Adjusted

The 2008 profit levels of California’s three largest private-sector utilities were adjusted last Thursday by the California Public Utilities Commission (CPUC). One utility received an increase, one a decrease and the third stayed the same.

California’s three largest private-sector utilities got their authorized profit levels for 2008 adjusted Thursday by the California Public Utilities Commission (CPUC). One received an increase, while one was lowered and a third stayed the same.

Shrugging off lingering technical bullishness, the natural gas futures market tumbled lower Thursday as traders adjusted their positions in reaction to slightly bearish supply news. Light trading volume at Nymex due to traders’ observance of Yom Kippur was seen as adding to the price volatility, with the November contract carving out a wide, 41-cent trading range. It closed for the session at $13.103, down 42.1 cents for the day.

El Paso Corp. made a positive restatement of its 2002 financial results and adjusted its previously reported 2004 results last Monday after completing a review of the way in which it adopted several accounting standards in 2002 associated with investments in certain unconsolidated affiliates.

El Paso Corp. made a positive restatement of its 2002 financial results and adjusted its previously reported 2004 results on Monday after completing a review of the way in which it adopted several accounting standards in 2002 associated with investments in certain unconsolidated affiliates.

Don’t hold your breath waiting for a revised plan from EnCana Corp. on its stalled Deep Panuke natural gas project offshore Nova Scotia. After notifying provincial authorities in December it would submit a new plan in six months, EnCana now estimates it could take up to a year as it works on ways to make the offshore discovery economical. Panuke originally was estimated to hold 1 Tcf of gas and was expected to produce 400 MMcf/d.

Given the huge overhang of natural gas in storage at the end of November, the Energy Information Administration (EIA) has adjusted its prior-month forecast for spot gas prices “somewhat downward” to about $2.15/Mcf for the winter heating season. This is two-thirds lower than the average of $6.48/Mcf for last winter, and about 43 cents below the EIA’s November forecast for winter prices.

High U.S. commodity prices helped lift BP Plc to a record quarterly profit. Tuesday, the company announced its first quarter adjusted replacement cost net profit before goodwill of $4.126 billion, up 52% from a year ago. However, BP, ranked third in the world, did not exceed its earnings forecast of $3.56-$4.23 billion — a feat accomplished by leaders Exxon Mobil and Royal Dutch/Shell Group.

High U.S. commodity prices helped lift BP Plc to a record quarterly profit. Tuesday, The company announced its first quarter adjusted replacement cost net profit before goodwill of $4.126 billion, up 52% from a year ago. However, BP, ranked third in the world, did not exceed its earnings forecast of $3.56-$4.23 billion — a feat accomplished by leaders Exxon Mobil and Royal Dutch/Shell Group.