Aug 16, 2009 (The Dominion Post - McClatchy-Tribune Information Services via COMTEX) -- JFFHF | Quote | Chart | News | PowerRating -- Bob Richmond's 505 acres slope away from his back porch, then crest and dive back into each other. They sprawl before the foot of the house that Col. John Fairfax built in 1818. It's all Richmond's now: the four stately walls of gray stone block, the garden (which the rabbits won't vacate even as you approach) and the green, rolling hills of Preston County, a couple miles east of Kingwood.
"Look at the turkeys out in the field," Richmond says, pointing 700 yards off to a grassy hilltop. Five or six of them strut about, blurred by distance.
Beyond them, a taller, tree-covered ridge conceals the Cheat River Valley. Richmond owns a portion of the bank, but "only a mile and a half," he says with a sarcastic grin, as if to say: "How much beautiful riverbank do you own ?"
It would take a lot to convince Richmond to let an energy company bulldoze part of it and suck the natural gas out of that land. He didn't allow it for $50 an acre. And when they offered him $100 an acre, he still refused.
Of course he refused, he says. They gave him a raw deal because they thought they could get away with it.
"I told them, I said, 'I'm just a simple hillbilly,' " Richmond says with that same sarcastic grin. " 'I don't understand these things.' "
The landmen who came to him in late 2007 couldn't have known that he's anything but a simple hillbilly.
As a diplomat for the State Department, Richmond maneuvered economic development in Vietnam during the war. He helped Mobil (it hadn't yet merged with Exxon) get the rights to a still-producing well off the coast of Southeast Asia.
He worked with Haitians to arrange a lease with a Colorado energy company that "drilled five wells dry as a bone."
For 30 years he did that sort of thing.
Then he started getting letters from landmen, people hired by oil and gas companies to negotiate leases on mineral rights.
Landmen from Mason Dixon Energy Inc., on behalf of Marathon Oil, wanted to lease his mineral rights for a price Richmond didn't think was fair. He says his land is worth more like $3,000 an acre and that he should get at least 20 percent of all the profits for selling the gas underneath it, not the state minimum 12.5 percent royalties they wanted to give him.
"I knew they were trying to screw me," he says.
One woman in Star City, who didn't want her name published to protect her privacy, says she inherited 121 acres of mineral rights in Monongalia County. Soon a landman representing Dominion Energy came to her door and told her not to pass up a $5-an-acre lease and 12.5 percent royalties.
She signed the contract, collected the few hundred dollars for the lease and waited to get rich. That was five years ago, and no one's drilled a single well. The lease didn't say they had to, and with gas prices so low, it hasn't been profitable to drill.
Dominion Energy renewed the five-year lease on her mineral rights once it expired. The language in the lease allows them to continue renewing as many times as they want.
There are stories like that all over the Marcellus Shale target area: north-central West Virginia and southwest Pennsylvania. The friend down the road who got $5. The guy who took a subpar contract because he owed the hospital. The landman who told the neighbors Bob Richmond had signed his lease (Richmond has never signed a lease), and you should, too.
It's all just hearsay. But then there's a lot of hearsay -- and misinformation -- floating around these hills.
All eyes on Appalachia
Four hundred million years ago, a fish died and sank to the bottom of the ocean.
It decayed and left its carbon in the earth. As Europe and Africa collided with the Eastern Seaboard, creating the Appalachian Mountains, the carbon from that fish was bonding with hydrogen, creating methane and other hydrocarbons, the chief ingredients of natural gas.
Those hydrocarbons stuck in the sediments that were being packed together under tremendous pressure a mile and a half underground. That layer of sedimentary rock became the Marcellus Shale, and the fuel from that fish is still trapped in its pores.
Until the late 1990s, there wasn't any way to extract enough of that trapped gas to make drilling worthwhile. Then, new technology came into use in other shales around the country.
They used hydraulic fracturing, blasting apart hard rock and sucking up large amounts of natural gas. And they dug horizontal wells, drilling down to the shale and then horizontally along it to cover more ground and multiply production. People started looking at the Marcellus Shale.
Energy companies began paying attention to the Appalachian region like they had been paying attention to Fort Worth, Texas, site of the Barnett Shale, and to rural Arkansas
, north of Little Rock, where the Fayetteville Shale lies.
Chesapeake Energy snatched up roughly 1.45 million acres of leasehold in the Marcellus Shale including large chunks of Monongalia, Preston and Marion counties. It controls more of the Marcellus Shale than any other company.
"The Marcellus Shale may ultimately become the largest natural gas field in the U.S.," Chesapeake wrote to investors in an August presentation.
Look at it by the numbers: A gas well in the Marcellus Shale can be expected to produce 4.2 billion cubic feet (bcf) of natural gas in its life, second among the "Big 4" shales, according to Chesapeake figures.
The Haynesville Shale, in east Texas and north Louisiana averages 6.5 bcf per well, the Barnett Shale averages 2.65 bcf and the Fayetteville Shale averages 2.4 bcf.
But Chesapeake doesn't pay the same royalties to mineral rights owners from each region.
In Fort Worth, where the Barnett Shale won't produce as much as the Marcellus, Chesapeake pays, on average, 25 percent royalties on their gas profits. They also pay $12,900 an acre up front.
In Preston County, where the Marcellus Shale may soon be "the largest natural gas field," the average Chesapeake pays in royalties is 15 percent and $610 an acre up front.
And Aubrey Shultz was lucky to get $100 an acre.
'Sitting on a gold mine'
Shultz's house sits on a bald knob two miles outside of Albright. It overlooks his mom's land and the cattle grazing on it. He can even see as far as Coal Lick Road where the spire of a Tenaska drilling rig shoots into the air.
His father died when he was a senior in high school and left his mother and her children with about 220 acres.
He says a landman from Honor Resources Co. came to him in 2007 wanting to lease his land and mineral rights for Chesapeake.
"They were pretty gung-ho, you know, acted like this was going to be the next Texas," Shultz says.
So he signed -- for $30 an acre, "which was the going rate back then."
The going rate, says Vanessa Richter, human resources manager for Mason Dixon Energy, is determined by their clients, the oil and gas companies.
