The Energy Information Administration warned yesterday in itsShort Term Energy Outlook that recent natural gas market activity”reveals the backdrop of vulnerability…..to potential supplyshortfalls,” particularly in light of increasing demand from thepower sector and the winter heating season approaching.
Warned
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Transportation Notes
Florida Gas Transmission lifted an Overage Alert Day Noticeaffecting its market area (see Daily GPI, May 4) for Thursday’s gas day, but warnedit will continue monitoring hourly and daily takes to ensure thatsystem integrity is maintained.
FERC Threatens to Dismiss Questar Pipe Project
FERC has warned it may dismiss Questar Pipeline’s applicationfor its Southern Trails Pipeline project into California if”serious deficiencies” with the filing aren’t corrected by the endof the month.
Raymond James Eyes Production Drop
Raymond James & Associates’ gas analysts warned investors last week the latest production statistics indicate gas production is down 4-6% compared to last year and a tally of producers’ statistics for the second quarter by NGI found that conclusion to be accurate (See Table).
Raymond James Eyes Production Drop
Raymond James & Associates’ gas analysts warned investorsyesterday the latest production statistics indicate gas productionis down 4-6% compared to last year. The St. Petersburg, FL-basedfirm highlighted several indicators, including sharply loweryear-to-year storage injections, reduced E&P company productionfigures, a growing “balancing item” reported by the Department ofEnergy in its gas market statistics and a survey of three of thelargest gas producing states.
Chevron Makes Deeper Job Cuts, Warns Investors
Chevron Corp. warned investors last week that its second quarterearnings will take a hit from severance costs related to 2,500 jobcuts and a recent fire at its Richmond, CA, refinery.
Avista Warns of Lower Second Quarter Earnings
Avista Corp. has warned preliminary estimates indicate secondquarter earnings per share will fall below securities analysts’current consensus second quarter estimate of $0.33 per share due tolosses in April and May within Avista Energy, its national energymarketing and trading. First quarter earnings in 1998 were $0.27per common share. The prospects for a disappointing second quarterfollow on first quarter earnings of $0.34 per diluted share, wellbelow the $0.56 per share in first quarter 1998.
KN Warns Investors Of Lower Earnings
KN Energy warned investors last week that warm temperatures,high storage levels, poor processing margins and reduced gastransportation throughput during the first quarter took a bite outof earnings and could continue to plague the company for the restof the year.
KN Warns Investors of Lower Earnings
KN Energy warned investors yesterday warm temperatures, highstorage levels, poor processing margins and reduced gastransportation throughput during the first quarter took a bite outof earnings and could continue to plague the company for the restof the year.
UPR, ARCO Take Large Write-Downs
Union Pacific Resources Group and ARCO warned last week theywill be taking massive asset write-downs and restructuring chargesduring the fourth quarter, reflecting their continuing struggle todeal with low crude oil and gas prices.