Energen Corp. subsidiary Energen Resources sold its allowed $12.5 million Enron bankruptcy claim, which will generate net income in 2006 of $6.7 million, or 9 cents per diluted share. The parent company reaffirmed its 2006 earnings guidance range of $3.10-$3.30 per diluted share, noting that the Enron settlement is expected to place Energen's 2006 earnings toward the middle of this range. Excluded from the earnings guidance is a significant fourth quarter gain from the previously announced sale of one-half of Energen Resources' acreage position in Alabama shales. The Birmingham, AL-based company has 1.7 Tcfe of proved reserves in the San Juan, Permian and Black Warrior basins and in the North Louisiana/East Texas area.
Consolidated Edison Co. of New York said it has obtained adequate winter natural gas supplies for its 1.1 million gas customers, about 300,000 of whom use gas for home heating. Con Edison's service area for natural gas includes Manhattan, the Bronx, Westchester and parts of Queens. The utility company also said it is investing more than $185 million this year to upgrade, expand and secure its gas delivery system. The company will be replacing more than 120,000 feet of existing gas mains and installing 32,000 feet of new mains to ensure reliable gas service to customers.
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