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Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: enerfax1 <enerfax@msn.com< X-To: EnerfaxGOLD@yahoogroups.com X-cc: X-bcc: X-Folder: \Kim_Watson_Mar2002\Watson, Kimberly\E-mail Bin X-Origin: Watson-K X-FileName: kwatson (Non-Privileged).pst Enerfax GOLD NORTH AMERICA'S FREE? GAS, OIL, LIQUIDS & DERIVATIVES INFORMATION SOURCE Friday, February 15 2002? No. 484 Visit our website at: http://www.enerfaxgold.com PETROLEUM PRICES ??? | Bonny Light | $20.79 | Brent | $20.69 | Butane | $ 0.39 | Fuel Oil #2 | $ 0.55 | Louisiana | $21.75 | Medit. | $19.69 | Propane Non-tet | $ 0.32 | Propane Wet-tet | $ 0.32 | W. Tx Int Cush | $21.23 | W. Tx Sour | $20.00 | Euro in US equiv | 0.8743 ------------------------------------------------------------- Todays Petro Bulletins * Newfield Exploration and Nuevo Energy Post 4th Quarter Losses on Writedowns * Brigham Exploration Announces 306% Reserve Replacement and $1.23 F&D Cost for 2001; $24 Million Capital Budget for 2002 * Southwestern Energy Announces Record 2001 Financial and Operating Results and Revised 2002 Guidance * Georg von Canal Challenges Purported Removal from The American Energy Group as President and Chairman * TEPPCO Partners Priced Offering for $500 Million of 7-5/8% Senior Notes Due February 2012 * Conoco Canada Resources Announces Redemption of Preferred Shares and Medium Term Notes * Chart Industries to Build LNG Fueling Station for Santa Monica * Imperial Petroleum Announces Purchase of Block of Shares of Warrior Resources and Proposed Acquisition of Warrior Resources ------------------------------------------------------------- OPEN SEASON SG Resources Mississippi, L.L.C., a wholly owned subsidiary of SGR Holdings, L.L.C., is conducting an open season for firm storage services at its new high-deliverability, salt cavern, natural gas storage facility, known as the Southern Pines Energy Center. The open season will begin at 9:00 a.m. CDT on February 4, 2002, and will continue until 5:00 p.m. CDT on March 4, 2002. The project is located at the border of Mississippi and Alabama with access to the major pipelines serving the Mid-Atlantic and the Southeastern United States. The facility is ideally located to serve as a transportation and storage hub for shippers on any one of nine major pipelines that will be interconnected directly or indirectly to the project. Information on the facility and the Open Season is available on our web site at http://www.sgr-holdings.com or contact us at 713-914-8188 -------------------------------------------------------------- NYMEX - NY Harbor Heating Oil? ? ? ? ? ? Month ??High ??Low? ? Last ? Change Mar 02 0.5615 0.5510 0.5562 +0.0022 Apr 02 0.5645 0.5555 0.5584 +0.0002 May 02 0.5640 0.5580 0.5594 +0.0002 Jun 02 0.5670 0.5600 0.5624 +0.0002 Jul 02 0.5690 0.5660 0.5669 +0.0002 Aug 02 0.5740 0.5720 0.5739 +0.0002 Sep 02 0.5840 0.5810 0.5824 +0.0002 Oct 02 0.5909 0.5900 0.5909 +0.0002 Nov 02 0.6075 0.5925 0.5984 +0.0002 Dec 02 0.6150 0.5970 0.6054 +0.0002 ------------------------------------------------------------- NYMEX Crude Oil Futures ($ / Barrel) Month ?Open ?High ??Low ?Last Change Mar 02 21.40 21.52 21.05 21.23 +0.05 Apr 02 21.75 21.80 21.40 21.52 +0.00 May 02 21.80 21.90 21.55 21.63 +0.01 Jun 02 21.82 21.85 21.55 21.62 +0.00 Jul 02 21.72 21.75 21.52 21.56 -0.02 Aug 02 21.60 21.69 21.46 21.51 -0.03 Sep 02 21.50 21.65 21.37 21.46 -0.04 Oct 02 21.50 21.50 21.43 21.43 -0.04 Nov 02 21.40 21.50 21.20 21.40 -0.04 Dec 02 21.55 21.55 21.35 21.37 -0.04 ------------------------------------------------------------- Crude Oil Futures Up Slightly Crude oil futures for March delivery on the NYMEX edged up $0.05 to $21.23 per barrel yesterday as the market seemed unsure of which way to move. Traders are still concerned that escalating tensions between the US and Iraq could