Aided by the combination of higher average oil and natural gas sales prices, higher sales volumes and lower oil and gas production expenses, Forest Oil Corp. posted 2003 net earnings from continuing operations of $90.2 million or $1.82 per basic share and net earnings of $88.4 million or $1.79 per basic share, an increase of over 300% compared to net earnings of $21.3 million or $0.45 per share in 2002.
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FERC Commissioner Defends Review of Utility Generation Asset Acquisitions
While states should be given plenty of leeway in deciding whether they need additional power supplies, FERC is legally bound under the Federal Power Act (FPA) to step in and review the possible competitive impacts of a vertically-integrated utility’s decision to purchase generation assets, FERC Commissioner Joseph Kelliher told a gathering of investment professionals last Thursday.
Piedmont Receives SEC Approval on Progress Energy Subsidiary Acquisitions
Gaining the final regulatory approval necessary, Piedmont Natural Gas said the Securities and Exchange Commission (SEC) approved its requested exemption under the Public Utility Holding Company Act in connection with the pending purchase of North Carolina Natural Gas Corp. (NCNG) and 50% of Eastern North Carolina Natural Gas (ENCNG) from Progress Energy, Inc.
Viracocha Energy Makes Two Oil, Gas Acquisitions
Calgary-based Viracocha Energy Inc. announced Thursday that it has entered into an agreement to acquire oil and natural gas assets located in Viracocha’s southern Alberta core area for a combined purchase price, including adjustments, of C$22 million.
Raymond James Raises ’04 Gas Forecast to $6/Mcf
After correcting the data for acquisitions and divestitures, U.S. natural gas production increased 1.6% sequentially, breaking a trend of lower production for the previous six consecutive quarters, according to Raymond James energy research. However, the bullish analysts were quick to point out several one-time events that contributed to the deceptively strong year-over-year production numbers.
PrimeWest Closes on Natural Gas Property Acquisitions
PrimeWest Energy Trust Friday announced the closing of the previously announced transaction to purchase certain natural gas and crude oil properties located primarily in the Caroline and Peace River Arch areas of Alberta.
Williams Snatches Barrett in $73/Share Deal
In a deal that Williams CEO Keith Bailey called “one of the best acquisitions” his company has ever made, the Houston-based pipeline operator/energy marketer snatched Barrett Resources Corp. from Royal Dutch/Shell Group’s mighty grasp on Monday for nearly $2.5 billion, beating back a hostile takeover attempt. Shell said it would not challenge the deal.
El Paso Partners Credits Asset Buys for Big Bounce in Quarterly Earnings
Buoyed largely by “significant asset acquisitions” completed during the past year, Houston-based El Paso Energy Partners LP reported last week a 77% jump in net income for the third quarter over a year ago. The company said approximately $2.2 million, or five cents per unit, had been shaved from its quarterly earnings due to disruptions caused by Hurricane Isadore and a loss associated with a natural gas hedging transaction.
El Paso Energy Credits Asset Buys for Big Bounce in Quarterly Earnings
Buoyed largely by “significant asset acquisitions” completed during the past year, Houston-based El Paso Energy Partners LP reported Monday a 77% jump in net income for the third quarter over a year ago. The company said approximately $2.2 million, or five cents per unit, had been shaved from its quarterly earnings due to disruptions caused by Hurricane Isadore and a loss associated with a natural gas hedging transaction.
Sempra Eyes Possible Acquisitions as Competitors Sell Assets
An economic reality of the energy sector’s ongoing woes is that companies with cash and creditworthiness will be buying the assets of troubled companies who have been forced to sell to restore their tattered balance sheets. San Diego-based Sempra Energy’s CEO said his company will be among the buyers.