Targeted

A former trader for BP Energy Co. accused for six illegal “wash” trades between April and June 2000 has settled with the Commodity Futures Trading Commission (CFTC) for $30,000. Byron G. Biggs, who did not admit or deny the findings, was employed as a power trader by BP from 1999-2003.

Noting that near-freezing weather was in the northern half of Florida and its linepack was “currently well below targeted levels,” Florida Gas Transmission issued an Overage Alert Day notice Thursday with 15% tolerance for negative daily imbalances.

California’s movie actor-turned-governor, Arnold Schwarzenegger, late Tuesday targeted energy for job creation, market restructuring and government streamlining as part of his state-of-the-state address to the legislature in Sacramento, kicking off a year in which the state faces unprecedented budget deficits. Schwarzenegger emphasized the need to cut and consolidate government, including oversight of the energy sector.

Xcel Energy’s trading operations are being targeted for study by Colorado state regulators, who said they don’t expect to find anything wrong. A report last Thursday in the Denver Post said the state utilities commission wants to probe how the trading impacts retail utility customers in the state.

Royal Dutch/Shell Group was the only major to report third quarter earnings last week, but its performance, while strong, did not match analysts’ high expectations. A few of the largest Houston-based independents — Burlington Resources Inc., Apache Corp. and Marathon Oil Corp. — also released their 3Q numbers, with Burlington easily surpassing Wall Street’s expectations with a 238% increase in net income and a 3% overall boost in natural gas, natural gas liquids (NGLs) and crude oil production.

EnCana Corp. has targeted a 10% per-share sales volume growth rate in 2004 from its existing assets, which, if achieved, would total between 805-885 MMboe/d. Gas sales in 2004 are forecast to be between 3.25-3.45 Bcf/d and oil and natural gas liquids sales are forecast between 265,000-310,000 bbl/d, a 10% increase over 2003 targets.

Williams’ Northwest Pipeline unit said Wednesday that it filed an application with FERC seeking to amend the certificate for its previously approved Everett Delta Project. The proposed amendment would lessen the proposed pipe’s capacity by 19,900 Dth/d.

EnCana Corp. has targeted a 10% per-share sales volume growth rate in 2004 from its existing assets, which, if achieved, would total between 805-885 MMboe/d. Gas sales in 2004 are forecast to be between 3.25-3.45 Bcf/d and oil and natural gas liquids sales are forecast between 265,000-310,000 bbl/d, a 10% increase over 2003 targets.

Iroquois Gas Transmission System LP has notified FERC that it is withdrawing its application to build its eastern Long Island (ELI) extension due to “lack of continued customer support for this project,” which would have provided approximately 175,000 Dth/d of new firm transportation service to the expanding natural gas market through a new line under Long Island Sound from Connecticut.