El Paso Corporation (EP)

[NovoMira]

Energy Roundup: Storm May Miss U.S. Rigs

Monday August 20, 3:46 pm ET

Oil Settles Lower, Hurricane Dean Expected to Miss U.S. Rigs, Devon to Work Offshore Brazil

NEW YORK (AP) -- Following is a summary of top stories in the energy sector Monday afternoon.

Oil Prices End Down as Hurricane Threat Recedes

Oil prices dropped as Hurricane Dean headed toward Mexico's Yucatan Peninsula and away from key U.S. oil and gas facilities in the Gulf of Mexico. "On the U.S. domestic market, the hurricane veering to Mexico has gassed the hopes of speculators who were betting on damage," said MF Global analyst Andrew Lebow, who pointed out that energy prices across the board -- crude oil, gasoline, heating oil and natural gas -- all tumbled.

Light, sweet crude for September delivery fell 86 cents to settle at $71.12 on the New York Mercantile Exchange. Gasoline prices dropped 10.2 cents to $1.9365 a gallon.

Natural gas futures declined 97 cents to $6.04 per 1,000 cubic feet. Heating oil futures lost 3.64 cents at $1.9809 a gallon. Energy Producers Still Monitoring Dean

Oil companies with operations in the Gulf of Mexico kept an eye on Hurricane Dean's progress, but most felt they dodged a bullet as the storm appeared headed south of U.S. platforms and pipelines.

The National Hurricane Center said the first hurricane of the Atlantic season was projected to have sustained winds of 160 mph before plowing into Mexico's Yucatan peninsula on Tuesday. The Mexican mainland or Texas could be hit later.

"In terms of production, the shut-in related to Dean is not significant," said Darci Sinclair, a spokeswoman for Royal Dutch Shell PLC. She said the company is "monitoring the status" of Dean and another tropical disturbance that may hit the eastern Gulf of Mexico later in the week.

Shell halted production of about 39,000 barrels of oil and 97.5 million cubic feet of natural gas per day. The amount represents less than 10 percent of the company's production, Sinclair said. The company evacuated about 1,000 employees from its operations in the Gulf.

Valero Energy Corp. spokesman Bill Day said that the company is keeping a close eye on Dean, but anticipates that by the time it reaches Valero's operations, it will likely lose strength. Valero sent a standard alert to its facilities, which are capable of withstanding a strong storm, Day said: "Any time a storm enters the area, we put them on alert."

Exxon Mobil Corp. did not shut down any production as a result of Dean but is preparing for heavy wind and rain, according to its Web site. The company evacuated "nonessential" personnel and is "closely monitoring the progression of the storm."

Things are different in Mexican waters. State-run oil company Petroleos Mexicanos evacuated thousands of personnel from its oil rigs Monday and considered shutting down production as the storm threatened Mexico's main oil-producing region. Pemex, as the company is known, launched its permanent evacuation plan on Sunday, removing 13,360 workers in an operation to be concluded Monday.

Devon Energy Investing in Brazil Offshore Sites. Devon Energy Corp. and its partners plan to invest at least $775 million in exploration off the coast of Brazil in the next five years. Devon Vice President Vince White said the exact size of the company's portion of that financial commitment is yet to be determined. "We think that Brazil is a good place to do business," White said. "We plan to be an active explorer and developer in Brazil for years to come." The company plans to explore for oil or gas in eight blocks it bought in past Brazilian government auctions.

Devon will work in partnership with other oil companies in six blocks of the Campos Basin, a petroleum-rich region off Rio de Janiero. The company also plans to explore for oil on its own in two blocks of the country's northeast coast.

VeraSun Closes Deal on 3 Ethanol Plants. Ethanol producer VeraSun Energy Corp. closed the buyout of three ethanol plants from Dallas-based ASAlliances Biofuels LLC for $725 million. The cash and stock deal is expected to push the company's production capacity to 1 billion gallons by the end of 2008. VeraSun funded the buyout with $200 million in equity, $250 million in cash and $275 million in project financing. The equity consisted of 13,801,384 shares of VeraSun stock valued at $14.49 apiece.