"Our landmen are given an area -- this is the minimum we'll pay; this is the maximum we'll pay," Richter says. "Our landmen will then go out there and negotiate, and if they don't take it for the minimum, then of course, we have a little bit of bargaining room."
Lee Warren, a spokeswoman for Marathon Oil, says the bargaining room they allow is often based on how proven a shale is in producing gas.
"In certain land areas, they know how much gas is there and what it's likely to produce, and it's very well defined based on hundreds and hundreds of wells that have been drilled in that area," she says. Hundreds and hundreds of wells have been drilled in the Barnett Shale. There aren't as many in the Marcellus.
Fortunately for Shultz, there was a mix-up with the deed to the property -- Honor Resources wasn't sure the Shultzes owned the mineral rights. But Shultz was able to prove they did and renegotiated for $100 an acre and 12.5 percent royalties in 2008.
"I think the exploration companies get a bad shake on this," says Darryl Griwatz, vice president of Honor Resources Co. "They didn't know any more than the people out there with large tracts of land what prices were going to go to."
Early on in land acquisition, Marcellus Shale land was plentiful. The market was flooded with cheap acres. As demand increased, so did the price.
"Now I guess $100 an acre is just a drop in a bucket," Shultz says.
Getting what you want
More importantly, in Shultz's new lease, Chesapeake decided to add stipulations about how they could use the surface for its drilling.
The first lease didn't say anything about fencing off the drilling rig to protect his stepfather's cattle. It didn't say anything about correcting any disturbances to the groundwater. It didn't say anything about preventing the company from storing gas in underground formations on the property (essentially keeping the land an active drill site without actually drilling).
"That's something I didn't think about," Shultz says.
The only state legislation on surface owners' rights was enacted in 1983. It requires oil and gas developers to pay for any damages to a property or its water supply and to cover any decrease in the value of the land as a result of the drilling.
Shultz would have been covered by law if his cattle were affected.
But there's a lot the state code doesn't mention.
It doesn't say how far a well must be from a house or how many wells can be drilled in a given space. It doesn't stop the wells from being noisy.
And there's not much oversight from any regulating agency, says Delegate Tim Manchin, D-Marion, about where developers can get the massive amounts of water needed for Marcellus Shale drilling or what to do with it once it's been used.
"People are used to signing consumer contracts, car loans, where almost all the terms are regulated by some law," says David McMahon, cofounder of the West Virginia Surface Owners' Rights Organization. "When it comes to signing a [mineral rights] lease, the only thing regulated by law is that it's got to be notarized."
Griwatz, for Honor Resources, says his company's job isn't out to cheat anyone out of a profitable agreement. In fact, he'd like to make it profitable for everyone.
"Our people do all they can to be fair and honest with property owners even though they're paid by the exploration companies," he says. "When these leases that aren't drilled upon expire, we want to go back and deal with these people again."
Griwatz says his landmen will ask rights owners what concerns they have about the drilling to see if they can address them in the contract. He says his goal is to bring the companies and the landowners to common ground.
Shultz negotiated for the common ground himself and sat back, ready to collect the royalties on his natural gas.
"We were pretty excited that we were sitting on a gold mine," Shultz says.
He doesn't know if he is or not. With the economy in recession, the market for natural gas is in the dumps. Consequently, companies have been reluctant to drill, and Shultz hasn't seen any revenue from his lease.
But as the economy recovers and gas prices return to normal, Marcellus Shale drilling will resume. Warren, of Marathon Oil, says the company is planning some drilling in the region toward the end of the year.
And when they do, Manchin wants West Virginia to be ready.
West Virginia for sale
Bob Richmond taps his forefinger hard on the table in the dining room of "Fairfax Manor."
"The state should protect its citizens," he says in rhythm with the taps.
Sure, he'd sign over his mineral rights if the price was right, he says. But he won't do it through a landman.
McMahon, from the Surface Owners' Rights Organization, says, "If a lawyer is unethical, he loses his license. If a doctor is incompetent, he loses his license. If a CPA cooks the books, he loses his license. But if a landman is unethical, is incompetent and cooks the books, the next day he's still a landman."
Despite the lack of regulation in the industry and disparity between the going rate in the Marcellus versus other shales, leasing mineral rights can be profitable.
Keith Pitzer did it. He's an environmentalist, executive director of Friends of the Cheat, which for years has fought to keep the Cheat River watershed clean.
He says he got the price for the land and the percentage of royalties he wanted.
Though he wouldn't say what that price was, he did say it was "enough to help me make a decision."
He says it can be financially rewarding for him. He says his well won't destroy the environment any more than the dozens of others they'll drill around him.
Besides, he says, most people say it's safe. Then, with resignation, "Who do we believe ?"
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Sunday, September 6, 2009
Natural Gas Price Drop Last Week - Louisiana Spot was $2.06/mmBtu
By CHRIS KAHN (AP) – 2 days ago
http://www.google.com/hostednews/ap/article/ALeqM5i4_q7DtiEHvUTVNlJoaJ9ufkd1kgD9AFUPKG0
NEW YORK — Natural gas prices tumbled again Thursday, hitting new seven-year lows after the government reported more supplies were put into storage as the entire country pares down on energy usage.
That will mean huge savings for a lot of people this winter when the heating bill arrives.
On Monday, Spokane, Wash.-based utility Avista Corp. said it wants to reduce natural gas prices for its Oregon customers to the lowest levels in five years. And in the Midwest, Alliant Energy Corp. and Wisconsin Public Service Corp. both predicted heating bills would drop around 20 percent.
"Any savings we get, they get," Alliant spokesman Scott Drzycimski said.
Natural gas for October delivery gave up 19 cents to $2.525 per 1,000 cubic feet on the New York Mercantile Exchange. Prices dropped as low as $2.50 per 1,000 cubic feet — the lowest since March 2002 — after the government reported that U.S. natural gas supplies grew again last week and are now nearly 18 percent above the five-year average.
Natural gas, a key energy source for power plants, has plummeted to less than a third the price it fetched last summer, and its contract on the Nymex gave up nearly 23 percent in the past six trading days.
The United States Natural Gas fund, an exchange-traded fund that tracks natural gas prices, has fallen steadily this year, giving up 76 percent of its value and it hit a 52-week low of $8.94 a share on Thursday.
Meanwhile, oil prices were tugged higher by a rise in equities markets and a weak dollar.