produce supply disruptions later this year. But, at the same time, they are worried about the ever-growing crude inventories reported by both the API and EIA this week. President Bushs statement that the US is looking at ways to overthrow Saddam Hussein has temporarily overridden bearish fundamentals, even with stockpiles brimming and the failure of OPEC and other producing countries to stick to their self imposed quotas. OPEC, excluding Iraq, pumped more than 1 million bpd over their limit last month. And it is widely thought that Russia is skirting its commitment to cut 150,000 bpd by increasing exports of products. Products ended up mixed yesterday. Heating oil futures for March delivery on the NYMEX added $0.0022 to $0.5562 per gallon. March gasoline futures on the NYMEX lost $0.0064 to $0.6026 per gallon. In London, Brent crude oil futures for April delivery on the IPE were down $0.10 to $20.82 per barrel. ------------------------------------------------------------- NYMEX Henry Hub Natural Gas Futures 12 Month Strip ?2.6050 -0.0478 ? ? ? 18 Month Strip ?2.7050 -0.0434 ? ? | Month | High | Low | Close | Change | | MAR | 2.245 | 2.180 | 2.186 | -0.059 | | APR | 2.310 | 2.240 | 2.246 | -0.064 | | MAY | 2.380 | 2.328 | 2.328 | -0.060 | | JUN | 2.455 | 2.400 | 2.405 | -0.053 | | JUL | 2.510 | 2.476 | 2.476 | -0.047 | | AUG | 2.580 | 2.533 | 2.533 | -0.047 | | SEP | 2.575 | 2.539 | 2.539 | -0.048 | | OCT | 2.610 | 2.571 | 2.571 | -0.047 | | NOV | 2.825 | 2.801 | 2.801 | -0.042 | | DEC | 3.040 | 3.015 | 3.016 | -0.038 | | JAN | 3.130 | 3.108 | 3.108 | -0.036 | | FEB | 3.070 | 3.050 | 3.051 | -0.033 | ------------------------------------------------------------- BP Shares Jump Higher Shares of BP jumped 3.5% higher yesterday on increased Middle East tensions that were prompting some switching out of Shell, which last week had disappointing earnings. Volume was very high. Last Tuesday BP reported lower 4th quarter earnings, but were above analysts' forecasts that also gave a positive outlook, particularly on reserve replacement and output growth. In contrast, Shell's 4th quarter numbers were at the lower than expected. ------------------------------------------------------------- ??GET REAL about energy risk management with KWI In today's fast moving energy markets you need to be able to manage risk in real time. That means knowing before you hit a risk problem, not afterwards when it may be too late to prevent big losses spreading right through your enterprise. With kW3000(tm), our multi-commodity, integrated front to back office software, you can monitor your Profit At Risk(tm), counterparty risk and mark-to-market all in real time. Keep alert to risk. Do it in real time. Call KWI -http://www.kwi.com/ Americas: +1-281-681-3301 / Europe: +44 (0) 20-7386-2700 / Asia Pacific: +61(0) 2-9976-6111 ????? ------------------------------------------------------------- Compromise Proposed for California Exempted Leases A compromise has been proposed to the stalemate between California and the federal government over 40 offshore California oil and natural gas tracts that the White House wants to open for new development. New oil drilling off California's coast has been banned since 1989, but oil production has continued at existing state and federal tracts. California says that it has the right to review the environmental impact of any proposed new exploration under a 1998 Clinton era law. But the tracts were exempted from the ban on new oil drilling because the leases were so old, some going back about 20 years. In 1999 the Secretary of the Interior extended the companies' leases and ordered an environmental impact review. The current administration contends that because the tracts were exempted, it is possible to drill on those leases. California filed a lawsuit to halt new production and won a court order blocking new