Weeks

In response to suspension of the expansion of its natural gas customer choice program by the Illinois Commerce Commission two weeks ago, Nicor Energy released a statement expressing its concern over the situation. The supplier also responded to negative claims made by the Citizens Utility Board (CUB), a non-profit utility watchdog group formed in Illinois in 1983.

Two weeks after Perry Gas filed for bankruptcy and sued its retail client billing provider, PowerTrust.com, the marketer confirmed it has dropped the lawsuit and is selling its residential energy marketing units to that same provider (see NGI, Sept. 4).

Two weeks after Perry Gas filed for bankruptcy and sued its retailclient billing provider, PowerTrust.com, the marketer confirmed it hasdropped the lawsuit and is selling its residential energy marketingunits to that same provider (see Daily GPI, Aug. 31).

Mitchell Energy & Development Corp., which two weeks agoannounced it was increasing its capital budget nearly $50 millionmore this year, said it has completed two system expansion projectsin North Texas, boosting both natural gas sales and gas liquidsproduction.

Less than two weeks after the deadly explosion on El PasoNatural Gas’ system in southeastern New Mexico, the pipeline lastweek had more than 700 MMcf/d of its 1.1 Bcf/d capacity restored toits South Mainline that services markets between Texas andCalifornia.

Less than two weeks after the deadly explosion on El PasoNatural Gas’ system in southeastern New Mexico, the pipeline onFriday had more than 700 MMcf/d of capacity restored to its SouthMainline, which is designed to feed a total of 1.1 Bcf/d to marketsbetween Texas and California.

In response to an unfavorable royalty decision by the ArkansasSupreme Court two weeks ago week, Southwestern Energy announcedplans sell its entire utility business to pay for the $109 millionjudgment against the company. As a direct result of the ruling,Southwestern also has suspended its quarterly dividend.

The natural gas futures market had one of its more volatileweeks last week as daily price fluctuations averaged more than 20cents and price ranges averaged a substantial 28 cents. As ofFriday afternoon, the July contract stood at a lofty perch of$4.160/MMBtu, 11.7 cents higher than the previous Friday and 94.3cents above where the near-month contract stood one month earlier.

Canada’s Petrobank Energy and Resources Ltd. has extended thedeadline of its initial offer to purchase all shares of Ranger OilLtd.’s common stock for another two weeks. Petrobank also hasentered a binding deal with Alberta Energy Co. to sell certainnatural gas assets currently held by Ranger for $262 million if thehostile takeover bid succeeds.