VeraSun announced the acquisition July 23. The facilities are located in Linden Ind., Albion, Neb., and Bloomingburg, Ohio. The three facilities are each expected to operate at 110 million gallons per year, totaling 330 millions per gallon combined.
The company now has 450 million gallon per year production capacity with four facilities in operation and another 550 million gallons per year of capacity in under construction at five different sites.

Fitch: El Paso Corp. Ratings Not Affected by Peoples Energy Purchase.

Fitch Ratings said El Paso Corp.'s plans to acquire Peoples Energy Production Co. for $875 million in cash will not affect the ratings of El Paso or its subsidiaries. El Paso plans to permanently finance the transaction primarily through proceeds from its ongoing divestiture program of noncore upstream assets. The Rating Outlook for El Paso and its subsidiaries is Stable.

Through the acquisition of Peoples Production, a unit of Integrys Energy Group, El Paso will add about 305 billion cubic feet equivalent of proven reserves.

Arkansas Hearing on New Coal-Fired Plant. Arkansas utility regulators plan hearings on a proposed $1.3 billion coal-fired electric plant in the southwest part of the state. Earlier this month, the Public Service Commission heard arguments by hunters and others who said pristine woods and waterways could be harmed by the Southwestern Electric Power Co. plant. The company maintains that the risk matches the economic benefits of building the 600-megawatt facility on 2,875 acres by 2011. The company estimates the plant will create 110 full-time jobs.

The utility, a division of Columbus, Ohio-based American Electric Power, has 464,000 customers in Arkansas, Louisiana and Texas.

Dry Bulk Rates Ease. Spot charter rates for some dry bulk vessels, which carry cargoes such as coal, iron ore and grain, eased again Monday after falling slightly Friday. The Baltic Dry Index closed down 24 points at 7289 -- still only about 30 points below its all-time high. The Baltic Dry Index measures rates on 40 shipping routes on a time charter and voyage basis. "Although dry bulk shipping shares remained volatile last week with the overall market skittishness, the dry bulk shipping market continued to strengthen," said Jefferies & Co. analyst Douglas Mavrinac. He said the ongoing shutdown of a major Japanese nuclear facility is stimulating world coal trade, and shipments of North American grain should pick up in the next few weeks.

"We believe dry bulk charter rates are likely to continue redefining all-time highs through the remainder of the year providing a catalyst for dry bulk shipping shares."

[NovoMira]

US energy firms keep eye on Tropical Storm Erin

Wed Aug 15, 2007 12:20PM EDT
By Erwin Seba

HOUSTON, Aug 15 (Reuters) - Most U.S. oil and natural gas companies operating in the Gulf of Mexico continued to monitor a tropical storm Wednesday to determine if they would need to evacuate or shut facilities. Tropical Storm Erin formed from a tropical depression on Wednesday morning and was forecast to make landfall in south Texas on Thursday, according to the National Hurricane Center.

Leading U.S. refiner Valero Energy Corp. (VLO.N:) said on Wednesday morning there has been "no significant operational changes at our Gulf Coast refineries" due to the storm churning in the Gulf of Mexico. Valero owns a 142,000 barrel-per-day crude throughput refinery in Corpus Christi, Texas, which is north of the point where Erin is expected to make landfall on Thursday.

Citgo Petroleum Corp. and Flint Hills Resources also have refineries in Corpus Christi. Those companies have not said what actions they may be taking in preparation for the storm's approach. BP Plc. (BP.L:) said it had turned its attention to Tropical Storm Dean in the Atlantic, which some computer models forecast will enter the Gulf of Mexico next week. The company said it has no assets in the path of Erin.

El Paso Corp. (EP.N:) said the company had rigs in the forecast path of the storm.
"We're monitoring the situation closely as to what is going on in the Gulf," said El Paso spokesman Robert Newberry. "We are preparing for possible evacuation, but we will decide this evening. We don't see anything right now."

On Tuesday, Shell Oil Co. (RDSa.L:) said it was shutting a small 5 million cubic feet per day natural gas platform off North Padre Island and that it had evacuated 188 nonessential workers.

Marathon Oil (MRO.N:) on Tuesday said it had not evacuated any workers from its facilities but that it had stopped sending additional nonessential personnel to its offshore facilities. "At this point, we don't have any plans to evacuate offshore personnel," Marathon spokeswoman Lee Warren said Wednesday.

