Tough

Soaring wholesale gas prices this winter forced two Maryland retail gas marketers to cut services to some or all of their customers, and one of the marketers, Maryland Natural Gas & Electric/Operators Energy Services (OES), is now facing potential penalties for dumping customers without the required 60-day notice.

A story that ran in Monday’s edition of Daily GPI contained two errors. In the story titled “El Paso Crosses Hurdle But Still Faces Tough Battle Ahead,” a date of May 20 was given for El Paso’s annual meeting, where a proxy battle is scheduled to take place for control of El Paso’s board of directors (see Daily GPI, March 17). El Paso said no date has been set. The story also contained a typo. The name of El Paso’s fomer CEO, William Wise, was misspelled. NGI regrets these errors.

A dwindling number of attractive drilling targets in the United States and a tough financial environment were the leading reasons exploration and production (E&P) companies said they planned to spend less next year in the United States, according to an annual survey by Lehman Brothers.

A dwindling number of attractive drilling targets in the United States and a tough financial environment were the leading reasons exploration and production (E&P) companies said they planned to spend less next year in the United States, according to an annual survey by Lehman Brothers.

Coming off of a tough week because of an announcement of lower earnings guidance, Bedminster, NJ-based NUI Corp. Thursday reaffirmed the positive performance of its energy trading and portfolio management business and declared its regular quarterly dividend on Thursday. The company said that while trading will be limited going forward because of its strict credit requirements on counterparties and declining liquidity in certain markets, the trading division is still expected to post relatively strong earnings.

Soothsayers are having a tough time coming up with a solid price forecast for this winter and next year because of the uncertainty over a potential war with Iraq and the mixed views about winter weather and gas supply.

Coming off of a tough week because of an announcement of lower earnings guidance, Bedminster, NJ-based NUI Corp. Thursday reaffirmed the positive performance of its energy trading and portfolio management business and declared its regular quarterly dividend on Thursday. The company said that while trading will be limited going forward because of its strict credit requirements on counterparties and declining liquidity in certain markets, the trading division is still expected to post relatively strong earnings.

Soothsayers are having a tough time coming up with a solid price forecast for this winter and next year because of the uncertainty over a potential war with Iraq and the mixed views about winter weather and gas supply.

The Federal Energy Regulatory Commission voted out a final rule last Wednesday that will require regulated natural gas and electric companies to provide fuller, more accurate disclosure to the agency about their use of certain investment securities, derivative instruments and hedging activities. In expanding its existing accounting-reporting regulations, the Commission said it hopes to keep closer tabs on an energy industry that has been rocked by numerous scandals during the past year.