Duke Energy met analysts’ earnings estimates for the quarter and beat estimates for the year by about 3 cents/share. The company reported earnings per share of $1.59 ($1.49 billion in net income) compared to a loss of ($1.48) per share in 2003, or a $1.32 billion loss. Ongoing basic earnings per share for 2004, excluding special items, were $1.38 versus $1.28 in 2003. Earnings in the fourth quarter were $0.38 per share, or $358 million, compared to a loss of ($2.23) per share, or a $2.02 billion loss, in the fourth quarter 2003. Excluding special items, ongoing basic earnings per share for fourth quarter 2004 were $0.24 versus $0.22 in fourth quarter 2003. “In 2004, we regained control of our own destiny,” said CEO Paul Anderson. “We exceeded the 2004 targets we set to rebuild our financial strength and finished this year in the driver’s seat to pursue new growth opportunities. We maintained our dividend, exceeded our goals in reducing debt and asset sales, and improved our merchant operation. As we move into 2005, we will build on those accomplishments and continue to fine-tune our portfolio.”

Bill Barrett Corp. announced that it had proved reserves of 292.3 Bcfe (88% natural gas) at the end of last year, which was up 43% over the 2003 levels. The present value of the reserves, discounted at 10% and without deducting any future income taxes, is $592.4 million using year-end realized prices of $5.52/MMBtu and $43.46/bbl. The net reserve addition of 119.8 Bcfe replaced 378% of 2004 oil and gas production. Total 2004 oil and gas production was 31.7 Bcfe, with fourth quarter production of 8.1 Bcfe. The company produced an average of 91.3 MMcfe/d in December 2004, compared to 71.7 MMcfe/d in December 2003. The increased daily production was attributable to drilling and development programs in the Wind River, Powder River, Uinta, and Williston Basins, coupled with the acquisition of producing properties in the Piceance Basin. The Denver-based production company is expecting to produce 37-40 Bcfe of gas and oil this year on a capital expenditure budget of about $276 million.

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