Benchmark crude for October delivery added 12 cents to $68.17 a barrel on the Nymex. In London, Brent crude gave up 30 cents at $67.36 on the ICE Futures exchange.
Besides the weak dollar, energy prices may have gotten a boost from a report by the Institute for Supply Management. While the index showed that said the service sector shrank in August, hospitals, retailers, financial services companies and other industries covered by its index posted their best reading in 11 months.
For those who price oil and fuel into the future, there was a glimmer of increased demand for energy.
The Paris-based OECD, which said that the world economy is headed for an earlier recovery than previously forecast, although the pace of the rebound will likely remain modest for some time to come.
The Paris-based Organization for Economic Cooperation and Development also said that the economies of Japan and the euro zone countries will contract by less than previously forecast while the outlook for the U.S. is stable.
At the pump, retail gas prices fell less than a penny to $2.596 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 3.5 cents more expensive than a month ago and $1.085 cheaper than last year.
In other Nymex trading, gasoline for October delivery added less than a penny to $1.8088 a gallon and heating oil fell by less than a penny to $1.7414 a gallon.
http://www.google.com/hostednews/ap/article/ALeqM5i4_q7DtiEHvUTVNlJoaJ9ufkd1kgD9AFUPKG0
NEW YORK — Natural gas prices tumbled again Thursday, hitting new seven-year lows after the government reported more supplies were put into storage as the entire country pares down on energy usage.
That will mean huge savings for a lot of people this winter when the heating bill arrives.
On Monday, Spokane, Wash.-based utility Avista Corp. said it wants to reduce natural gas prices for its Oregon customers to the lowest levels in five years. And in the Midwest, Alliant Energy Corp. and Wisconsin Public Service Corp. both predicted heating bills would drop around 20 percent.
"Any savings we get, they get," Alliant spokesman Scott Drzycimski said.
Natural gas for October delivery gave up 19 cents to $2.525 per 1,000 cubic feet on the New York Mercantile Exchange. Prices dropped as low as $2.50 per 1,000 cubic feet — the lowest since March 2002 — after the government reported that U.S. natural gas supplies grew again last week and are now nearly 18 percent above the five-year average.
Natural gas, a key energy source for power plants, has plummeted to less than a third the price it fetched last summer, and its contract on the Nymex gave up nearly 23 percent in the past six trading days.
The United States Natural Gas fund, an exchange-traded fund that tracks natural gas prices, has fallen steadily this year, giving up 76 percent of its value and it hit a 52-week low of $8.94 a share on Thursday.
Meanwhile, oil prices were tugged higher by a rise in equities markets and a weak dollar.
Benchmark crude for October delivery added 12 cents to $68.17 a barrel on the Nymex. In London, Brent crude gave up 30 cents at $67.36 on the ICE Futures exchange.
Besides the weak dollar, energy prices may have gotten a boost from a report by the Institute for Supply Management. While the index showed that said the service sector shrank in August, hospitals, retailers, financial services companies and other industries covered by its index posted their best reading in 11 months.
For those who price oil and fuel into the future, there was a glimmer of increased demand for energy.
The Paris-based OECD, which said that the world economy is headed for an earlier recovery than previously forecast, although the pace of the rebound will likely remain modest for some time to come.
The Paris-based Organization for Economic Cooperation and Development also said that the economies of Japan and the euro zone countries will contract by less than previously forecast while the outlook for the U.S. is stable.
At the pump, retail gas prices fell less than a penny to $2.596 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 3.5 cents more expensive than a month ago and $1.085 cheaper than last year.
In other Nymex trading, gasoline for October delivery added less than a penny to $1.8088 a gallon and heating oil fell by less than a penny to $1.7414 a gallon.
Saturday, September 5, 2009
Natural Gas and Oil Rig Count Up 10 Week Ending September 4, 2009
http://money.cnn.com/news/newsfeeds/articles/djf500/200909041335DOWJONESDJONLINE000604_FORTUNE5.htm
NEW YORK -(Dow Jones)- The number of rigs drilling for oil and natural gas in the U.S. rose this week as producers ramped up activity.
The number of oil and gas rigs climbed to 1,009, up 10 from the previous week, according to rig data from oil-field services company Baker Hughes Inc. (BHI). The number of gas rigs was 701, an increase of two rigs from last week, while the oil rig count rose to 295, an increase of nine rigs. The number of miscellaneous rigs fell by one, to 13 rigs.
The number of gas rigs in use peaked at 1,606 in September. Producers have scaled back oil and gas drilling over the past several months amid falling prices, but companies are beginning to bring gas rigs back on line amid signs of economic stabilization.
Natural gas supplies still remain strong, but analysts expect the sharp decline in drilling activity over the last year eventually to bring supply back in line with demand, helping to push gas prices.
Natural gas for October delivery on the New York Mercantile Exchange was recently up 11.7 cents, or 4.67%, at $2.625 a million British thermal units.
-By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com
NEW YORK -(Dow Jones)- The number of rigs drilling for oil and natural gas in the U.S. rose this week as producers ramped up activity.
The number of oil and gas rigs climbed to 1,009, up 10 from the previous week, according to rig data from oil-field services company Baker Hughes Inc. (BHI). The number of gas rigs was 701, an increase of two rigs from last week, while the oil rig count rose to 295, an increase of nine rigs. The number of miscellaneous rigs fell by one, to 13 rigs.
The number of gas rigs in use peaked at 1,606 in September. Producers have scaled back oil and gas drilling over the past several months amid falling prices, but companies are beginning to bring gas rigs back on line amid signs of economic stabilization.
Natural gas supplies still remain strong, but analysts expect the sharp decline in drilling activity over the last year eventually to bring supply back in line with demand, helping to push gas prices.
Natural gas for October delivery on the New York Mercantile Exchange was recently up 11.7 cents, or 4.67%, at $2.625 a million British thermal units.
-By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com
Friday, September 4, 2009
Natural Gas Exchange Traded Funds Puts at 7 Year Low
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajrPn4i0Y8xM
By Jeff Kearns and Asjylyn Loder
Sept. 3 (Bloomberg) -- Trading of bearish options on the U.S. Natural Gas Fund rose to a record as the fuel fell to a seven-year low and investors bet that the exchange-traded fund tracking gas futures will keep tumbling.