drilling pending full review. That order is currently under appeal in a circuit court. Government estimates show the leases, which are near Santa Barbara's coast, could hold 1 billion barrels of oil. The area also holds reserves of natural gas. A California Senator has proposed legislation to remove the exemption and establish the area as an ecological preserve. In return, the leaseholders would be offered credits, which could run anywhere from $1 billion to $2.8 billion to be used for bids on lease tracts in the central and western Gulf already scheduled for development. ------------------------------------------------------------- IPE-Brent Crude futures (US $/barrel) Month ?First ?High ?Low ??Sett ?Chg APR 02 20.92 21.40 20.80 20.82 -0.10 MAY 02 21.05 21.37 20.97 20.98 -0.07 JUN 02 21.10 21.10 20.79 20.80 -0.01 JUL 02 20.72 20.95 20.69 20.69 -0.01 AUG 02 20.70 20.92 20.63 20.67 -0.01 SEP 02 20.68 20.71 20.61 20.65 -0.01 OCT 02 20.66 20.76 20.62 20.62 -0.01 NOV 02 20.64 20.75 20.57 20.59 -0.01 DEC 02 20.60 20.74 20.45 20.55 -0.02 JAN 02 20.57 20.60 20.45 20.49 ?0.02 ------------------------------------------------------------ NYMEX-Mont Belvieu Propane Gas Futures($ / Gallon) Month ? ?High ??Low ??Last ? Change Mar 02 0.3195 0.3175 0.3175 +0.0050 Apr 02 0.3200 0.3200 0.3200 +0.0050 May 02 0.3200 0.3100 0.3200 +0.0050 Jun 02 0.3225 0.3025 0.3225 +0.0050 Jul 02 0.3225 0.3000 0.3225 +0.0050 Aug 02 0.3250 0.3100 0.3250 +0.0050 Sep 02 0.3400 0.3125 0.3400 +0.0050 Oct 02 0.3400 0.3150 0.3400 +0.0050 Nov 02 0.3425 0.3175 0.3425 +0.0050 Dec 02 0.3425 0.3250 0.3425 +0.0050 ------------------------------------------------------------- Cabot Finalizes Year-End Reserves and Provides Drilling Results Cabot Oil & Gas has announced the final results of its year-end reserve audit. Total proved reserves increased 13% to 1,154.1 Bcfe at December 31, 2001, compared to 1,018.7 Bcfe in the prior year. Driving this increase was 113.5 Bcfe from drilling additions and 146.8 Bcfe from acquisitions. The drilled additions and the acquired reserves were added at a cost of $1.68 per Mcfe. Revisions, caused primarily by lower pricing ($2.65 per Mcf on the last day of 2001 versus $9.63 per Mcf on the last day of 2000), removed 42.7 Bcfe from reserves and added $.33 to the overall finding cost level. The Company replaced 268% of production during the year. The 2001 capital program included $144.3 million (versus $75.2 million in 2000) for drilling and dry hole, along with $32.5 million (versus $16.2 million in 2000) for lease acquisition and seismic that will benefit future years. ------------------------------------------------------------- IPE - ARA Gas Oil Futures $ / Tonne Month ??High ??Low ???Sett ?Change MAR 02 173.75 170.00 170.25 + 1.00 APR 02 174.75 171.75 172.25 + 1.75 MAY 02 176.00 173.50 173.50 + 2.00 JUN 02 177.50 175.25 175.25 + 2.00 JUL 02 177.25 177.00 177.00 + 2.00 AUG 02 179.50 178.50 178.75 + 2.00 SEP 02 181.75 180.50 180.50 + 2.00 OCT 02 183.50 182.25 182.25 + 2.00 NOV 02 184.50 183.25 183.25 + 2.00 DEC 02 185.00 183.50 183.50 + 2.00 ------------------------------------------------------------- NY HARBOR UNLEADED GAS FUTURES Month? ?High ? Low ???Last ??Change Mar 02 0.6150 0.5980 0.6026 -0.0064 Apr 02 0.6850 0.6680 0.6732 -0.0062 May 02 0.6900 0.6780 0.6802 -0.0052 Jun 02 0.6880 0.6815 0.6822 -0.0042 Jul 02 0.6790 0.6767 0.6767 -0.0039 Aug 02 0.6710 0.6635 0.6647 -0.0032 Sep 02 0.6510 0.6457 0.6457 -0.0032 Oct 02 0.6177 0.5815 0.6177 -0.0027 Nov 02 0.6077 0.5810 0.6077 -0.0027 Dec 02 0.6120 0.6052 0.6052 -0.0027 ------------------------------------------------------------- Baker Hughes Posts 4th Quarter Profit Baker Hughes said that it made a 4th quarter profit of $126 million, or $0.37 per share, compared to last years 4th quarter loss of $41 million, or $0.12 per share due to strong international drilling