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Houston-based operators Contango Oil & Gas Co. and Crimson Exploration Inc. have agreed to merge in an all-stock transaction that would create a company with prospects in the Gulf of Mexico's (GOM) shallow water, as well as unconventional acreage in the United States and Canada.
A seven-year civil war in the Alberta energy industry ended with a provincial decision that affirms that natural gas producers must give up 917 gas wells capable of producing 120 MMcf/d because the wells threaten future oilsands development.
Calgary-based AltaGas Ltd. and Japan's Idemitsu Kosan Co. Ltd. have formed a joint venture to pursue deals to export liquefied Canadian gas to Asian markets, including the development of natural gas liquefaction facilities.
Hope that 11 missing crew members from drilling rig Deepwater Horizon would be found had mostly faded by Friday morning although rescuers continued to search. While some feared an environmental catastrophe, oil sheen on the Gulf of Mexico appeared to be from the explosion and not a leaking well, officials said.
Saying it was mostly expected as a one-quarter bump in the financial results this year, Minneapolis-based Xcel Energy's CFO Wednesday outlined various regulatory issues, revenue hits and higher operating costs facing the multi-state utility holding company after reporting decreased first quarter profits -- $120 million, or 28 cents/diluted share, for this quarter ended March 31, compared to $151 million, or 36 cents/share, for the same quarter last year.