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Matagorda Offshore Pipeline System completed a pigging operation that caused a shutdown of the pipeline last week due to excess liquids (see Daily GPI, Oct. 23). The outage affected flows of about 115 MMcf/d. MOPS delivery nominations were being accepted again Friday for intraday scheduling.

The merchant energy trading segment is suffering a “crisis of confidence,” which is creating a “down cycle,” not a “death spiral,” Mirant’s Chief Risk Officer Michael Smith said last week.

Coming off of a tough week because of an announcement of lower earnings guidance, Bedminster, NJ-based NUI Corp. Thursday reaffirmed the positive performance of its energy trading and portfolio management business and declared its regular quarterly dividend on Thursday. The company said that while trading will be limited going forward because of its strict credit requirements on counterparties and declining liquidity in certain markets, the trading division is still expected to post relatively strong earnings.

In a deal that Williams CEO Keith Bailey called “one of the best acquisitions” his company has ever made, the Houston-based pipeline operator/energy marketer snatched Barrett Resources Corp. from Royal Dutch/Shell Group’s mighty grasp on Monday for nearly $2.5 billion, beating back a hostile takeover attempt. Shell said it would not challenge the deal.

KeySpan Corp.’s gas distribution side posted a slightly larger seasonal loss in the third quarter compared to last year and a drop in exploration and production (E&P) earnings from its 67% ownership in Houston Exploration Co. The Brooklyn, NY-based company’s electric operations, meanwhile, were the star performer, leading to third-quarter consolidated earnings from operations, after subtracting for preferred stock dividends, of $3.6 million, or three cents a share.

FERC late Thursday said that it is launching an investigation as a result of allegations that former Enron CFO Andrew Fastow and Enron executive Michael Kopper created partnerships to mask the former energy trading giant’s stake in three wind power farms.

Spikes of 40-50 cents or so Friday at San Juan Basin/Rockies points were in sharp contrast to losses of about 15 cents to more than 30 cents in the rest of the market.

The “statistical odds” of the upcoming winter heating season being as warm as the two prior winters “are about as good as winning the lottery,” said an analyst with Raymond James & Associates Inc. (RJA) last week, responding to investor-critics who insist that RJA’s earlier projections of a possible gas shortage and higher gas prices could unravel in the midst of unseasonably high temperatures this winter.

Forcing Sempra Energy Resources (SER) and other suppliers to renegotiate the long-term electricity contracts that were brokered with California during the state’s energy crisis could jeopardize the very survival of some companies, threaten the development of a strong energy market in the state and result in higher power prices for consumers, energy suppliers told FERC.