Exxon Mobil (XOM.N:) said Wednesday it was making preparations to protect its South Texas operations but that no staff had been evacuated and there was no impact on oil and gas production.

"Exxon Mobil is determining which of its facilities may potentially be in the path of the storm, preparing those structures for heavy wind and rain, and identifying critical personnel needed for possible shut-ins," spokeswoman Margaret Ross said in a statement.

Roughly one-third of all U.S. oil and natural gas production comes from the Gulf of Mexico.

[NovoMira]

Forest Oil Shares Rise on Analyst Notes

Wednesday August 8, 2:39 pm ET

Forest Oil Shares Rise 7.7 Percent on Positive Analyst Reports

DENVER (AP) -- Shares of Forest Oil Corp. rose 7.7 percent Wednesday afternoon, after positive analyst reports that followed the company's second-quarter earnings release the day before. In afternoon trading, Forest Oil shares rose $2.42, or 6.1 percent, to $42.18.

The company's profit was generally in line with expectations, but analysts were more focused on its acquisition of Houston Exploration Co. and the sale of its Alaska assets as part of an encouraging strategy for long-term growth. "We believe shares are positioned to outperform over the next few quarters, and FST remains a top pick in our universe," wrote Wachovia Securities analyst David Tameron. He expects Forest to deliver "solid production growth" once the two deals are finalized.

Tameron anticipates the sale of another $100 million to $200 million worth of Forest properties, whose proceeds may be used to pay down debt or fund other acquisitions.

While another acquisition the size of the $1.5 billion Houston Exploration deal is unlikely, according to Tameron, another $100 million to $400 million in transactions are expected. He mentioned South Texas properties El Paso Corp. as possible acquisitions.

"The successful transformation of FST continues," wrote Morgan Stanley analyst Lloyd Byrne, who rates Forest shares as "Equal-Weight." Byrne expects Forest to provide long-term guidance, with a focus on 2008 production and cash flow, after closing the Alaska deal on Aug. 24.

Forest said Tuesday its second-quarter earnings rose 35 percent to $76.8 million, or $1.08 per share, versus $57 million, or 90 cents per share, a year earlier. Revenue rose 49 percent to $140.8 million from $94.8 million.

Tameron and Byrne said those figures and Forest's guidance on production and expenses for the second half of 2007 were generally in line with expectations.

[NovoMira]

Business Events for the Coming Week

Friday August 3, 6:08 pm ET
By The Associated Press

Major business events and economic events scheduled for the coming week (some dates are tentative):

MONDAY, Aug. 6

WASHINGTON -- Treasury bill auction, 2 p.m.

FINDLAY, Ohio -- Cooper Tire & Rubber Co. reports second-quarter financial results.

LAS VEGAS -- Wynn Resorts Ltd. reports second-quarter financial results.

TUESDAY, Aug. 7

WASHINGTON -- Federal Open Market Committee meets to discuss interest rates; Labor Department reports on productivity and costs, second quarter, preliminary, 8:30 a.m.; Federal Reserve reports on consumer credit for June, 3 p.m.

AKRON, Ohio -- FirstEnergy Corp. reports second-quarter earnings.

SAN JOSE, Calif. -- Cisco Systems Inc. reports fourth-quarter financial results.

CHARLOTTE, N.C. -- Duke Energy Corp. reports second-quarter financial results.

HOUSTON -- El Paso Corp. reports second-quarter financial results.

LAS VEGAS -- Harrah's Entertainment Inc. reports second-quarter financial results.

NEW YORK -- Marsh & McLennan Cos. reports second-quarter financial results.

DENVER -- Molson Coors Brewing Co. reports second-quarter financial results.

DALLAS -- Tenet Healthcare Corp. reports second-quarter financial results.

PEMBROKE, Bermuda -- Tyco International Ltd. reports third-quarter financial results.

NEW YORK -- Warner Music Group Corp. reports third-quarter financial results.

WEDNESDAY, Aug. 8

NEW YORK -- American International Group Inc. reports second-quarter financial results.

BETHPAGE, N.Y. -- Cablevision Systems Corp. reports second-quarter financial results.

