Trigger

A proposed threshold for annual natural gas purchases and sales that would trigger a new reporting requirement for companies came under close scrutiny in comments filed last week at FERC, with interstate pipelines, gas marketers, major producers, utilities and industrial customers calling for a change or clarification. Independent producers were among the few industry sectors to support the proposed threshold.

The threshold for annual natural gas purchases and sales that would trigger a new reporting requirement for companies came under the most scrutiny in comments filed this week at FERC, with interstate pipelines, gas marketers, major producers and industrial customers calling for a change. Independent producers were among the few industry sectors to support the proposed threshold.

Without much new information to trigger a significant change, April natural gas futures gapped lower at the opening bell to $6.740 in response to the continuing heavy storage inventory situation, but then managed a slow climb throughout the day Tuesday to end up 3.3 cents at $6.868. April crude seemed to move almost in lockstep, initially dipping to $59.60 but then ending the day up 15 cents at $60.57/bbl.

Senate legislation (S. 2314) that seeks to scale back royalty relief for oil and natural gas producers in the Outer Continental Shelf (OCS) would trigger an increase in the amount oil and gas royalties paid to the federal government, but it also would result in a drop-off in bonus bid revenues flowing into the U.S. Treasury, according to the Congressional Budget Office (CBO). Consequently, net receipts to the federal government from offshore leasing might not rise in the long run and even could fall over the next five years, it said.

Nymex Holdings on Tuesday said it pulled the trigger on a 10% equity sale to General Atlantic LLC, a global private equity firm that will buy the stake in the New York Mercantile Exchange for $135 million.

Canadian producers are signaling the Mackenzie Gas Project will trigger a wave of northern exploration and supply development if the pipeline proposal can be steered past aboriginal land-claims and into construction.

Canadian producers are signaling the Mackenzie Gas Project will trigger a wave of northern exploration and supply development if the pipeline proposal can be steered past aboriginal land-claims and into construction.

Williams Companies shares jumped 5% to $9.42/share Tuesday after Merrill Lynch analysts Steve Fleischman and Sam Brothwell resumed coverage of the company with a “Buy” rating and a $12/share 12-month price target.

El Paso Corp.’s decision early this year to cut spending in U.S. exploration and production (E&P) and focus more on South Texas, the deepwater Gulf of Mexico and coalbed methane (CBM) has proven to be a challenge for management as it figures out how to make the best with the least amount of money possible.