Well control experts succeeded in plugging Chesapeake Energy Corp.’s runaway oil well that had been spewing natural gas and drilling mud since last Tuesday near the town of Douglas, WY, in part of the Niobrara Shale formation in Converse County. Crews managed to reduce the pressure and regain control by plugging the well with mud.
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Wyoming Wild Well Under Control
Well control experts succeeded in plugging a runaway Chesapeake Energy Corp. oil well that had been spewing natural gas and drilling mud since last Tuesday near the town of Douglas, WY, in part of the Niobrara Shale formation in Converse County. Workers managed to reduce the pressure and regain control by plugging the well with mud.
Ballot Initiative Under Way for Arkansas Severance Tax Hike
Former natural gas industry executive Sheffield Nelson has filed a ballot initiative in Arkansas to raise the state’s severance tax on natural gas production to 7% from the current 5% of market value.
Futures Plunge Below $4 as Fundamentals Remain Weak
After pounding up against psychological support at $4 over the last few days, the September natural gas futures contract succeeded in breaking through in a big way on Wednesday with a low of $3.838 before closing the regular session at $3.871, down 16.8 cents from Tuesday’s finish.
People
Claiborne P. Deming, president and CEO of Murphy Oil Corp. since 1994, will retire at the end of the year and will be succeeded by David M. Wood, the company said. Wood currently is executive vice president of Murphy’s worldwide exploration and production (E&P) operations. Deming plans to continue as a member of Murphy’s board of directors, and would succeed William Nolan as chairman of the board’s executive committee. Nolan would remain chairman of the board. Wood joined the El Dorado, AR-based company in 1994, and he was put in charge of E&P operations in January 2007. Deming said Wood “has the leadership ability and skill to grow the company’s business well into the future, and I wholeheartedly commend him to shareholders.” Deming said he would continue to follow “industry developments, particularly at this pivotal time,” and said he plans to remain involved with Murphy at all levels.
Influence of False Data on NGI Index Not Proven, Says Price Editor
Testimony by the managing price editor for Natural Gas Intelligence (NGI) Friday left open to question the prosecutor’s claim that two former natural gas traders succeeded in manipulating natural gas price indexes in 2000 and 2001 by submitting false information to publishers.
People
Dominion announced Monday the retirement of Edgar M. Roach, Jr. as president and CEO of Dominion Delivery, effective Dec. 1. Roach will be succeeded by Admiral Jay L. Johnson, who joined Dominion two years ago as senior vice president-business excellence when he retired as the United States Chief of Naval Operations. The company also announced the retirement of James P. O’Hanlon as president and COO of Dominion Energy, also effective Dec. 1. O’Hanlon’s responsibilities will be assumed and divided between two Dominion senior vice presidents, Paul D. Koonce and Mark E. McGettrick. Dominion said Roach and O’Hanlon will remain active as company employees until Feb. 1 to ensure a smooth transition. Koonce and McGettrick will report to Thomas F. Farrell, CEO of Dominion Energy. Koonce will become CEO-transmission at Dominion Energy, where he will continue to oversee the company’s energy trading and will add responsibility for natural gas and electric transmission management. Gary L. Sypolt, now president of the Dominion Transmission natural gas pipeline, will add electric transmission to his responsibilities and become president of Dominion’s electric and natural gas transmission unit. Kevin T. Howell will remain president of Dominion Energy Clearinghouse. Both will report to Koonce. Dominion said McGettrick will be Dominion Energy’s president and CEO-generation and relinquish his position as president of Dominion Resources Services. He will be replaced by Mary C. Doswell, who is now vice president-billing & credit in Dominion Delivery.
Mirant Delays Power Plant Construction in California
In an ironic twist of fate, California lawmakers have succeeded in deterring construction of new generation at the same time they are trying to solve their state’s energy shortage. Mirant Corp. said on Friday it will delay construction on its approved 530 MW expansion at its Contra Costa power plant because of market uncertainty. The plant received its permit May 29.
NOVA, Shippers Reach Two-Year Rate Settlement
While long-distance tolls continue to be hotly contested,TransCanada PipeLines Ltd. succeeded in reaching a settlement onkey basics that will let it set 2001-02 rates without a fight forits Nova grid in Alberta.
Unable to Support, Bulls Wilt Under Selling Pressure
The second time was a charm for bears at Nymex yesterday whenthey succeeded in taking natural gas below key support afterfailing to do so earlier in the session. Sources pointed totechnical selling that entered the fray when the May contract wasunable to climb back to Monday’s $2.945 high as a major contributorto yesterday’s losses. However, declines were not limited to theprompt month as moderate losses pervaded the entire 12-month strip.The May and June each finished down 6.7 cents at $2.822 and $2.844respectively.