ENGLEWOOD, Colo. -- Liberty Global Inc. reports second-quarter financial results.

ENGLEWOOD, Colo. -- Liberty Media Holding Corp. reports second-quarter financial results.

NEW YORK -- News Corp. reports fourth-quarter financial results.

NEW YORK -- Revlon Inc. reports second-quarter financial results.

RESTON, Va. -- Sprint Nextel Corp. reports second-quarter financial results.

CHICAGO -- Sun-Times Media Group Inc. reports second-quarter financial results.

THURSDAY, Aug. 9

WASHINGTON -- Labor Department reports on weekly jobless claims, 8:30 a.m.; Freddie Mac, the mortgage company, reports on mortgage rates.

The nation's largest retailers announce their sales figures for July.

HOUSTON -- Dynegy Inc. reports second-quarter financial results.

EL SEGUNDO, Calif. -- The DirecTV Group Inc. reports second-quarter financial results.

HOLMDEL, N.J. -- Vonage Holdings Corp. reports second-quarter financial results.

WHEELING, W. Va. -- Wheeling-Pittsburgh Corp. reports second-quarter financial results.

BOULDER, Colo. -- Wild Oats Markets Inc. reports second-quarter financial results.

FRIDAY, Aug. 10

WASHINGTON -- Treasury reports on federal budget for July, 2 p.m.

[NovoMira]

El Paso Agrees to Monitor Pipelines

Thursday July 26, 6:25 pm ET
By Sue Major Holmes, Associated Press Writer

Pipeline Explosion Results in Decree to Monitor, Fix Corrosion

ALBUQUERQUE, N.M. (AP) -- El Paso Natural Gas Co. has agreed to monitor and remedy corrosion in its pipeline system under a settlement that arose from a fiery pipeline explosion in August 2000 that killed 12 members of an extended family camping near Carlsbad. The consent decree, filed Thursday in U.S. District Court in Albuquerque, is the first judicial settlement brought under the Pipeline Safety Act, the U.S. Department of Justice said.

The department and the Pipeline and Hazardous Materials Safety Administration said the settlement, signed by El Paso Natural Gas president James J. Cleary, covers the company's 10,000-mile pipeline system from the San Juan, Permian and Anadarko basins to markets in New Mexico, California, Arizona, Oklahoma, Texas and northern Mexico.

Among other things, it requires the company to modify its pipelines so they can be inspected by machines placed inside the lines to measure the thickness of pipes; collect and analyze liquid samples to see how corrosive they are; and train corrosion control workers.

The settlement also requires the company to spend at least $86 million on pipeline modifications and pay a $15.5 million fine.

National Transportation Safety Board investigators determined the explosion -- which left a crater 20 feet deep, 86 feet long and 46 feet wide -- was caused by water and other corrosives that pooled in the 50-year-old pipe and ate away at the metal.

NTSB inspectors said the company should have discovered the corrosion and that government inspectors should have discovered its failure to monitor the line.

El Paso Natural Gas already has spent more than $225 million on pipeline integrity and will spend more under the decree, said Richard Wheatley, manager of media relations for EPNG's parent company, Houston-based El Paso Corp.

As of June 30, EPNG had modified about 78 percent of the parts of the system that can be modified for in-line inspections, Wheatley said. Most of the interstate pipeline can be inspected with in-line instrumentation, and the parts that cannot be inspected are monitored in other ways, he said.

The consent decree requires the work to be completed by the end of 2010.

An order issued after the explosion required EPNG to assess the integrity of its pipelines. After the rupture, the company and El Paso Corp. committed to detecting and preventing corrosion in the high-pressure lines.

The pipeline changes EPNG will complete under the settlement "will help to ensure that severe internal corrosion that resulted in such a tragic accident will not be repeated," said Ronald J. Tenpas of the Justice Department's environment and natural resources division, one of the attorneys signing the settlement.

Federal agencies alleged that before the explosion, the company did not have personnel qualified in corrosion control methods; failed to investigate and repair corrosion in two pipelines transporting corrosive gas; and failed to monitor the pipelines to determine the effectiveness of steps taken to minimize corrosion.

The issue was referred to the Justice Department when the parties were unable to resolve the notice of violation. Negotiations began that led to the settlement.

