Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Think4Yourself who wrote (81375)	12/12/2000 2:24:03 AM
From: Douglas V. Fant	Read Replies (3) of 95453

JQP, Thanks for the article on Canadian NG pipelines. It confirms what I suspected in terms of Canadian P/L capacity....Now let me mention one other thing re pipelines since I no longer work at Mobil. Mobil in 1996 signed a deal with Duke Energy whereby Duke bought all of Mobil's gas processing plants and associated gathering systems in Oklahoma and west Texas, Duke apparently eyeballing the incipient gas-to-power market. Mobil's Upper Management all came from the refining side of the business and never understood gas plants or E&P operations. So in one of Mobil's lesser moves, Mobil agreed in return for the "high price" that Duke paid for the plants and pipelines, to lock in all of its NG production to Duke's plants in west Texas (about 150mmcf/day right now), AND also lock in the price into the um,um very, very, very , low single/two dollar range for ten years 1996-2006. Well with gas moving at $10.50/mcf/today Duke must be making a total and complete killing off of this Duke -Mobil contract.... Just a note for your Duke stockholders out there...Very well run company....

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