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Even though it says “accurate and precise prediction of commodity prices is futile,” Simmons & Co. International nevertheless makes a stab at it, increasing its natural gas price forecast for 2002 from $2.25/Mcf to $2.90/Mcf, in line with a rise in the forecast for crude oil from $21 a barrel to just over $24 a barrel.

Even though overall operations are performing well, with oil and gas production on track to be up 5% over 2000 and development projects on schedule, producer Kerr-McGee Corp. said Friday that uncontrollable outside events — mostly within its chemicals division — will push down projected third quarter earnings, which will be released in one month.

Even though a recent report by the National Association of Purchasing Managers (NAPM) has signaled that natural gas demand is moving toward recovery, industrial-related demand will “remain anemic” until inventory levels come down and production increases, according to last week’s Raymond James Energy’s Stat of the Week.

Even though overall operations are performing well, with oil and gas production on track to be up 5% over 2000 and development projects on schedule, producer Kerr-McGee Corp. said Friday that uncontrollable outside events — mostly within its chemicals division — will push down projected third quarter earnings, which will be released in one month.

Even though a recent report by the National Association of Purchasing Managers (NAPM) has signaled that natural gas demand is moving toward recovery, industrial-related demand will “remain anemic” until inventory levels come down and production increases, according to Raymond James Energy’s Stat of the Week Monday.

Even though the oil and gas industry is preparing for the “backside of the cycle” as natural gas prices fall, companies are in a better position today than in 1998, when financially constrained producers were forced to limit capital spending and drilling activity to service their debt, according to Raymond James Energy’s Stat of the Week. Analyst Wayne Andrews said, “this time around, producers have worked to maintain financial flexibility through the peak and appear to be in a much better position to handle the potential weakness in commodity prices.”

Even though the oil and gas industry is preparing for the “backside of the cycle” as natural gas prices fall, companies are in a better position today than in 1998, when financially constrained producers were forced to limit capital spending and drilling activity to service their debt, according to Raymond James Energy’s Stat of the Week. Analyst Wayne Andrews said, “this time around, producers have worked to maintain financial flexibility through the peak and appear to be in a much better position to handle the potential weakness in commodity prices.”

Though natural gas prices have been sliding in the last few months, plans to construct an Alaskan natural gas pipeline into Canada and the Lower 48 are moving to the fast track, as producers and business groups, eager to move the process forward, push their proposals this month during a two-day hearing in Anchorage.

Though additional wells need to be drilled before the total proved reserves are accurately measured, Murphy Oil Co. announced Thursday that its Front Runner South prospect in Green Canyon Block 339 offshore Louisiana has exceeded expectations. The reserve estimate is expected to be more than the pre-drill projection of 40-60 MMboe.