Announced

Mobil Corp. and Duke Energy announced the signing of additionalmarket agreements with Canadian buyers on Friday for Sable Islandgas production, which is due to come on stream next November withthe completion of the Maritimes & Northeast Pipeline project.

Mobil Corp. and Duke Energy announced the signing of additionalmarket agreements with Canadian buyers on Friday for Sable Islandgas production, which is due to come on stream next November withthe completion of the Maritimes &amp Northeast Pipeline project.

Along with disappointing 3Q earnings announced by The WilliamsCos. came an acknowledgement by management that the companycontinues to achieve disappointing results in several of itsbusinesses. With results reduced by energy market conditions and bypre-tax charges and write-downs of about $70 million, or 10cents/share, Williams reported unaudited net income of $32.1million, or 7 cents/share on a diluted basis, for the thirdquarter. This compares to unaudited restated net income of $13.7million, or 3 cents/share, for the same period of 1997, a quarterin which results were reduced by 17 cents/share for the cost ofdebt restructuring.

Third quarter earnings announced by three more major producersThursday showed income declines from the previous third quarterranging from 37% to 79%. Not surprisingly, Shell, Chevron, andPhillips Petroleum all cited weak commodity prices for their poorperformances.

Along with disappointing 3Q earnings announced by Williams camean acknowledgment by management that the company continues toachieve disappointing results in several of its businesses. Withresults reduced by energy market conditions and by pre-tax chargesand write-downs of about $70 million, or 10 cents/share, Williamsreported unaudited net income of $32.1 million, or 7 cents/share ona diluted basis, for the third quarter. This compares to unauditedrestated net income of $13.7 million, or 3 cents/share, for thesame period of 1997, a quarter in which results were reduced by 17cents/share for the cost of debt restructuring.

Cross Bay Pipeline Co., a limited liability company formed bysubsidiaries of Williams, Duke Energy and KeySpan Energy, announcedit is holding a 30-day open season from Oct. 15 to Nov. 13 todetermine market interest in 125,000 Dth/d of firm capacity to theNew York City metropolitan area.

The $4 billion stock merger of Kerr-McGee and Oryx Energyannounced yesterday will create the fourth largest independentproducer in the United States with about one billion equivalentbarrels of proved reserves. The move comes in an environment offoundering commodity prices and widespread industry layoffs andfollows the announcement of aggressive cost-cutting moves by Oryx.

Cross Bay Pipeline Co., a limited liability company formed bysubsidiaries of Williams, Duke Energy and KeySpan Energy, announcedit is holding a 30-day open season from Oct. 15 to Nov. 13 todetermine market interest in 125,000 Dth/d of firm capacity to theNew York City metropolitan area.

The New Mexico Institute of Mining and Technology has received aplum from a favorite son, new Energy Secretary Bill Richardson, whoannounced the award of a $1.5 million DOE contract to determine thebest way to boost gas production from some of New Mexico’s mostdifficult geologic formations.