Volume for puts giving the right to sell the ETF rose to 220,165 contracts, or 2.6 times the four-week average, as options traders bought the contracts to protect from a further drop if the fund extends its 61 percent slide this year. Puts traded 1.4 times more than calls, which give the right to buy the shares.
The fund, known by its UNG ticker, lost 4.7 percent to $9.01, the lowest level in its two-year history. The most-active contracts were October $7 puts, which rose 52 percent to 35 cents and accounted for almost an eighth of put volume. Ninety- four percent of those puts traded on the ask price, which indicates that buyers initiated the transactions.
“The fact that the most activity is around such an out-of- the-money put means people are expecting an extreme down move in the UNG,” said Rebecca Cheong, an equity derivatives strategist at Societe Generale SA in New York. “There’s a lot of concern.”
Natural gas futures fell in New York to the lowest level since March 2002 after a government report showed stockpiles expanded more than average to a record for this time of year.
Supplies rose 65 billion cubic feet in the week ended Aug. 28 to 3.323 trillion cubic feet, the Energy Department said. Inventories are the highest for that week since the department began publishing data in 1993. Stockpiles typically gained 64 billion cubic feet for the period in the past five years.
Premium
The UNG has been trading at a premium to its underlying natural gas assets since Aug. 12, when it announced that it couldn’t issue new shares because of limits on how many natural gas contracts it can buy. Today, shares cost as much as 18 percent more than the value of the fund’s gas contracts.
Shares outstanding in the $3.1 billion fund increased 11- fold since the start of the year. Every share in the fund is backed by natural gas investments, including contracts on the New York Mercantile Exchange and InterContinental Exchange Inc.
The fund needs to shrink its position on those exchanges because of limits set by the Commodity Futures Trading Commission. The commission has been tightening those limits, which are designed to keep one trader from gaining too much control of the market.
To replace its natural gas contracts, the fund has been buying off-exchange swaps, which aren’t capped. If the fund can find suitable investments that track the price of natural gas, it will resume issuing new shares.
The premium is likely to collapse when the fund begins allowing the creation of new shares.
To contact the reporters on this story: Jeff Kearns in New York at jkearns3@bloomberg.net; Asjylyn Loder in New York aloder@bloomberg.net.
Last Updated: September 3, 2009 16:36 EDT
By Jeff Kearns and Asjylyn Loder
Sept. 3 (Bloomberg) -- Trading of bearish options on the U.S. Natural Gas Fund rose to a record as the fuel fell to a seven-year low and investors bet that the exchange-traded fund tracking gas futures will keep tumbling.
Volume for puts giving the right to sell the ETF rose to 220,165 contracts, or 2.6 times the four-week average, as options traders bought the contracts to protect from a further drop if the fund extends its 61 percent slide this year. Puts traded 1.4 times more than calls, which give the right to buy the shares.
The fund, known by its UNG ticker, lost 4.7 percent to $9.01, the lowest level in its two-year history. The most-active contracts were October $7 puts, which rose 52 percent to 35 cents and accounted for almost an eighth of put volume. Ninety- four percent of those puts traded on the ask price, which indicates that buyers initiated the transactions.
“The fact that the most activity is around such an out-of- the-money put means people are expecting an extreme down move in the UNG,” said Rebecca Cheong, an equity derivatives strategist at Societe Generale SA in New York. “There’s a lot of concern.”
Natural gas futures fell in New York to the lowest level since March 2002 after a government report showed stockpiles expanded more than average to a record for this time of year.
Supplies rose 65 billion cubic feet in the week ended Aug. 28 to 3.323 trillion cubic feet, the Energy Department said. Inventories are the highest for that week since the department began publishing data in 1993. Stockpiles typically gained 64 billion cubic feet for the period in the past five years.
Premium
The UNG has been trading at a premium to its underlying natural gas assets since Aug. 12, when it announced that it couldn’t issue new shares because of limits on how many natural gas contracts it can buy. Today, shares cost as much as 18 percent more than the value of the fund’s gas contracts.
Shares outstanding in the $3.1 billion fund increased 11- fold since the start of the year. Every share in the fund is backed by natural gas investments, including contracts on the New York Mercantile Exchange and InterContinental Exchange Inc.
The fund needs to shrink its position on those exchanges because of limits set by the Commodity Futures Trading Commission. The commission has been tightening those limits, which are designed to keep one trader from gaining too much control of the market.
To replace its natural gas contracts, the fund has been buying off-exchange swaps, which aren’t capped. If the fund can find suitable investments that track the price of natural gas, it will resume issuing new shares.
The premium is likely to collapse when the fund begins allowing the creation of new shares.
To contact the reporters on this story: Jeff Kearns in New York at jkearns3@bloomberg.net; Asjylyn Loder in New York aloder@bloomberg.net.
Last Updated: September 3, 2009 16:36 EDT
Thursday, September 3, 2009
Natural Gas Prices Low Again
Sept. 2 (Bloomberg) -- Natural gas fell for a third day in New York before a government report tomorrow that will probably show inventories advanced more than average amid a glut of the power-plant, heating and industrial fuel.
Supplies may have gained 67 billion cubic feet last week, the median of 15 analyst estimates compiled by Bloomberg. The average gain over the past five years for the week ended Aug. 28 is 64 billion cubic feet, according to Energy Department data. Gas prices are 61 percent lower than a year earlier on reduced demand and surplus supply.
“At this point, something that’s even in line with a long- term average is not going to cut it in terms of stabilizing price,” said Cameron Horwitz, an analyst at SunTrust Robinson Humphrey Inc. in Houston. “It’s hard to find a reason for gas prices to go up.”
Natural gas for October delivery fell 10.6 cents, or 3.8 percent, to settle at $2.715 per million British thermal units at 2:50 p.m. on the New York Mercantile Exchange. Futures earlier rose as high as $2.898 as technical traders anticipated a possible rally in prices after reaching seven-year lows last week. The price reached $2.692 per million Btu on Aug. 27, the lowest since August 2002.
Futures declined in the last half of trading as shares of the United States Natural Gas Fund LP fell the most in three months. The fund, the world’s largest exchange-traded fund in gas, fell 82 cents, or 7.9 percent, to $9.45 a share at 4:15 p.m. It was the biggest slump since June 3. The fund owns futures contracts and swaps and tries to track price changes in the fuel. The ETF’s units have declined 59 percent this year.
