Dynegy Inc. CEO Bruce Williamson told shareholders Thursday that even though the company had a successful first quarter, it has to focus on restructuring before considering any growth opportunities. First, he said, will be refinancing debt due in 2005, which will be completed before anything else is considered.
Articles from 2004
The energy merchant sector took another hit Friday, after Boise-based IDACORP Inc. announced plans to wind down its power marketing business and cut in half its 120-member trading staff in the next year and a half. The decision was made to reaffirm “its commitment to maintain a strong investment credit rating.” IDACORP’s news mirrored announcements by Aquila Inc. to close its Merchant Services unit on Tuesday, and Dynegy Corp.’s decision to stop online trading on Wednesday (see Daily GPI, June 19; June 21).
Despite the drop in natural gas prices, Vancouver-based Methanex said Tuesday that the shutdown of its 470,000 tons/year Medicine Hat, AB facility, which uses natural gas in its methanol production, has been extended for an “indeterminate period” because of the plant’s “current non-competitive cost structure.” However, Methanex said it would move ahead on construction of a new facility in Trinidad, which it said will be less costly to operate.
In an effort to achieve the best shareholder return among oil majors from 2000 to 2004, Chevron Chairman Ken Derr and Chairman-elect Dave O’Reilly told security analysts last week the company plans to increase worldwide oil and gas production at an annual growth rate of 4 to 4.5%.
In an effort to achieve the best shareholder return among oilmajors from 2000 to 2004, Chevron Chairman Ken Derr andChairman-elect Dave O’Reilly told security analysts yesterday thecompany plans to increase worldwide oil and gas production at anannual growth rate of 4 to 4.5%.