Updates

Seeking to reassure investors and credit rating agencies, Mirant on Thursday said that its liquidity position is strong, standing at approximately $1.7 billion. The company noted that the figure includes proceeds from its recently completed $370 million convertible securities offering.

Looking to shore-up investor support and appease credit rating agencies, El Paso Corp. last week reiterated its restructuring commitment, along with its mission of focusing on its global liquefied natural gas (LNG) and petroleum business (see NGI, June 3).

The Federal Energy Regulatory Commission last week issued a final rule that adopts new consensus business standards for interstate natural gas pipelines in a number of areas — capacity-release bidding and scheduling, title transfer tracking at pooling points, imbalance netting and trading, and electronic transactions over the Internet.

The Federal Energy Regulatory Commission last week expunged from its books a 1968 policy statement that forced competition to take a backseat in offshore Louisiana. It did this by encouraging pipeline companies to coordinate offshore pipe projects to defray construction costs and ensure full utilization of gas transportation facilities, as well as to accelerate gas exploration and production.

The Federal Energy Regulatory Commission has expunged from its books a 1968 policy statement that encouraged pipeline companies to build joint projects off the coast of Louisiana to defray construction costs and ensure full utilization of gas transportation facilities, as well as to accelerate gas exploration and production.

Florida Gas Transmission Co. (FGT) is planning yet another mainline expansion project that would boost system capacity by 121 MMcf/d and add another 33 miles of pipe and 18,600 hp of compression. The company filed an application with FERC last Thursday for the $105 million Phase VI Expansion project.

Florida Gas Transmission Co. (FGT) is planning yet another mainline expansion project that would boost system capacity by 121 MMcf/d and add another 33 miles of pipe and 18,600 hp of compression. The company filed an application with FERC Thursday for the $105 million Phase VI Expansion project.

Denver, CO-based Westport Resources Corp. said late last week that the company spudded eight natural gas exploration wells and 59 development wells during the third quarter. The company also reported that it has hedged approximately 60% and 40% of its estimated oil and gas production, respectively, from its proved developed producing reserves for 2002. Westport said its oil and gas hedges are predominantly collars with average floor prices of $22.26 per barrel and $3.10 per MMBtu respectively.

Devon Energy Corp. issued an updated version of its hedging transactions, including previous hedged positions and its most recent transactions, going through the rest of 2001 and into 2002.