The United States has 2,384 Tcf of technically recoverable natural gas, the Potential Gas Committee (PGC) and the American Gas Association (AGA) said Tuesday. That’s more reserves than the PGC has calculated in its 48-year history and beats the previous high seen in 2010 by 486 Tcf.
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XTO Reports Record Output, Sees Annual Volumes Growing 23%
Strengthened by a series of onshore purchases in key North American natural gas plays, XTO Energy Inc. Wednesday reported record quarterly production, with gas output up 35% from the same period a year ago. Oil and gas output this year now is forecast to jump 23%, and the CEO hinted that more acquisitions may be in the offing.
Chevron, ConocoPhillips, Marathon Forecast Lower 1Q Output
Three of the top U.S.-based integrated producers last week warned that lower commodity prices and production downtime will send their oil and natural gas output down sequentially from the final three months of 2006.
Most Prices Up as Hurricane Threat Grows; Expected Path Shifted Toward Southeast LA
Cash prices recorded moderate rallies at most points Friday as revised tracking projections for a much strengthened Hurricane Katrina had the storm approaching more closely to the eastern end of Gulf of Mexico (GOM) production operations than had been anticipated Thursday. But Florida Gas Transmission (FGT) Zone 3, which would be highly susceptible to the impact of Katrina shut-ins, shot up more than $3 on average with peak quotes of $14 being reported.
Category 4 Dennis Prompts Scramble Out of Eastern Gulf; At Least 1 Bcf/d Shut In
With Dennis having further strengthened into an extremely dangerous Category Four hurricane overnight, producers scrambled Friday morning to batten down the hatches in the eastern Gulf of Mexico (GOM) by evacuating platform and drilling rig workers and shutting in production as necessary. Pipelines with offshore segments or connections in the eastern Gulf were posting bulletin board warnings of expected supply losses as the day wore on and instructing shippers on the proper response.
PNM Resources Says Off-Peak Power Prices Strengthening
Off-peak wholesale power prices on a forward basis have “strengthened considerably” from New Mexico-based PNM Resources Inc.’s projections, a company official told analysts last week during a conference call on PNM’s 2002 financial results.
Mirant Boosts Liquidity, Closes $300M Chinese Asset Interest Sale
Mirant’s liquidity position heading into 2003 was significantly strengthened after the Atlanta-based company on Tuesday said that it has completed the sale of the company’s 33% economic interest in the Shajiao C power plant in China to China Resources Power Holding Co. Ltd. for $300 million.
El Paso Unveils New Game Plan, 6 LNG Facilities
Strengthened by its merger with The Coastal Corp. earlier thismonth that made it the fourth largest U.S. energy company, theformer El Paso Energy Corp. unveiled an impressive show of strengthlast week as it began a two-day analysts’ conference in Houston,showcasing a new energy trading floor, new corporate identify anddetails to grow earnings at least 25% in the coming year.
El Paso Corp. — New Name, Bigger Game Plan
Strengthened by its merger with The Coastal Corp. last week thatmade it the fourth largest U.S. energy company, the former El PasoEnergy Corp. unveiled an impressive show of strength yesterday asit began a two-day analysts’ conference in Houston, showcasing anew energy trading floor, new corporate identify and details togrow earnings at least 25% in the coming year.
$500M Deal Grows BP Amoco Gas Holdings
BP Amoco strengthened its position as North America’s No. 1 gasproducer through a $500 million deal to buy a significant part ofRepsol-YPF’s holding in Crescendo Resources, a major gas producerand processor in Texas and Oklahoma.