Upstream

Good upstream operations capitalizing on strong commodity prices catapulted ConocoPhillips’ fourth quarter 2004 earnings to more than twice the level for the same period a year earlier, the company reported Wednesday. It recorded net income of $2.4 billion, or $3.44/share, this past quarter, compared with $1 billion, or $1.48/share, for the fourth quarter of 2003. Revenues were $40.1 billion, compared to $26 billion for the same period the previous year.

National Fuel Gas Co. is moving forward on a proposed 83-mile extension of its Empire State Pipeline in New York, which would be the upstream portion of Millennium Pipeline’s proposed Phase I system. Both Millennium and National Fuel said they could file their pipeline plans with FERC before the end of the year or in early 2005.

National Fuel Gas Co. is moving forward on a proposed 83-mile extension of its Empire State Pipeline in New York, which would be the upstream portion of Millennium Pipeline’s proposed Phase I system. Both Millennium and National Fuel said they could file their pipeline plans with FERC before the end of the year or in early 2005.

Tennessee Gas Pipeline is forcing producers upstream of its system to pay extra transportation charges unless they utilize its share of the South Pass 77 pipeline, a 500 MMcf/d system jointly owned with Columbia Gulf but operated by Tennessee, Columbia Gulf said.

Tennessee Gas Pipeline is forcing producers upstream of its system to pay extra transportation charges unless they utilize its share of the South Pass 77 pipeline, a 500 MMcf/d system jointly owned with Columbia Gulf but operated by Tennessee, Columbia Gulf said.

Texas Eastern asked Monday morning that all upstream supplies be shut in following a rupture on a lateral to a power plant near Plaquemine, LA about 20 miles south of Baton Rouge. The lateral is in the East Louisiana zone on the Venice Line between the Whitecastle Compressor Station and New Roads, LA. A spokesman said the pipeline expected to restore service at the rupture site later Monday.

Sonat reported an unscheduled outage on Logansport Field Line 43 upstream of Logansport Compressor Station in the North Louisiana production area. As a result of the force majeure event, the pipeline said, no nominations from the Logansport Oxy R/S 4 receipt point were being accepted Friday until further notice.

ConocoPhillips’ upstream unit, comprised of crude oil, natural gas and natural gas liquids production on a boe/d basis, is expected to be near first quarter levels, the company said last week in an interim second quarter report. While the results benefited from a full quarter’s output from Venezuela facilities and new wells coming online in China, the gains were offset by normal seasonal declines in Alaska, Norway and the United Kingdom.

ConocoPhillips’ upstream unit, comprised of crude oil, natural gas and natural gas liquids production on a boe/d basis, is expected to be near first quarter levels, the company said Wednesday in an interim report. While the results benefited from a full quarter’s output from Venezuela facilities and new wells coming online in China, the gains were offset by normal seasonal declines in Alaska, Norway and the United Kingdom.