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ConocoPhillips on Tuesday approved a $6.9 billion capital budget for next year, with 78% allocated toward exploration and production (E&P), 19% for refining and marketing and the rest toward emerging businesses. About $2 billion total is earmarked for North American and Latin American projects.

A change in the way the National Oceanic Atmospheric Administration (NOAA) calculates population-weighted temperatures (or degree days) for natural gas consumption has given the gas price bears reason to believe U.S. gas prices will fall back to $4/Mcf or lower, but Raymond James analysts counter that demand trends suggest that regardless of the weather, the United States is likely to end next winter at the low end of the historical range for gas storage.

A change in the way the National Oceanic Atmospheric Administration (NOAA) calculates population-weighted temperatures (or degree days) for natural gas consumption has given the gas price bears reason to believe U.S. gas prices will fall back to $4/Mcf or lower, but Raymond James analysts counter that demand trends suggest that regardless of the weather, the United States is likely to end next winter at the low end of the historical range for gas storage.

Houston-based Plains Exploration & Production Co. said it will be adding exploration expertise and properties weighted toward natural gas with its new agreement to acquire 3TEC Energy Corp. Plains said it has a definitive agreement to acquire 3TEC for a combination of cash and stock valued at $432 million.

Houston-based Plains Exploration & Production Co. will be adding exploration expertise and properties weighted toward natural gas with its agreement to acquire 3TEC Energy Corp., announced Monday. Plains said it has a definitive agreement to acquire 3TEC for a combination of cash and stock valued at $432 million.

The post-Christmas cash market saw a mix of price movement that was largely weighted toward moderate declines. A few small upticks were scattered here and there, but a majority of points ranged from flat to down a little more than 20 cents (Northwest-Sumas).