Terminate

Gene Isenberg, former CEO of Nabors Industries Ltd., has agreed to terminate his employment contract and waive a claim to $100 million that was triggered when the company promoted Anthony G. Petrello to CEO. Isenberg’s contract provided him with $100 million in cash and other bonuses under a severance-type payment. Nabors, which was criticized by shareholders when the contract terms were released, said Isenberg now is to receive no cash compensation and would forfeit about $7 million in deferred bonuses. Some of the proceeds are to be donated to charity. Isenberg’s estate is to receive a payment of $6.6 million, plus interest, when he dies. Isenberg, who had been CEO since 1987, retired in December but continues as chairman until June, when he is to become chairman emeritus.

Thousands of landowners in New York state, who have received notice that their leases with gas companies are being unilaterally extended, have been given an added bonus: a French lesson.

With rapidly expanding development in the oily Bakken Shale and Three Forks formations of North Dakota, Enbridge Energy Partners LP (EEP) and Enbridge Income Fund Holdings Inc. (EIF) said Monday that additional shippers have finalized capacity commitments to the Bakken Expansion Program and the companies expect that additional capacity will be required by producers in the near future.

Industrial natural gas users last week urged FERC to reconsider its decision to terminate a Section 5 complaint proceeding against Northern Natural Gas for over-recovery of cost of service, saying customers and the agency yielded to the pipeline’s threat of filing higher transportation rates if the case was not closed quickly.

Industrial natural gas users Monday urged FERC to reconsider its decision to terminate a Section 5 complaint proceeding against Northern Natural Gas for over-recovery of cost of service, saying customers and the agency yielded to the pipeline’s threat of filing higher transportation rates if the case was not closed quickly.

A group of Northern Natural Gas shippers has called on FERC to terminate later this month a Section 5 complaint proceeding against the pipeline for overrecovery of its cost of service if the pipeline agrees not to seek a rate increase prior to or on May 1, 2011 or put higher rates into effect prior to Nov. 1, 2011.

A group of Northern Natural Gas shippers has called on FERC to terminate later this month a Section 5 complaint proceeding against the pipeline for overrecovery of its cost of service if the pipeline agrees not to seek a rate increase prior to or on May 1, 2011 or put higher rates into effect prior to Nov. 1, 2011.

Following Monday’s explosion to $6, profit taking was the name of the game on expiration Tuesday as the January natural gas futures contract slumped to terminate at $5.814, down 17.6 cents. February futures slid 15.6 cents to $5.840.

Interior Secretary Ken Salazar last Wednesday said he plans to administratively terminate the controversial royalty in-kind (RIK) program for oil and natural gas producers, calling it a “blemish” on the entire department. The department also indicated that the Obama administration would issue a decision on its new five-year leasing plan for the Outer Continental Shelf (OCS) in 2010.