El Paso Natural Gas and its parent company paid out millions of dollars to settle negligence lawsuits filed against it by relatives of those killed in the explosion. Five young children were among the victims.

Under the government settlement, the company did not admit to any of the allegations in the complaint. Wheatley said the company, while not taking issue with the government, believes it was in compliance with regulations in effect at the time of the explosion.

"The industry and El Paso have learned a lot from the Carlsbad incident. ... We're actively participating in industry initiatives to improve pipeline safety," he said.

The company has revamped its corrosion control program to expand leak surveys and testing of liquids, the decree said. Also, the decree requires it to review its the program annually and incorporate any advances in technology.

The public has 30 days to comment before the settlement is approved by the court.

[NovoMira]

El Paso to Pay $15.5M in DOJ Settlement

Thursday July 26, 5:09 pm ET

El Paso to Pay $15.5M Penalty to Settle Allegations in a Deadly 2000 Pipeline Explosion

WASHINGTON (AP) -- El Paso Corp. will pay a $15.5 million penalty and spend at least $86 million to modify its natural gas pipeline system to settle federal allegations in a deadly pipeline explosion, U.S. regulators said Thursday. The settlement with the Justice and Transportation departments comes under the Pipeline Safety Act and follows a 2000 explosion of an El Paso Natural Gas Co. pipeline that killed 12 people in New Mexico. The Justice Department said the cause of the explosion was a significant reduction in pipe wall thickness due to severe internal corrosion.

Among the actions El Paso agreed to undertake under the settlement are collecting and analyzing liquid samples for corrosive properties whenever a pipeline is opened on its system.

El Paso shares fell 50 cents, or 2.9 percent, to close at $16.90 after ranging between $12.82 and $18.56 over the past year.

[NovoMira]

Price Alert on EP - Price Reaches New 52 Week High

From another board...

Thanks, Ray.

http://investorshub.advfn.com/boards/read_msg.asp?message_id=21403077

[NovoMira]

U.S. Natural Gas in Storage Grows

Thursday July 19, 11:08 am ET
Energy Dept. Report Says U.S. Natural Gas in Storage Grew by 65 Billion Cubic Feet Last Week

WASHINGTON (AP) -- Natural gas in storage in the U.S. grew last week and remains about 11 percent above the five-year average for this time of year, according to a government report Thursday.

The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states increased by 65 billion cubic feet to 2.69 trillion cubic feet for the week ending July 13, up from 2.63 trillion cubic feet for the previous week.

The inventory level was well above the five-year average of 2.33 trillion cubic feet in underground storage, but below last year's storage level of 2.76 trillion cubic feet, according to the government data.

In morning trading, natural gas for August delivery rose 17 cents to $6.70 per 1,000 cubic feet on the New York Mercantile Exchange.

[NovoMira]

Fitch Affirms El Paso Ratings

Wednesday June 13, 3:12 pm ET

Fitch Affirms Ratings of El Paso Following Word of a $1.28 Billion Notes Offering

NEW YORK (AP) -- Credit-evaluation agency Fitch Ratings on Wednesday affirmed the ratings of El Paso Corp., after the Houston-based natural gas company said it plans to issue nearly $1.28 billion in unsecured senior notes.

Fitch assigned a senior unsecured rating of "BB+" to the proposed offering. "BB" is a speculative, or non-investement grade, designation indicating that there is a possibility of credit risk developing.

The company will use the proceeds from the public offering to buy back any of its $1.2 billion outstanding 7.75 percent senior notes due 2013 from the company's upstream subsidiary El Paso Exploration & Production Co.

Fitch upgraded the El Paso Exploration & Production ratings to be the same as its parent company's ratings.

The rating outlook for all ratings is stable.

Shares rose 30 cents to $16.80 in afternoon trading.

[NovoMira]

Walk, I've been in EP for a couple of years at least. Every time I decide on a sell price, I change my mind and opt to stay with it for just a point or two more. LOL

I've never regretted it. Just recently I upped it from $17 (it got there recently) to $19...I have no doubt I'll change my mind again when it hits. ;)

[walknmannv]

Dear NovoMira: My best bud of over 33 years has been in this one and got his dad in it. And has made very nice profits. Anyone interested in Natural Gas should do some serious DD on this one.
Walk

[NovoMira]

Wow! There haven't been any posts here in a long time!

