U.S. Gulf of Mexico (GOM) production data from the Minerals Management Service lags Texas and Louisiana’s state data by 15 months, but even though it appears that offshore natural gas production is on the upswing, it’s still too early to say, according to a new report by Stephen Smith Energy Associates.
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Dominion 1Q Earnings Rise 27% on Colder Weather
True to its word that it would beat forecasts, first quarter earnings at Dominion were up 27% compared with a year earlier, as the Richmond, VA-based profited from the colder temperatures and greater demand from its utility. Wall Street analysts had predicted earnings of $1.24 per share, which the company predicted it would surpass.
Burlington Revises 1Q Guidance Upward; Updates Stock Repurchase Program
Burlington Resources Inc. said last week that it is raising its first quarter production guidance and has resumed repurchasing shares of its common stock under an existing $1 billion repurchase authorization.
Feds Probe Whether Enron Bamboozled Investors on True Worth of Pipes, Plants
Another year, and still the revelatory stories about Enron Corp.’s apparent misdeeds continue. Federal investigators combing through the convoluted stack of special purpose entities (SPEs) now are examining whether the company misled investors not only about its energy trades, but also covered up the actual value of its “real” assets — natural gas pipelines and power plants.
Sempra Energy Downplays ‘Exposure’ from Enron Transactions
Signaling what may be a frequent question-and-answer in the industry in the near future, Sempra Energy’s CEO was hit Thursday with questions from financial analysts on the firm’s exposure to Enron Corp. in its future business dealings as part of a third-quarter earnings conference call.
Canadian Hunter Picks Up Canadian, Argentina Assets
True to statements last week that acquisitions were on the radar screen (see Daily GPI, Sept. 7), Canadian Hunter Exploration Ltd. said Monday it has acquired a Canadian company and another in Argentina. The Canadian assets, acquired from a private company for C$22.5 million, include property in the Chedderville and Garrington areas of West Central Alberta, adjacent to Canadian Hunter property. Neither acquisition is expected to materially impact Canadian Hunter’s 2001 production forecast.
Holiday Weekend Price Changes Are Widely Varied
The Christmas weekend market was a true hodgepodge of pricemovement. Friday’s changes ranged from more than $2 lower in theNorthern Natural Gas market area, despite a pipeline OFO still ineffect after nearly two weeks, to more than $2 higher in both ofTransco’s Zone 6 pools. Other points were arrayed at variouspositions in between, but most were flat to 20 cents down.
Independents Gain Foothold In Rocky Mountains
Horace Greeley’s advice to “go west, young man,” has never beenmore true than for independent North American oil and gascompanies, which are claiming stakes in the Rocky Mountains andreaping huge returns from the untapped natural gas reserves thatlie beneath the deep, thick sands in the mountainous, multi-stateregion.
Independents Gain Foothold in Rocky Mountains
Horace Greeley’s advice to “go west, young man,” has never beenmore true than for independent North American oil and gascompanies, which are claiming stakes in the Rocky Mountains andreaping huge returns from the untapped natural gas reserves thatlie beneath the deep, thick sands in the mountainous, multi-stateregion.
Futures Lose Steam on Volatile Trading Day
True to form, Wednesday in the natural gas pit at Nymex had itsshare of price volatility as traders factored the latest storagedata into the market. After a relatively quiet morning, the Octobercontract exploded higher to $5.38 and then tumbled lower to $5.26between 2:00 and 2:10 p.m. As it turned out, the prices produced inthat small trading window held as the prompt month’s daily range.October finished at $5.318, down 4.5 cents for the session.