Record Supplies
Natural gas supplies were 18 percent above the five-year average for the week ended Aug. 21, compared with 2.6 percent a year ago, according to Energy Department data.
Should inventories match the increase of the past five years to the end of October, when storage companies and utilities typically end the rebuilding period as lower temperatures lift demand, stockpiles will be near 3.9 trillion cubic feet, Horwitz said.
“Storage will probably be able to handle that, but it’s going to be very close,” he said.
Peak natural gas storage capacity rose 100 billion cubic feet to an estimated 3.889 trillion cubic feet as of April as operators expanded to meet rising production, according to an Energy Department report on Aug. 31.
The previous high for storage is 3.545 trillion cubic feet, reached on Nov. 2, 2007, according to the department.
U.S. output of natural gas rose in the first six months of 2009 as demand tumbled because of the economic slowdown.
Gas Production
Gas brought to market through June rose 2.8 percent from a year earlier to 10.97 trillion cubic feet, according to a report from the Energy Department on Aug. 27. Inventories reached 3.258 trillion cubic feet in the week ended Aug. 21, heading for a record by the end of October.
The increase in the first half came as total consumption fell 4.4 percent amid mild weather and the economic slowdown. Industrial use of gas fell 13 percent in the period from a year earlier, according to an Energy Department report last week.
“You’re still running weak in industrial demand as it doesn’t appear to have had the bounce or V-shape that you’ve seen in other economic data,” Horwitz said. “There’s a benign weather forecast.”
There’s no imminent threat of storms reaching the energy- producing area of the Gulf of Mexico and disrupting gas output from offshore production platforms. Tropical Storm Erika, located in the Atlantic about 100 miles (160 kilometers) east of the Leeward Islands, isn’t forecast to become a hurricane or head for the Gulf, according to forecasters at the National Hurricane Center in Miami.
Meeting Demand
Barring a “calamity” in the Gulf, supplies will be more than ample to meet demand and keep downward pressure on prices through September and into October, said Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant.
“There’s a sizable injection expected tomorrow,” he said. “There’s a lot in the ground.”
Supplies probably gained 70 billion cubic feet last week, Schenker said.
“It’s really going to be the industrial gas demand side of things where you have some potential,” said Schenker. “If the economy starts to turn around over the next few quarters and there’s a cold winter to erode some of these inventories” gas prices may start to rebound.
Weather Forecast
Mild weather is forecast for most of the U.S., with normal to below-normal temperatures, MDA Federal Inc.’s EarthSat Energy Weather of Rockville, Maryland, said in a 10-day outlook today. Cooler weather cuts demand for electricity, which accounts for about 29 percent of gas consumption, as air conditioners run less. Temperatures aren’t yet low enough to trigger a shift to heating, which increases demand for the fuel.
Resistance to a move higher was around $2.90 per million Btu, the 10-day moving average, said John Kilduff, a senior vice president of energy at MF Global in New York.
If the price were to settle below the Aug. 27 low of $2.692, that may “ignite some follow-through selling” down into the $2 to $2.50 range, said Kilduff.
Moving averages are an indicator watched by some technical traders. They monitor patterns on daily charts for clues to price direction, and may sell or buy based on those signals. The moving average shows the average value of a security or commodity over time.
To contact the reporter on this story: Reg Curren in Calgary at rcurren@bloomberg.net.
Supplies may have gained 67 billion cubic feet last week, the median of 15 analyst estimates compiled by Bloomberg. The average gain over the past five years for the week ended Aug. 28 is 64 billion cubic feet, according to Energy Department data. Gas prices are 61 percent lower than a year earlier on reduced demand and surplus supply.
“At this point, something that’s even in line with a long- term average is not going to cut it in terms of stabilizing price,” said Cameron Horwitz, an analyst at SunTrust Robinson Humphrey Inc. in Houston. “It’s hard to find a reason for gas prices to go up.”
Natural gas for October delivery fell 10.6 cents, or 3.8 percent, to settle at $2.715 per million British thermal units at 2:50 p.m. on the New York Mercantile Exchange. Futures earlier rose as high as $2.898 as technical traders anticipated a possible rally in prices after reaching seven-year lows last week. The price reached $2.692 per million Btu on Aug. 27, the lowest since August 2002.
Futures declined in the last half of trading as shares of the United States Natural Gas Fund LP fell the most in three months. The fund, the world’s largest exchange-traded fund in gas, fell 82 cents, or 7.9 percent, to $9.45 a share at 4:15 p.m. It was the biggest slump since June 3. The fund owns futures contracts and swaps and tries to track price changes in the fuel. The ETF’s units have declined 59 percent this year.
Record Supplies
Natural gas supplies were 18 percent above the five-year average for the week ended Aug. 21, compared with 2.6 percent a year ago, according to Energy Department data.
Should inventories match the increase of the past five years to the end of October, when storage companies and utilities typically end the rebuilding period as lower temperatures lift demand, stockpiles will be near 3.9 trillion cubic feet, Horwitz said.
“Storage will probably be able to handle that, but it’s going to be very close,” he said.
Peak natural gas storage capacity rose 100 billion cubic feet to an estimated 3.889 trillion cubic feet as of April as operators expanded to meet rising production, according to an Energy Department report on Aug. 31.
The previous high for storage is 3.545 trillion cubic feet, reached on Nov. 2, 2007, according to the department.
U.S. output of natural gas rose in the first six months of 2009 as demand tumbled because of the economic slowdown.
Gas Production
Gas brought to market through June rose 2.8 percent from a year earlier to 10.97 trillion cubic feet, according to a report from the Energy Department on Aug. 27. Inventories reached 3.258 trillion cubic feet in the week ended Aug. 21, heading for a record by the end of October.
The increase in the first half came as total consumption fell 4.4 percent amid mild weather and the economic slowdown. Industrial use of gas fell 13 percent in the period from a year earlier, according to an Energy Department report last week.
“You’re still running weak in industrial demand as it doesn’t appear to have had the bounce or V-shape that you’ve seen in other economic data,” Horwitz said. “There’s a benign weather forecast.”
