Aggressive

The continued successful implementation of its aggressive growthstrategy was reflected in the annual and quarterly financialresults of San Jose, CA-based Calpine Corp., which Tuesdayannounced triple-digit percentage increases in revenues, net incomeand earnings-per-share. Net income, before an extraordinary charge,was $324.7 million in 2000, compared to $96.2 million in 1999, a238% increase; revenues were $2.3 billion, compared to $847.7million in 1999, a 171% increase; and earnings-per-share were$1.11, compared to 43 cents/share in 1999, a 158% increase.

Buoyed by its success in an aggressive drilling program thathelped to replace 329% of its 2000 natural gas production,Williams’ exploration and production unit now plans to drill morethan 300 wells this year — a record number in a single year forthe company — concentrating its talents in Wyoming’s Green RiverBasin and New Mexico’s San Juan Basin.

Calpine Corp., the San Jose, CA-based merchant power plantdeveloper/operator, continued its aggressive growth strategy lastweek, announcing separate acquisition and strategic alliances inthe central midsection of the U.S., along with startup anddevelopment of new projects in Texas and California, respectively.This latest growth spurt eventually could make Calpine by 2005 thenation’s largest merchant power plant operator with the youngest,most natural gas-intensive electricity generating network.

Calpine Corp., the San Jose, CA-based merchant power plantdeveloper/operator, continued its aggressive growth strategyMonday, announcing separate acquisition and strategic alliances inthe central midsection of the U.S. that eventually could make it by2005 the nation’s largest merchant power plant operator with theyoungest, most natural gas-intensive electricity generatingnetwork.

Key Senate Republicans yesterday introduced a broad-basedlegislative package of tax measures and other incentives aimed atspurring the production of crude oil, natural gas and alternativeenergy in the Lower 48 states and Alaska.

Equitable Resources said its aggressive M&A strategy isbeginning to pay off, as the company revealed a 40% jump in firstquarter 2000 earnings to $39.1 million compared to the same periodlast year. The earnings were higher than Wall Street estimates andmay trigger purchase offers for the company, according to someanalysts.

Continuing its aggressive acquisitions strategy, Atmos EnergyCorp. said last week it has reached a definitive agreement to pay$375 million for the gas operations of two Citizens Utilities Co.distribution subsidiaries – Louisiana Gas Service Co. and LGSNatural Gas Co. Atmos said the acquisitions will make it thelargest natural gas distributor in Louisiana with 359,000customers.

In one of the most aggressive environmental enforcement actionsever, the federal government yesterday filed a series of lawsuitsagainst 32 coal-fired electric utility plants in the South andMidwest alleging that they made illegal modifications to theirfacilities, which resulted in increased nitrogen oxide (NOx) andsulfur dioxide (SOx) emissions over the years.

Buoyed by strong demand for physical supplies and aggressivebuying under last week’s price chart gap, the natural gas futuresmarket continued to whittle away at last week’s collapse. Theremaining three months of the millennium received almost equalbuying interest Tuesday, with October, November and Decemberadvancing 11.6, 11.9, and 11.6 cents respectively. Estimated volumewas hefty, with 81,210 contracts changing hands.