Affirms

Following a review of accounting statements between 1999 and 2003, El Paso Corp. last week affirmed that its financial statements likely will be restated to eliminate hedge accounting for some of its past natural gas transactions. The company already had indicted in late May that the downward revisions to its natural gas and oil reserves earlier this year would require financial restatements (see NGI, May 4).

Following a review of accounting statements between 1999 and 2003, El Paso Corp. on Tuesday affirmed that its financial statements likely will be restated to eliminate hedge accounting for some of its past natural gas transactions. The company already had indicted in late May that the downward revisions to its natural gas and oil reserves earlier this year would require financial restatements (see Daily GPI, June 1).

Tulsa, OK-based Oneok Inc. said Friday that its earnings guidance for 2004 remains at $2.12-2.18 per diluted share of common stock. The company also provided quarterly earnings-per-share guidance and updated segment operating income estimates due to changes in the market.

Moody’s Investors Service confirmed TransCanada PipeLines’ (TCPL) A2 senior unsecured credit ratings and stable outlook on Friday following the Canadian pipeline giant’s announcement a week earlier that its parent company has signed an agreement to buy Gas Transmission Northwest Corp. (B2 senior unsecured, under review for possible upgrade) from bankrupt National Energy & Gas Transmission Inc. for US$1.7 billion, including $500 million in assumed debt.

Under fire for overseeing the reclassification of 20% of the company’s oil and gas reserves in January, Royal Dutch/Shell Corp.’s chairman on Thursday brushed off calls for his resignation, and said he was determined to “fix” the reserves situation.

Under fire for overseeing the reclassification of 20% of the company’s oil and gas reserves in January, Royal Dutch/Shell Corp.’s chairman on Thursday brushed off calls for his resignation, and said he was determined to “fix” the reserves situation.

Spokane, WA-based Avista Corp. Wednesday reported fourth quarter earnings of $15.1 million, or 31 cents/share, compared with $10.9 million, or 23 cents/share, for the same period in 2002, noting the 39% increase in net income came in a year in which hydro-electric supplies were only 85% of normal and wholesale natural gas prices continued to be volatile.

A preliminary vote tabulation prepared by an independent inspector has affirmed that shareholders voted to elect all 12 of El Paso Corp.’s board of director nominees at the annual meeting in June. On the day of the annual meeting, Ronald Kuehn Jr., El Paso’s interim CEO, announced that the board had been elected in a close vote (see Daily GPI, June 18).

Standard & Poor’s Ratings Services (S&P) said Friday that it has affirmed its ‘A’ corporate credit rating on AGL Resources Inc. and its subsidiaries based on the organization’s solid operating performance, continued conservative financial management and maintenance of its current level of business risk.