There’s no imminent threat of storms reaching the energy- producing area of the Gulf of Mexico and disrupting gas output from offshore production platforms. Tropical Storm Erika, located in the Atlantic about 100 miles (160 kilometers) east of the Leeward Islands, isn’t forecast to become a hurricane or head for the Gulf, according to forecasters at the National Hurricane Center in Miami.
Meeting Demand
Barring a “calamity” in the Gulf, supplies will be more than ample to meet demand and keep downward pressure on prices through September and into October, said Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant.
“There’s a sizable injection expected tomorrow,” he said. “There’s a lot in the ground.”
Supplies probably gained 70 billion cubic feet last week, Schenker said.
“It’s really going to be the industrial gas demand side of things where you have some potential,” said Schenker. “If the economy starts to turn around over the next few quarters and there’s a cold winter to erode some of these inventories” gas prices may start to rebound.
Weather Forecast
Mild weather is forecast for most of the U.S., with normal to below-normal temperatures, MDA Federal Inc.’s EarthSat Energy Weather of Rockville, Maryland, said in a 10-day outlook today. Cooler weather cuts demand for electricity, which accounts for about 29 percent of gas consumption, as air conditioners run less. Temperatures aren’t yet low enough to trigger a shift to heating, which increases demand for the fuel.
Resistance to a move higher was around $2.90 per million Btu, the 10-day moving average, said John Kilduff, a senior vice president of energy at MF Global in New York.
If the price were to settle below the Aug. 27 low of $2.692, that may “ignite some follow-through selling” down into the $2 to $2.50 range, said Kilduff.
Moving averages are an indicator watched by some technical traders. They monitor patterns on daily charts for clues to price direction, and may sell or buy based on those signals. The moving average shows the average value of a security or commodity over time.
To contact the reporter on this story: Reg Curren in Calgary at rcurren@bloomberg.net.
Wednesday, September 2, 2009
No Philly Tax for Marcellus Shale Natural Gas
By Amy Worden and Mario F. Cattabiani
http://www.philly.com/inquirer/local/20090901_Rendell_won_t_seek_natural-gas_tax.html
Inquirer Harrisburg Bureau
HARRISBURG - Gov. Rendell has, for the second time in a month, dropped one of his tax proposals aimed at helping to close the state's multibillion-dollar budget deficit.
Rendell said after meeting with industry officials that he would agree to delay his push to impose a tax on natural gas extracted from the Marcellus Shale.
"It won't be in the mix this year," he said, adding that he would likely revive the proposal next year. "We felt we should let the industry get off to a good start, and that surpasses our need for money."
Rendell's move comes on the eve of the first scheduled meeting of the budget-crafting legislative conference committee in more than a month. It also comes three weeks after the governor abandoned his plan to temporarily raise the personal-income tax by 16 percent in a budget concession with Senate Republicans, who control the upper chamber.
For months, Rendell had lobbied for the tax on the gas-rich Marcellus Shale reserve. At one point, the administration estimated it could produce $100 million in revenue in the first year.
But the Democratic governor said yesterday that he reconsidered the idea after watching natural-gas prices plummet to near-record lows and meeting with industry representatives who have invested millions to explore the natural gas reserve hundreds of feet beneath the ground.
The Marcellus Shale is a vein of rock containing vast reserves, running hundreds of feet below ground from New York to Virginia. Its exploration and extraction - estimated to be worth billions - has been made possible in recent years by advances in technology.
Senate Majority Leader Dominic Pileggi (R., Delaware) said it was no surprise that Rendell had abandoned the effort, noting that taxing an industry in its infancy was an unpopular move even among some members of Rendell's own party.
"The governor has recognized the realities of the situation," said Pileggi.
Although Rendell said he was no longer interested in the tax this year, Democrats who control the state House said yesterday it remained among the mix of possible revenue sources.
"It is definitely not off the table. Clearly, the governor is delirious from not eating enough on his new diet," said Johnna A. Pro, press secretary to House Appropriations Chairman Dwight Evans (D., Phila.). The governor has lost more than 40 pounds in recent weeks.
Other so-called niche taxes still on the table include higher cigarette taxes and a new levy on smokeless tobacco. Also under consideration is the elimination of a slew of long-standing sales-tax exemptions on such items as candy and gum, land-based phones, and basic cable. Rendell has said the removal of exemptions on all items except food and clothing and certain services could generate $1 billion.
Pressure is rising from various quarters to end the budget impasse, which today enters its third month.
A coalition of religious groups released a statement saying the legislature had a "moral responsibility" to act swiftly so that the most vulnerable citizens would not lose vital services. And a Democratic lawmaker from Philadelphia led a rally yesterday outside Pileggi's district office in Chester.
"It was another step to urge members of the conference committee and the General Assembly as a whole to get a fair budget in place, because people are hurting," said Rep. W. Curtis Thomas (D., Phila.), who was accompanied by about 20 supporters, including constituents and social-service workers.
Other rank-and-file members say the only way to get a budget done is for the full chambers to meet and to abandon the conference committee.
"Two months have gone by and the conference committee has not put out a proposal," said Rep. Bill Adolph (R., Delaware). "They should put proposals up, and then we can reach approval of a majority of the House and Senate. Nothing is going to get done unless we're back."
Over the last several weeks, Rendell has criticized the conference committee - whose job is to craft a final budget compromise - for making little progress during its two first meetings. He has described the process as a joke.
But yesterday he said he was optimistic that the committee could reverse course and head toward productivity.
"It doesn't have to be a joke, because there are some very good people on that committee," he said. "They've just got to put the BS aside."
Pileggi, a conference committee member, said that the public should not hold out any hope that today's session would bring the sides any closer. He described the conference-committee process to date as disorganized and useless.
"If anything positive comes from it, it would be a surprise to me and to most observers," Pileggi said. "It's 4 o'clock, and I have yet to have any idea what's going to be discussed. Even the local Kiwanis Club has an agenda for its meetings."
http://www.philly.com/inquirer/local/20090901_Rendell_won_t_seek_natural-gas_tax.html
Inquirer Harrisburg Bureau
HARRISBURG - Gov. Rendell has, for the second time in a month, dropped one of his tax proposals aimed at helping to close the state's multibillion-dollar budget deficit.
