friday on the rumor that ChevronTexaco Corp. is considering making a bid for the company, according to a report Thursday in the Wall Street Journal. Neither company would comment.
NEB: Gas Exports to U.S. Slip 1.2% in First 8 Months of 2004
Exports to the United States are holding firm as Canadian producers steadily accelerate natural gas drilling to compensate for anticipated depletion of aging reserves.
NEB: Gas Exports to U.S. Slip 1.2% in First 8 Months of 2004
Exports to the United States are holding firm as Canadian producers steadily accelerate natural gas drilling to compensate for anticipated depletion of aging reserves.
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.
Crude Boost Keeps Natural Gas Busy Ahead of Storage Data
Getting a little boost from the $1.53 uptick in crude futures, August natural gas futures steadily climbed throughout Wednesday to settle 7.2 cents up at $5.977. The prompt month registered its second consecutive day higher following Monday’s 28.4-cent collapse, which brought August just below $6.
Oilsands Developers Hit Hard by High Natural Gas Prices
Reliance on natural gas is a steadily escalating source of financial pain for oilsands complexes. Alberta’s three oilsands mining and bitumen upgrading complexes spent a total of C$692 million (US$520 million) on gas in 2003, or five times what they spent in 1999, according to the Calgary energy investment firm of Peters & Co. Ltd.