business. In the 4th quarter of 2000, Baker Hughes lost $41 million, or $0.12 per share. However, it warned that its 2002 oilfield revenue would be 5% - 7% below that of 2001, because a mild winter, conservation and sluggish economy will keep the lid on energy demand and impact drilling in the US during the first half of this year. In 2002 spending in North America will drop by 15% - 20% from 2001 levels. Baker Hughes expects international oil and natural gas exploration to grow slightly, because of its long-term nature and it is funded by big, integrated oil companies with a strong cash flow and less vulnerability to daily price swings. Baker Hughes said it expects 2002 operating profit to be about $1.10-$1.25 per share, below the $1.29 average estimate of analysts. Excluding one-time charges, earnings rose to $132.8 million, or $0.39 per share, from $81.0 million, or $0.24 per share a year ago, compared to an average estimate of analysts of $0.35 per share. One-time charges include a $10.3 million write-down related to its 30% stake in Western Geco for obsolete equipment, a $6.8 million charge for impairment of exploration and production properties and a one-time gain of $4.2 million gain related to its exiting the exploration business in 2000. Fourth quarter revenue was $1.376 billion, slightly down from $1.384 billion a year ago. Baker Hughes shares closed flat on the NYMEX yesterday. ------------------------------------------------------------- ENERGY. @ENERGY(r), FEA's Complete Suite of Energy Products, BUILT FOR THE FUTURE. *Manage all your energy risks. *Build and Price deals. *Value physical assets (generation, storage, etc.) *Report and reduce your energy risks FEA FINANCIAL ENGINEERING ASSOCIATES Inc. http://www.fea.com/?cId=18 main phone number: 1 510-548-6200 email address: info@fea.com ------------------------------------------------------------- PHYSICAL GAS PRICES? ? ? Gulf/Eastern Region | Agua Dulce | 2.13 | | ANR SE | 2.23 | | Carthage TG | 2.21 | | Chicago Citygate | 2.25 | | Columbia Gulf Onshore | 2.23 | | Dominion South Point | 2.47 | | Henry Hub | 2.27 | | Houston Ship Channel | 2.28 | | Katy Hub | 2.22 | | NGPL LA Pool | 2.22 | | NGPL - Midcontinent | 2.14 | | NGPL STX | 2.17 | | NGPL TX/OK | 2.17 | | NNG Demarc. | 2.20 | | Niagara | 2.41 | | Sonat Tier 1 | 2.21 | | TCO IPP Pool | 2.36 | | Tetco ELa | 2.21 | | Tetco M-3 | 2.54 | | Tetco STX | 2.14 | | TGP Zone 0 | 2.16 | | TGP Zone 1 (500 Leg) | 2.21 | | TGT Zone SL | 2.24 | | New York Citygate | 2.56 | | Transco Station 65 | 2.27 | | Transco Zone 6 (NY) | 2.57 | | Trunk ELa | 2.19 | | Western Region | California Border | 2.26 | | El Paso Keystone | 2.13 | | El Paso San Juan-Blanco | 2.14 | | Waha Hub | 2.17 | | Canadian/Rockies Region | Nova/Aeco (C$/gig) | 2.92 | | Dawn Hub/Union | 2.31 | | Northwest Stanfield | 2.07 | | Wyoming Pool | 2.04 | | Opal | 2.03 | | PGT-Malin | 2.16 | | Sumas | 2.01 | Flow Date 2/15 ------------------------------------------------------------- Nymex Option Volatility Supplied by "The Daily Hedger" http://www.energyinstitution.org WTI Futures Days Left Implied Month Settlement to Exp Volatility Apr $21.52 29 46.4% May $21.63 62 45.0% Jun $21.62 61 43.0% Jul $21.56 123 42.5% Aug $21.51 153 41.6% Sep $21.46 182 39.3% Oct $21.43 215 37.8% Nov $21.40 245 36.7% Dec $21.37 274 34.9% Jan $21.34 305 33.1% HEATING OIL Futures Days left Implied Month Settlement to Exp Volatility Mar $0.5562 11 44.9% Apr $0.5584 39 42.3% May $0.5594 70 45.5% Jun $0.5624 103 38.7% Jul $0.5669 131 38.1% Aug $0.5739 162 35.7% Sep $0.5824 194 34.1% Oct $0.5909 223 33.5% Nov $0.5984 256 32.3% Dec $0.6054 281 32.2% UNLEADED Futures Days left Implied Month Settlement to Exp Volatility Mar $0.6026 11 47.3% Apr $0.6732 39 48.3% May $0.6802 70 43.3% Jun $0.6822 103 41.4% Jul $0.6767 131 39.6% Aug $0.6647 162 34.8% Sep $0.6457 194 34.2% Natural