No news on EP today, however...there is a press release if anybody is interested.

El Paso Exploration & Production Company Announces Extension of Price Determination Date Relating to Its Outstanding Tender Offer and Consent Solicitation for Its 7 3/4 Percent Senior Notes Due 2013

Monday June 11, 10:28 am ET

HOUSTON...El Paso Exploration & Production Company (EPEP), a wholly owned subsidiary of El Paso Corporation (NYSE: EP), announced today that it has extended to 2 p.m., New York City time, on June 12, 2007 the time at which the dealer managers will determine the consideration to be paid in connection with its pending cash tender offer and consent solicitation with respect to its 7 3/4 percent Senior Notes due 2013 (CUSIP No. 283703AB2). The tender offer and the consent solicitation are subject to the terms and conditions set forth in EPEP's Offer to Purchase and Consent Solicitation Statement dated May 29, 2007 (the Statement).

The total consideration to be paid for each $1,000 principal amount of the notes tendered and accepted for payment will be determined in the manner described in the Statement by reference to the fixed spread of 50 basis points over the yield based on the bid side price of the reference treasury security, 4.875 percent U.S. Treasury Notes due May 31, 2008, as calculated by the dealer managers at 2 p.m., New York City time, on June 12, 2007.

Holders who validly tender (and do not validly withdraw) notes in the tender offer and validly deliver (and do not validly revoke) their corresponding consents in the consent solicitation at or prior to 5 p.m., New York City time, on June 11, 2007, whose notes are accepted for purchase and payment will receive the total consideration referenced above plus any accrued and unpaid interest from the last interest payment date for the notes to, but not including, the initial settlement date, which EPEP expects will occur on June 15, 2007. Holders who validly tender notes in the tender offer after 5 p.m., New York City time, on June 11, 2007, and at or prior to 12:00 midnight, New York City time, on June 25, 2007, will receive the total consideration set forth above minus the consent payment of $20.00 per $1,000 principal amount, plus any accrued and unpaid interest from the last interest payment date for the notes to, but not including, the final settlement date, which EPEP expects will occur on June 26, 2007.

EPEP has retained Citi and Deutsche Bank Securities Inc. to serve as dealer managers for the tender offer and solicitation agents for the consent solicitation and has retained Global Bondholder Services Corporation to serve as the depositary and information agent for the tender offer.

Requests for documents may be directed to Global Bondholder Services Corporation by telephone at [phone] or [phone] or in writing at 65 Broadway -- Suite 723, New York, NY 10006. Questions regarding the tender offer may be directed to Citi at [phone] or [phone] or Deutsche Bank Securities Inc. at [phone] or [phone].

This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes or any other securities. The tender offer is made only by and pursuant to the terms of the Statement and the related letter of transmittal and consent. None of EPEP, the dealer managers, the solicitation agents or the depositary and information agent makes any recommendations as to whether holders should tender their notes pursuant to the tender offer. Holders must make their own decisions as to whether to tender notes and, if so, the principal amount of notes to tender.

[swanky]

good day today...

[lowman]

EP Tennessee Gas Pipeline Rupture Triggers Evacuations

12/29/2005
Dow Jones News Services
(Copyright © 2005 Dow Jones & Company, Inc.)



HALFWAY, Ky. (AP)--A small section of Allen County, Kentucky, was evacuated Thursday after a Tennessee Gas pipeline ruptured, according to the Kentucky Division of Emergency Management.

There were no injuries when the natural gas began spewing out of the 30-inch diameter pipeline early Thursday morning, according to Kentucky State Police Dispatcher Daniel Rendleman.

As many as 300 people from around Halfway were ordered to leave their homes, and about 75 went to a shelter, according to Gary Rogers of the state Division of Emergency Management. Halfway is about 70 miles north of Nashville.

Tennessee Gas is a subsidiary of El Paso Corp. (EP), Rogers said.

[swanky]

hope someone other than me sees the value here ,, a true nat gas shortage is real,,,been buying since the fall to 4.00 and still adding... go ep