Suisse

The below-normal temperatures and deep freeze across the country led two analysts on Monday to revise upward their forecasts for U.S. natural gas prices in the first quarter.

Magnum Hunter Resources Corp. unit Bakken Hunter LLC has agreed to acquire Williston Basin properties from an affiliate of Baytex Energy Corp. for $311 million in cash. The company also said Wednesday it is trimming spending in Appalachia because of low natural gas prices.

The story “Wood Mackenzie: Gas Price Pain, Then Gain” (see NGI, Nov. 23) quoted an incorrect price forecast from a Credit Suisse presentation slide. For 2009 the firm has cut its U.S. gas price forecast to $3.97 from $4.01.

The story “For Gas Bulls, Bad News Comes First” (see Daily GPI, Nov. 23) quoted an incorrect price forecast from a Credit Suisse presentation slide. For 2009 the firm has cut its U.S. gas price forecast to $3.97 from $4.01.

Cheniere Energy, Inc. announced late Friday that its indirect, wholly owned subsidiary, Cheniere LNG Holdings, LLC has engaged Credit Suisse to arrange a proposed $500 million Senior Secured Term Loan Facility. Holdings owns Cheniere’s 100% equity interest in Sabine Pass LNG, LP. and Cheniere’s 30% limited partner equity interest in Freeport LNG Development, LP., each of which owns an LNG receiving terminal project that is currently under construction.

George A. Schreiber, former chairman of Credit Suisse First Boston’s (CSFB) Global Energy Group, has been named president and CEO of Semco Energy and has been appointed to the Semco board. Schreiber replaces Marcus Jackson, who resigned in December after the board determined that new leadership was needed because the company had not reached certain financial goals (see NGI, Dec. 8, 2003).

George A. Schreiber, former chairman of Credit Suisse First Boston’s (CSFB) Global Energy Group, has been named president and CEO of Semco Energy and has been appointed to the Semco board. Schreiber replaces Marcus Jackson, who resigned in December after the board determined that new leadership was needed because the company had not reached certain financial goals (see Daily GPI, Dec. 4, 2003).

Dallas-based Denbury Resources Inc. has retained Credit Suisse First Boston to sell its natural gas-rich offshore operations in the Gulf of Mexico (GOM), which up to now have been the company’s secondary focus. The company targeted June 2004 to complete the sale.

Analysts at Credit Suisse First Boston are looking for a return to positive valuations on merchant energy company stocks because of the current pricing environment and customer demand for risk management and energy services. CSFB analyst Philip Sales said Oneok (OKE) in particular should maintain consistent earnings from merchant energy operations.