Rendell said after meeting with industry officials that he would agree to delay his push to impose a tax on natural gas extracted from the Marcellus Shale.
"It won't be in the mix this year," he said, adding that he would likely revive the proposal next year. "We felt we should let the industry get off to a good start, and that surpasses our need for money."
Rendell's move comes on the eve of the first scheduled meeting of the budget-crafting legislative conference committee in more than a month. It also comes three weeks after the governor abandoned his plan to temporarily raise the personal-income tax by 16 percent in a budget concession with Senate Republicans, who control the upper chamber.
For months, Rendell had lobbied for the tax on the gas-rich Marcellus Shale reserve. At one point, the administration estimated it could produce $100 million in revenue in the first year.
But the Democratic governor said yesterday that he reconsidered the idea after watching natural-gas prices plummet to near-record lows and meeting with industry representatives who have invested millions to explore the natural gas reserve hundreds of feet beneath the ground.
The Marcellus Shale is a vein of rock containing vast reserves, running hundreds of feet below ground from New York to Virginia. Its exploration and extraction - estimated to be worth billions - has been made possible in recent years by advances in technology.
Senate Majority Leader Dominic Pileggi (R., Delaware) said it was no surprise that Rendell had abandoned the effort, noting that taxing an industry in its infancy was an unpopular move even among some members of Rendell's own party.
"The governor has recognized the realities of the situation," said Pileggi.
Although Rendell said he was no longer interested in the tax this year, Democrats who control the state House said yesterday it remained among the mix of possible revenue sources.
"It is definitely not off the table. Clearly, the governor is delirious from not eating enough on his new diet," said Johnna A. Pro, press secretary to House Appropriations Chairman Dwight Evans (D., Phila.). The governor has lost more than 40 pounds in recent weeks.
Other so-called niche taxes still on the table include higher cigarette taxes and a new levy on smokeless tobacco. Also under consideration is the elimination of a slew of long-standing sales-tax exemptions on such items as candy and gum, land-based phones, and basic cable. Rendell has said the removal of exemptions on all items except food and clothing and certain services could generate $1 billion.
Pressure is rising from various quarters to end the budget impasse, which today enters its third month.
A coalition of religious groups released a statement saying the legislature had a "moral responsibility" to act swiftly so that the most vulnerable citizens would not lose vital services. And a Democratic lawmaker from Philadelphia led a rally yesterday outside Pileggi's district office in Chester.
"It was another step to urge members of the conference committee and the General Assembly as a whole to get a fair budget in place, because people are hurting," said Rep. W. Curtis Thomas (D., Phila.), who was accompanied by about 20 supporters, including constituents and social-service workers.
Other rank-and-file members say the only way to get a budget done is for the full chambers to meet and to abandon the conference committee.
"Two months have gone by and the conference committee has not put out a proposal," said Rep. Bill Adolph (R., Delaware). "They should put proposals up, and then we can reach approval of a majority of the House and Senate. Nothing is going to get done unless we're back."
Over the last several weeks, Rendell has criticized the conference committee - whose job is to craft a final budget compromise - for making little progress during its two first meetings. He has described the process as a joke.
But yesterday he said he was optimistic that the committee could reverse course and head toward productivity.
"It doesn't have to be a joke, because there are some very good people on that committee," he said. "They've just got to put the BS aside."
Pileggi, a conference committee member, said that the public should not hold out any hope that today's session would bring the sides any closer. He described the conference-committee process to date as disorganized and useless.
"If anything positive comes from it, it would be a surprise to me and to most observers," Pileggi said. "It's 4 o'clock, and I have yet to have any idea what's going to be discussed. Even the local Kiwanis Club has an agenda for its meetings."
Tuesday, September 1, 2009
Natural Gas Powered Vehicles by Peterbilt
Peterbilt Announces Availability of Natural Gas Powered Vocational and
Aerodynamic Vehicles
VANCOUVER, BC and DENTON, TX, Aug. 31 /PRNewswire-FirstCall/ - Peterbilt
Motors Company announced that the company is taking immediate orders for the
production of its vocational and aerodynamic vehicles powered by compressed
and liquefied natural gas (NG). The Model 365 and Model 384 will be offered
with the Cummins Westport ISL G and built at Peterbilt's truck manufacturing
facility in Denton, Texas.
"Our Models 365 and 384 are examples of Peterbilt's commitment to delivering
products that will reduce harmful emissions and provide the performance and
overall value our customers need," said Bill Jackson, Peterbilt General
Manager and PACCAR Vice President. "These two NG powered platforms join
Peterbilt's three medium duty hybrid electric vehicles currently in production
to offer the widest range of environmental friendly options to our customers."
The Peterbilt Model 365 NG features innovative solutions to improve ride and
handling, enhance weight distribution as well as maximize performance and
profitability without sacrificing overall efficiency. The Model 365 NG is
equipped with the powerful ISL G providing a 320 horsepower rating and 1,000
lb-ft of torque. The Model 365 has a 115" BBC, and is available in both
set-forward and set-back axle configurations and sets the standard for
quality, durability, productivity and environmental responsibility.
The Cummins Westport's ISL G powered Model 384 provides the industry's
cleanest burning aerodynamic platform with the power and performance to meet
the needs of a wide variety of customer applications including line, bulk and
tanker hauling. Additionally, the Peterbilt Model 384 has been recognized as
fuel efficient and environmentally-friendly by the EPA's SmartWay program.
Peterbilt is dedicated to providing its customers the latest advances in
aerodynamic design and engineering combined with the latest alternative fuel
technologies.
About Cummins Westport ISL G Natural Gas Engine for Heavy Duty Trucks
Cummins Westport's ISL G natural gas engine for heavy-duty Class 8 trucks
allows trucking fleets to move to lower-cost, domestically available natural
gas and/or biogas while offering industry-leading emissions, including lower
greenhouse gas emissions, than comparable diesel engines. Based on the Cummins
ISL diesel engine with cooled EGR, the NG version integrates robust diesel
components into an engine specifically designed for alternative fuels and
offers similar horsepower, torque, and efficiency as the base diesel engine it
is replacing. The engine is certified to the toughest global emissions
standards and meets U.S. EPA and CARB 2010 emissions standards today.