Gas Futures Implied Month Settlement Days Left Volatility Mar $2.186 11 61.9% Apr $2.246 39 52.8% May $2.328 70 46.8% Jun $2.405 103 42.8% Jul $2.476 131 42.7% Aug $2.533 162 43.9% Sep $2.539 194 44.9% Oct $2.571 223 44.4% Nov $2.801 258 44.9% Dec $3.016 284 44.4% ------------------------------------------------------------- Nexen Not Looking for Merger Nexen says it has the prospects and finances to grow without merging with another company, such as the one Alberta Energy and PanCanadian are planning. The PanCanadian and AEC merger would create the world's largest independent exploration and production firm, fueling speculation about which companies might be the next to merge. Nexen, which operates in Canada, the Gulf of Mexico, Nigeria, South America and Yemen, had been listed by some as a possible target. But the object of the AEC-PanCanadian merger is to become large enough to attract US investors and erase the stock-market discount that Canadian companies have endured. However, Nexen may find that discount harder to deal with after AEC and PanCanadian close their deal because it will be much smaller than the combined company, to be called EnCana. Nexen earned C$30 million, or C$0.16 per share, down from C$147 million, or C$1.15 per share a year earlier due to weak oil and natural gas prices. Analysts had expected earnings of C$0.03 per share on average. Cash flow fell to C$220 million, or C$1.15 per share, from C$439 million, or C$3.51 per share. Nexen produced 273,000 barrels of oil equivalent per day in the 4th quarter, a 7% increase from a year earlier. It received an average C$25.22 per barrel for its oil, a drop of 35% percent, and natural gas for C$3.15 per Mcf, down 62% from the last quarter of 2000. This year, Nexen expects to spend C$1.24 billion on its operations, 11% lower than in 2001. The company is looking to boost full-year output by 6% to 284,000 barrels of oil equivalent per day. ------------------------------------------------------------- ENERGY MANAGEMENT INSTITUTE Higher Education for refined product professionals NOW ENROLLING RISK MANAGEMENT COURSES: PROFESSIONAL GASOLINE AND DISTILLATE MANAGEMENT, PETROLEUM MARKETER, and ADVANCED GASOLINE AND DISTILLATE MASTER LEVEL. REGISTER NOW, CLASS SIZES ARE LIMITED. SEE COMPLETE DETAILS CLICK HERE: http://www.energyinstitution.org ------------------------------------------------------------- Have your ad seen by over 45,000 energy professionals for $500. Write GOLDADS@enerfax.com for more information or call 800-809-8289 -------------------------------------------------------------- FINANCIAL SUMMARY The TSE 300 dropped 34.99 points to 7526.39 The CRB Index slipped 0.04points to 191.97 The US Dollar decreased 0.02 points to 118.58 The Dow advanced 12.32 points to 10001.99 The S&P 500 fell 2.03 points to 1116.48 The Nasdaq was down 15.79 points to 1843.37 March NYMEX Crude Oil rose 0.05 to 21.23 Canadian-US Exchange gained 0.0014 to 1.5920 ------------------------------------------------------------- For information on advertising on Enerfax GOlD or Enerfax Daily please write advertise@enerfax.com or call 800-809-8289 ------------------------------------------------------------- Past issues available on Divine's Sagewave. Go to http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax for a free membership to view past issues. Past issues are also available on http://www.egroups.com, sign up for a free id with password. Then go to Join a Group and put Enerfax in the search box to view past isues. ------------------------------------------------------------- To subscribe write enerfaxgold-subscribe@egroups.com To unsubscribe write enerfaxgold-unsubscribe@egroups.com For information on advertising, please write advertising@enerfax.com Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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