Alone

Neglecting fundamentals and running with technicals alone, the Nymex June natural gas futures contract ceased its flirting with the psychological $6 mark on Monday by barreling through it — setting a new June high of $6.25. The contract backed off slightly in late afternoon trading to close at $6.231, up a whopping 36.9 cents on the day and 12.1 cents over the previous June high of $6.11.

Mexico’s government is proposing a $16 billion infusion into its energy sector in 2004, which would include $10 billion alone for the state-run oil and gas monopoly Petroleos Mexicanos (Pemex).

Total Canadian natural gas production, estimated to be down about 0.5% in 2002 — as much as 2.5% in Ladyfern alone — will fall another 2-4% this year, according to a new Lehman Brothers Forecast issued Tuesday.

Total Canadian natural gas production, estimated to be down about 0.5% in 2002 — as much as 2.5% in Ladyfern alone — will fall another 2-4% this year, according to a new Lehman Brothers Forecast issued Tuesday.

Reliant Resources Inc. (RRI), wobbling as a stand-alone retail and wholesale services company, last week said it had identified a series of four more related natural gas financial swap transactions that should not have been recorded. The transactions decreased RRI net income by $13 million in 2000 and increased net income by the same amount in 2001. After meeting with its independent auditors and the Securities and Exchange Commission, RRI determined that a restatement would not be required, but it will file an additional footnote disclosure as an amendment to its 2001 Form 10-K/A.

Reliant Resources Inc. (RRI), wobbling as a stand-alone retail and wholesale services company, revealed Tuesday that a review of its energy trading activities has identified a series of four related natural gas financial swap transactions that should not have been recorded.

Although quarterly net income for AGL Resources declined sharply from $17.4 million last year to $4.8 million for the quarter ending Sept. 30, the company said it posted record earnings for its fiscal year ending Sept. 30. Net income for the year was $88.9 million ($1.63 per share) compared with net income of $71.1 million ($1.29 per share) for the prior fiscal year.

Although quarterly net income for AGL Resources declined sharply from $17.4 million last year to $4.8 million for the quarter ending Sept. 30, the company said it posted record earnings for its fiscal year ending Sept. 30. Net income for the year was $88.9 million ($1.63 per share) compared with net income of $71.1 million ($1.29 per share) for the prior fiscal year.

Creating a stand-alone transmission company is easier said than done, and companies mulling such a move, should be prepared to face a slew of impediments and surprises along the way, according to several executives who appeared last week at the Energy Bar Association’s 55th annual meeting in Washington, D.C.