Along

Southern Co., which had the foresight to spin off its marketing operations over a year ago and plod along as an unglamorous utility, was the one sporting the positive results Wednesday, reporting third quarter earnings up 5% this year over last at $595 million, or 84 cents per share. At the same time TXU Corp., which expanded marketing operations to the Continent, has lost its sparkle, settling for 73 cents/share earnings in the quarter or $206 million, off 38% from 3Q 2001.

Canadian 88 Energy Corp. is selling off its 750,000-plus acreage along Canada’s East Coast to concentrate on exploration and production in the Western Sedimentary Basin. Although the company likes what it has in the less-developed region, Stephen J. Savidant, president, said, “we can’t afford it, it’s too big, it’s too much cost and it’s too far out” in terms of production timing.

Canadian 88 Energy Corp. is selling off its 750,000-plus acreage along Canada’s East Coast to concentrate on exploration and production in the Western Sedimentary Basin. Although the company likes what it has in the less-developed region, Stephen J. Savidant, president, said, “we can’t afford it, it’s too big, it’s too much cost and it’s too far out” in terms of production timing.

Along with its move to restate its previously announced net income for the six-month period downward by $1.1 million, embattled Nicor Inc. said last week the Securities and Exchange Commission (SEC) opened an informal inquiry into the accounting practices of its retail joint venture with Dynegy Inc. and a natural gas supply cost plan that already is under investigation by Illinois regulators.

FirstEnergy Corp. has canceled the $1.5 billion sale of four predominantly coal-fired power plants (2,535 MW) located along Lake Erie in Ohio to NRG Energy in anticipation of a breach of the sale agreement by NRG. FirstEnergy notified NRG, which is struggling through a financial crisis due to credit downgrades, and its NRG Able Acquisition LLC affiliate on Thursday that the agreements have been canceled and that FirstEnergy has reserved its right to pursue legal action against the companies.

A minuscule gain at the Southern California border was about the only exception to falling cash prices Thursday. While a few scattered points dropped less than a dime, most measured their losses in double digits. The larger declines of about a quarter or more tended to cluster in the Rockies and at Northeast citygates.

A minuscule gain at the Southern California border was about the only exception to falling cash prices Thursday. While a few scattered points dropped less than a dime, most measured their losses in double digits. The larger declines of about a quarter or more tended to cluster in the Rockies and at Northeast citygates.

A fourth proposal for a liquefied natural gas (LNG) receiving terminal along a 60-mile stretch of Pacific Coast in North Baja California, Mexico, was formally announced by Royal Dutch/Shell Group. Shell outlined plans for a $500 million facility in Costa Azul, in the municipality of Ensenada, which is not far from the proposed site for another LNG terminal being planned by San Diego-based Sempra Energy. The Shell terminal will have a send-out capacity of up to 1.3 Bcf/d and is expected to come on stream in 2006.

Due to the current interdependency of the U.S. economy, an attack at a key point along a pipeline could actually disrupt communications, information technology and power, as well as the petroleum and natural gas supplies that run through the pipes, according to Bobby R. Gillham, manager of global security for Conoco Inc. Environmental concerns over the past 20 years have forced interstate pipelines to not only carry natural gas and liquid petroleum products, but also fiber optic cable for communications, and power lines, which are run in the same rights of way, he said.