The first merchant electric generating plant proposed followingindustry restructuring in California more than three years agofinessed a crucial court challenge Tuesday and moved toward aconstruction start-up early next year on a $300-350 million, 700 MWplant on a former Air Force base in the high desert 75 milesnortheast of Los Angeles.
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ExxonMobil To Buy Back $671.6 Million in Debt
Flush with cash from high oil and gas profits andbetter-than-expected merger savings, ExxonMobil Corp. will buy backas much as $671.6 million in debt next month, the company saidyesterday.
Transportation Notes
Williams said Thursday it expects to resume normal operationsSunday, one day earlier than previously anticipated, on Line Segments490 and 491. The pipeline had declared a force majeure for thesegments following a compressor failure at its Riner Station (seeDaily GPI, Aug. 3).
Canadian Millennium Sponsors Hold Off Review
After spending more than C$60 million (US$41 million) and threeyears of preliminary work, the sponsors of the upstream portion ofthe Millennium Pipeline Project have decided to put the regulatoryreview process in Canada on indefinite hold.
Canadian Millennium Sponsors Put Hold on Project Review
After spending more than C$60 million (US$41 million) and threeyears of preliminary work, the sponsors of the upstream portion ofthe Millennium Pipeline Project have decided to put the regulatoryreview process in Canada on indefinite hold.
NJ to Seek Court Review of Transco Ruling
New Jersey’s Attorney General (AG) Office said yesterday it willfile by “no later than” Friday a petition seeking court review ofFERC’s decision awarding a certificate to Transcontinental GasPipeLine to proceed with the construction of a hotly-disputedpipeline expansion through the northern part of the state.
Profit-Taking Stems Early Rally for Second Day in a Row
Boosted by a more than a nickel increase in during the overnightAccess trading session, followed by a second straight day of higherearly morning over-the-counter dealings, natural gas futures werequick out of the chute Tuesday as traders set their sights onceagain on the key $4.00 level. But just like Monday, yesterday’searly buying quickly turned into profit-taking when it becameapparent $4.00 was beyond bulls’ reach. The June contract finished6.7 cents stronger at $3.814, after trading within a tight,8.5-cent range.
AEC Snags McMurry Oil, Gets 35% Stake in Jonah Field
Alberta Energy Co. Ltd. became more U.S. than Canadian producerlast week by grabbing a major foothold in the Rocky Mountainregion. The company is buying all the common shares of McMurry Oil,which owns 1.2 Tcf of gas reserves and significant explorationacreage in the Jonah Field in the Green River Basin in southwesternWyoming. It also is purchasing the 245-mile Jonah Field gasgathering system, which currently transports 320 MMcf/d of gas andis primed for an expansion to 440 MMcf/d. The transactions arevalued at a total of C$1.15 billion.
AEC Snags McMurry Oil, Grabs 35% Stake in Jonah Field
Alberta Energy Co. Ltd. became more U.S. than Canadian produceryesterday by grabbing a major foothold in the Rocky Mountainregion. The company is buying all the common shares of McMurry Oil,which owns 1.2 Tcf of gas reserves and significant explorationacreage in the Jonah Field in the Green River Basin in southwesternWyoming. It also is purchasing the 245-mile Jonah Field gasgathering system, which currently transports 320 MMcf/d of gas andis primed for an expansion to 440 MMcf/d. The transactions werevalued at a total of C$1.15 billion.
Preliminary Survey Shows 1Q Production Decline
One look at Nymex natural gas futures prices will tell yousupply is a little scarcer than consumers probably would like, andfirst quarter financial reports are confirming that production isdown from last year. Producer earnings soared during the firstquarter as a result of higher oil and gas prices, and lowerdomestic gas production should take some of the blame for the bullmarket.