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For the first time since a marathon success streak began with the advent of the “continental market” in the mid-1980s, Canadian natural gas exporters have weathered a setback in the United States. On the heels of posting the 14th consecutive record year for the trade in 2001, new data showed Canadian sales, prices and revenues all took dives, as export deliveries ran afoul of a warm winter, a slowing economy, fuel-switching and surplus supplies in storage.

While some producers may be scaling back exploration and acquisition plans in view of current low prices, Stone Energy, which operates in the shallow Gulf of Mexico, is seizing the opportunity to add to its portfolio of prospects.

While some producers may be scaling back exploration and acquisition plans in view of current low prices, Stone Energy, which operates in the shallow Gulf of Mexico, sees the low prices as a chance to capitalize on its shallow prospects and low-cost operations.

Canada’s National Energy Board (NEB) said in a report released last week that Canadian provincial electricity markets are adequately supplied. In Alberta, where supply has been relatively tight, the NEB noted that new generation capacity is being built.

Although they have gotten much of the blame, retail rate capsaren’t the reason that California’s power market has spiraled outof control since last summer, a state consumer advocate told aHouse panel yesterday.

In simplest terms, the two men leading the charge to become thenext president of the United States view the energy issue inopposite ways. Republican candidate George W. Bush sees the glassas half empty, and wants to replenish it with new supplies.Democratic challenger Al Gore sees the glass as half full, andwants to conserve and re-use it as much as possible.

Frustrated by its inability to attract investors because theyview it as a stodgy utility, Southern Company last week announced amakeover in the form of a spin-off and IPO to create a separatecompany for most of its non-utility businesses.

Mitchell Energy & Development Corp.’s view of the future looked so good from the auction block, the company decided to step down and aggressively grow its gas production. Mitchell had put out the ‘for sale’ sign in early October (see NGI Oct. 11).

Vastar Resources would appear to be taking a wait-and-see viewof next year’s gas prices. CEO Chuck Davidson told Houston energyreporters Tuesday that “not much” of the company’s gas productionis hedged next year. Indeed, Vastar generally doesn’t hedge morethan a year out and hedges less than 50% of its production.Davidson said the company also is using more collars rather thanhedges linked to a specific price.