Substantial

Royal Dutch Shell plc is set to announce “substantial” job cuts in the coming days, sources told NGI Friday.

Calgary-based Crescent Point said Monday it will spend close to C$924 million in three transactions to build a substantial position in southern Saskatchewan. With the three acquisitions, the company lifted its 2009 year-end production guidance by 16%.

The United States Natural Gas Fund (UNG) won its two-month battle to issue a substantial number of new shares, but in the end it may not matter. The fund said last Wednesday that the Securities & Exchange Commission (SEC) will grant its June 5 request to issue up to one billion new limited partnership units, but because of recent regulatory changes in the energy derivatives markets, UNG “will not resume issuing units and offering Creation Baskets to its Authorized Purchasers at this time.”

The United States Natural Gas Fund (UNG) won its two-month battle to issue a substantial number of new shares, but in the end it may not matter. The fund said Wednesday that the Securities & Exchange Commission (SEC) will grant its June 5 request to issue up to one billion new limited partnership units, but because of recent regulatory changes in the energy derivatives markets, UNG “will not resume issuing units and offering Creation Baskets to its Authorized Purchasers at this time.”

The cash market again bowed to a general lack of substantial cooling load and further prior-day futures softness in recording losses at all but one point Thursday. Modest warming trends in the Rockies and western Midwest were due to spur little additional power generation demand for gas.

Some companies saw substantial growth and others saw their numbers fall, but the total volume of natural gas sold in North America in 1Q2009 remained basically flat, falling less than 0.5 Bcf/d from the same period last year, according to NGI’s 1Q2009 Top North American Gas Marketers Ranking.

Some companies saw substantial growth and others saw their numbers fall, but the total volume of natural gas sold in North America in 1Q2009 remained basically flat, falling less than 0.5 Bcf/d from the same period last year, according to NGI’s 1Q2009 Top North American Gas Marketers Ranking.

StatoilHydro ASA, which owns substantial reserves both on- and offshore in the United States, is getting a new name — Statoil — following approval by officials. The proposal to change the name of the national oil company, which is 67% owned by Norway, was suggested by the board of directors. Also approved was a proposal to widen the producer’s objectives to include other energy besides oil and natural gas to reflect its investments in renewable energy. The amendments are expected to be implemented by the end of the year. Norway’s Statoil ASA and Norsk Hydro ASA proposed a merger in late 2006 (see Daily GPI, Dec. 19, 2006).

Hoping for higher natural gas prices is not a strategy for El Paso Corp., CEO Doug Foshee said Friday. Instead, his company plans to use substantial hedges, a liquid balance sheet and flexible spending to guard against an uncertain future.