The Cummins Westport ISL G engine can be fuelled by either compressed natural
gas (CNG) or liquefied natural gas (LNG)- both are cost effective, low carbon,
and low emissions fuel-and is available with a 320 horsepower rating and a
1,000 lb-ft torque rating for heavy-duty port, freight and vocational
applications. CNG or LNG fuel tanks can be configured to suit customer
applications and range requirements. NG heavy-duty trucks are eligible for
federal tax credits in the United States and may be eligible for other
state-specific emissions credits. For more information about Cummins Westport
and the ISL G visit www.cumminswestport.com
About Peterbilt Motors Company
Based in Denton, Texas, Peterbilt Motors Company combines a global reputation
for industry leading design, innovative engineering and fuel efficiency
solutions, with superior quality to engineer a truck that stands as the
"Class" of the industry. Through its 247-plus North American dealer locations,
Peterbilt also provides a comprehensive array of TruckCare(R) programs to
support its full lineup of vehicles, including hybrids, with aftermarket
support programs. Customers enjoy industry leading service and support,
including preventive maintenance plans, expedited QuickCare services,
automated parts inventory replenishment and 24/7 complimentary Customer
Assistance through 1-800-4-Peterbilt. For more information about Peterbilt,
visit www.peterbilt.com.
Note: This document contains forward-looking statements about Cummins
Westport's business, operations, technology development or to the environment
in which it operates, which are based on Cummins Westport's estimates,
forecasts and projections. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult to predict,
or are beyond Cummins Westport's control. Consequently, readers should not
place any undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they are made.
Cummins Westport disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE Cummins Westport Inc.
Inquiries: Cummins Westport Inc./Westport Innovations Inc., Darren Seed,
Director, Investor Relations, Phone: (604) 718-2046, Email:
invest@westport.com, Web: www.westport.com; Cummins Inc., Mark Land, Public
Relations Director, Phone: (317) 610-2456, Email: mark.d.land@Cummins.com,
Web: www.cummins.com
Aerodynamic Vehicles
VANCOUVER, BC and DENTON, TX, Aug. 31 /PRNewswire-FirstCall/ - Peterbilt
Motors Company announced that the company is taking immediate orders for the
production of its vocational and aerodynamic vehicles powered by compressed
and liquefied natural gas (NG). The Model 365 and Model 384 will be offered
with the Cummins Westport ISL G and built at Peterbilt's truck manufacturing
facility in Denton, Texas.
"Our Models 365 and 384 are examples of Peterbilt's commitment to delivering
products that will reduce harmful emissions and provide the performance and
overall value our customers need," said Bill Jackson, Peterbilt General
Manager and PACCAR Vice President. "These two NG powered platforms join
Peterbilt's three medium duty hybrid electric vehicles currently in production
to offer the widest range of environmental friendly options to our customers."
The Peterbilt Model 365 NG features innovative solutions to improve ride and
handling, enhance weight distribution as well as maximize performance and
profitability without sacrificing overall efficiency. The Model 365 NG is
equipped with the powerful ISL G providing a 320 horsepower rating and 1,000
lb-ft of torque. The Model 365 has a 115" BBC, and is available in both
set-forward and set-back axle configurations and sets the standard for
quality, durability, productivity and environmental responsibility.
The Cummins Westport's ISL G powered Model 384 provides the industry's
cleanest burning aerodynamic platform with the power and performance to meet
the needs of a wide variety of customer applications including line, bulk and
tanker hauling. Additionally, the Peterbilt Model 384 has been recognized as
fuel efficient and environmentally-friendly by the EPA's SmartWay program.
Peterbilt is dedicated to providing its customers the latest advances in
aerodynamic design and engineering combined with the latest alternative fuel
technologies.
About Cummins Westport ISL G Natural Gas Engine for Heavy Duty Trucks
Cummins Westport's ISL G natural gas engine for heavy-duty Class 8 trucks
allows trucking fleets to move to lower-cost, domestically available natural
gas and/or biogas while offering industry-leading emissions, including lower
greenhouse gas emissions, than comparable diesel engines. Based on the Cummins
ISL diesel engine with cooled EGR, the NG version integrates robust diesel
components into an engine specifically designed for alternative fuels and
offers similar horsepower, torque, and efficiency as the base diesel engine it
is replacing. The engine is certified to the toughest global emissions
standards and meets U.S. EPA and CARB 2010 emissions standards today.
The Cummins Westport ISL G engine can be fuelled by either compressed natural
gas (CNG) or liquefied natural gas (LNG)- both are cost effective, low carbon,
and low emissions fuel-and is available with a 320 horsepower rating and a
1,000 lb-ft torque rating for heavy-duty port, freight and vocational
applications. CNG or LNG fuel tanks can be configured to suit customer
applications and range requirements. NG heavy-duty trucks are eligible for
federal tax credits in the United States and may be eligible for other
state-specific emissions credits. For more information about Cummins Westport
and the ISL G visit www.cumminswestport.com
About Peterbilt Motors Company
Based in Denton, Texas, Peterbilt Motors Company combines a global reputation
for industry leading design, innovative engineering and fuel efficiency
solutions, with superior quality to engineer a truck that stands as the
"Class" of the industry. Through its 247-plus North American dealer locations,
Peterbilt also provides a comprehensive array of TruckCare(R) programs to
support its full lineup of vehicles, including hybrids, with aftermarket
support programs. Customers enjoy industry leading service and support,
including preventive maintenance plans, expedited QuickCare services,
automated parts inventory replenishment and 24/7 complimentary Customer
Assistance through 1-800-4-Peterbilt. For more information about Peterbilt,
visit www.peterbilt.com.
Note: This document contains forward-looking statements about Cummins
Westport's business, operations, technology development or to the environment
in which it operates, which are based on Cummins Westport's estimates,
forecasts and projections. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult to predict,
or are beyond Cummins Westport's control. Consequently, readers should not
place any undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they are made.
Cummins Westport disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE Cummins Westport Inc.
Inquiries: Cummins Westport Inc./Westport Innovations Inc., Darren Seed,
Director, Investor Relations, Phone: (604) 718-2046, Email:
invest@westport.com, Web: www.westport.com; Cummins Inc., Mark Land, Public
Relations Director, Phone: (317) 610-2456, Email: mark.d.land@Cummins.com,
Web: www.cummins.com
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