Its claim to fame may be heavy oil production, but Calgary-based Husky Energy Inc. also is strengthening its upstream portfolio, announcing Monday that it may consolidate through acquisitions or sales to improve its production output in the Western Canada Sedimentary Basin (WCSB).
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PNM Submits TNP Acquisition Plan with State Regulators
Touting the deal as a means of strengthening its finances and operating efficiencies, PNM Resources filed its plans to acquire Texas-New Mexico Power’s parent, TNP Enterprises, with state regulatory commission in New Mexico and Texas on Thursday. Rate decreases for both natural gas and electric utility customers in the merged company are proposed by PNM for next year.
Rising Thermometer Levels Give Lift to Gas Prices
Gradually strengthening hot weather fundamentals solidified the post-weekend price rally Tuesday, putting all points into the rising column and creating larger gains than the day before in the Gulf Coast, California and Rockies. Upticks ranged from about a nickel to 20 cents.
AGL Posts 54% Earnings Increase Over 2Q2002
Making further strides in strengthening its balance sheet, AGL Resources Inc. reported net income of $18.9 million, or $0.29 per diluted share, for the second quarter of 2003, reflecting a 54% improvement over the $12.3 million, or $0.22 per basic and diluted share, recorded for 2Q2002.
AGL Posts 54% Earnings Increase Over 2Q2002
Making further strides in strengthening its balance sheet, AGL Resources Inc. on Thursday reported net income of $18.9 million, or $0.29 per diluted share, for the second quarter of 2003, reflecting a 54% improvement over the $12.3 million, or $0.22 per basic and diluted share, recorded for 2Q2002.
Claudette Sets Stage for Gulf Coast Showdown; Over 1 Bcf/d Shut In
Tropical Storm Claudette appeared to be strengthening as it moved north, but its landfall location was still uncertain at press time Monday, with forecasts ranging from the Coastal Plains of Texas southwest of Houston to the eastern Gulf and Louisiana. The storm has caused many oil and natural gas companies to evacuate their platforms, shut down pipes and cease production (see Daily GPI, July 14).
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.
EIA Raises Winter Gas Price Forecast to $3.54/Mcf
Bolstered by the prospects of strengthening demand and more manageable storage stocks, the Energy Information Administration’s (EIA) latest forecast calls for spot gas prices to average around $3.54/Mcf going into the winter season, or about $1.12/Mcf above last year’s level. This is 20 cents above the price projection that the agency made in October for winter gas.
EIA Raises Winter Gas Price Forecast to $3.54/Mcf
Bolstered by the prospects of strengthening demand and more manageable storage stocks, the Energy Information Administration’s (EIA) latest forecast calls for spot gas prices to average around $3.54/Mcf going into the winter season, or about $1.12/Mcf above last year’s level. This is 20 cents above the price projection that the agency made in October for winter gas.
Futures Higher on Storage, Hurricane Isidore; But Profit-Taking Possible Ahead of Weekend
A 69 Bcf weekly storage injection and a rapidly strengthening tropical storm rumbling toward the Gulf of Mexico were enough to send natural gas futures higher Thursday morning as traders loaded up on long positions. The October contract gapped higher for the second session in a row and peaked at $3.97 moments after traders learned that the storage increase last week fell slightly short of expectations, the prior week’s injection and the injection reported during the same week last year. At 11 a.m. EDT, the October contract was 11.3 cents higher on the day at $3.90. It closed 6.9 cents higher at $3.856.