Sustained

At least 14 municipal natural gas distribution systems in Louisiana and Mississippi sustained heavy damages in the wake of Hurricane Katrina and its aftermath, according to an official with the American Public Gas Association (APGA).

In putting together the acquisition of Unocal Corp., ChevronTexaco Corp.’s top management sent a clear bullish signal that they expect sustained high oil and natural gas prices going forward, analysts noted last week.

With sustained higher natural gas and oil prices, and with expected permit approval for Powder River Basin exploration — which could lift natural gas and oil production 6-10% this year — MDU Resources Inc. on Tuesday raised its full-year 2005 earnings guidance.

Boosted by sustained high natural gas prices, Kinder Morgan Inc. (KMI) on Wednesday reported a 15% increase in 1Q earnings, with income from continuing operations of $145.7 million ($1.17/share), compared with 1Q2004 income of $127 million ($1.02).

With sustained higher natural gas and oil prices, and with expected permit approval for Powder River Basin exploration — which could lift natural gas and oil production 6-10% this year — MDU Resources Inc. on Tuesday raised its full-year 2005 earnings guidance.

With sustained strength in oil and natural gas prices, Lehman Brothers on Tuesday raised its 2005 Henry Hub gas forecast by 75 cents to $7/MMBtu and the 2006 forecast by 50 cents to $6.50/MMBtu. The oil forecast also was increased by $5 for 2005 and 2006, to $50/bbl.

With sustained strength in oil and natural gas prices, Lehman Brothers on Tuesday raised its 2005 Henry Hub gas forecast by 75 cents to $7/MMBtu and the 2006 forecast by 50 cents to $6.50/MMBtu. The oil forecast also was increased by $5 for 2005 and 2006, to $50/bbl.

The Duke Energy natural gas storage cavern in Liberty County, TX, which sustained the most damage in an explosion and fire last August, is expected to return to service within a couple of weeks, a spokesman for Duke Energy Gas Transmission (DEGT) said Thursday.

The Duke Energy natural gas storage cavern in Liberty County, TX, which sustained the most damage in an explosion and fire last August, is expected to return to service within a couple of weeks, a spokesman for Duke Energy Gas Transmission (DEGT) said Thursday.