Despite absorbing the two-headed blow from mild weather and the economic recession, Richmond, VA-based Dominion Resources posted 4Q2008 unaudited net income of $348 million, or 60 cents per share, up 16% from net income of $299 million, or 52 cents per share, for the same period in 2007.
Absorbing
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Futures Finish Higher as Traders Question Market’s Bottom
One day after absorbing the fact that a bearish 106 Bcf was injected into underground storage for the week ended July 6, August natural gas futures on Friday sprung higher as traders covered shorts ahead of the weekend. The prompt month reached a high of $6.720 before settling at $6.662, up 16.5 cents from Thursday’s close and 21.8 cents higher than the previous week’s finish.
Gasco Expands Holdings in Uinta, Green River Basins
Denver-based Gasco Energy Inc. last week simplified its portfolio by absorbing a working interest partner that had owned a 14% stake in undeveloped acreage in both Utah and Wyoming.
EIA Reports 48 Bcf Build; Futures Battle Against Fundamentals
After absorbing the inconsequential natural gas storage report for the week ended Aug. 25, October natural gas futures traders, staring at nothing but bearish fundamentals, pushed the market lower Thursday, briefly plunging the prompt-month below the psychological $6 price level. October natural gas ended up closing out the day at $6.048, down 24.2 cents.
June Tags New Three-Month Lows Ahead of Expiry
After absorbing the news that a larger-than-expected 93 Bcf had been added to underground natural gas storage last week, June natural gas futures tumbled lower after 1 p.m. EDT Thursday as fund selling entered the fray. After notching a new, three-month low of $6.03 just before 2 p.m. EDT, the expiring contract rebounded modestly at the close. It finished at $6.123, down 19.2 cents for the day and nearly 70 cents below the price level from which it began its tenure as prompt month.
Futures Probe Lower After Shrugging Off Storage Report
After absorbing the sizeable 230 Bcf natural gas storage report pull on Thursday without spiking, March natural gas futures used Friday to explore lower in search of support. Keeping within a tight 15-cent range, the newly minted prompt month hit a low of $6.15 in morning trading before settling at $6.259, down 9.3 cents on the day and less than a cent lower than the previous Friday’s settle.
Duke Energy Posts $2B 4Q Loss Due to Special Items
Hindered by absorbing $3.4 billion in pre-tax charges during the fourth quarter due to actions taken to reduce exposure to merchant generation and international businesses, Duke Energy reported a 2003 net loss of $1.3 billion, or ($1.48) per share, compared to net income of $1 billion, or $1.22 per share in 2002. For the fourth quarter, Duke Energy posted a $2 billion loss, or ($2.23) per share, compared to a $52 million loss, or ($0.06) per share in fourth quarter 2002.
Duke Energy Posts $2B 4Q Loss Due to Special Items
Hindered by absorbing $3.4 billion in pre-tax charges during the fourth quarter due to actions taken to reduce exposure to merchant generation and international businesses, Duke Energy on Thursday reported a 2003 net loss of $1.3 billion, or ($1.48) per share, compared to net income of $1 billion, or $1.22 per share in 2002. For the fourth quarter, Duke Energy posted a $2 billion loss, or ($2.23) per share, compared to a $52 million loss, or ($0.06) per share in fourth quarter 2002.
Con Edison’s 2Q Earnings Slump Due to Cool Spring
Absorbing the impact of a cooler than normal spring, Consolidated Edison Inc. reported net income for the second quarter of 2003 of $66 million or 29 cents a share, compared with earnings of $98 million or 46 cents a share, for the second quarter of 2002. The company added that the weather’s impact in 2Q2003 accounted for an estimated 6 cent reduction per share when compared to 2Q2002.
Apache Adds $490 Million in Canadian Assets
Since its reintroduction to the north country in 1995, ApacheCorp. continues on its steadfast course of absorbing Canadian realestate at a fever pitch. Almost a month after Phillips Petroleumput its Canadian assets in the Zama area of northwest Alberta onthe market, the company reported that it has entered into adefinitive agreement in which Apache will acquire the oil and gasassets for $490 million. The properties included have provedreserves of 71.6 million boe, of which 59% is natural gas (seeDaily GPI, Nov. 21).