Barrett Resources Corp. unveiled its second quarter 2001 results Wednesday, which showed a strong increase over the equivalent time frame from 2000 due primarily to its gas business in the Rocky Mountains. The company reported net income of $55.1 million ($1.61 per diluted share) for the quarter that ended June 30, compared to a net loss of $4 million ($0.12 per diluted share) during the second quarter 2000.

Over the last six months, Barrett posted net income of $112.1 million ($3.27 per diluted share), compared to $3.8 million ($0.11 per diluted share) for the comparable 2000 period.

The company also reported that production during the second quarter increased by 7% over the second quarter of 2000. Total production averaged 346 MMcfe/d, of which natural gas accounted for approximately 95%. Further breakdown revealed that the Piceance Basin, Powder River Basin and Wind River Basin properties accounted for 36%, 26% and 11% of total production, respectively.

“The company is achieving ongoing production growth by developing its gas properties in the Rocky Mountains, especially in the Piceance Basin and the Powder River Basin Coal Bed Methane project,” said Joseph N. Jaggers, Barrett’s president. “Compared to last year’s second quarter, Piceance Basin gas production was up 28% to 123.1 MMcf/d and Powder River Basin Coal Bed Methane gas production was up 37% to 89.3 MMcf/d.”

If you happen to be the Williams Cos., all this is no doubt good news as Williams now owns approximately 50% of Barrett after a cash tender offer on June 12. Barrett is holding a special meeting with its shareholders on Aug. 2 to approve the merger agreement. Upon completion, each remaining share of Barrett will be converted into 1.767 shares of Williams’ common stock. The merger is expected to complete within two days of the special meeting, Barrett said.

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