Dynegy Inc. said it intends to request a 15-day extension on filing its annual report with the Securities and Exchange Commission. The request will cover Dynegy and its two subsidiary registrants, Dynegy Holdings Inc. and Illinois Power Co. The filing is necessary for Dynegy to complete the financial statements and audit for the three companies. The re-audit of Dynegy’s financial statements for 1999 through 2001 is also in the final stages of completion. The company also announced that it is continuing its efforts to refinance its current bank facilities and that its financial statements are being prepared on this basis. “Dynegy assures its stakeholders that the 2002 Form 10-Ks will be filed as soon as the financial statements and the audits are completed, which will be during this extended time period,” said CEO Bruce A. Williamson. “These filings will provide our stakeholders with an accurate view of the financial reporting for previous years and the assurance that we have fully disclosed and properly accounted for our results.”
Annual
Articles from Annual
ChevronTexaco: U.S. Production Up 5% in First Two Months
In a first quarter interim report for 2003, ChevronTexaco Corp. (CVX) reported its U.S. oil and gas production was up 5% over the final quarter of 2002, and said U.S. upstream annual earnings may rise $50 million this year on every $0.10/Mcf rise in natural gas realizations. In the first two months, CVX noted that its gas realizations increased $1.33/Mcf.
Williams Warns of Strategic Risks, Difficult Financial Situation
The Williams Cos. warned Tuesday in its annual report with the Securities and Exchange Commission (SEC) that limited access to capital due to its non-investment-grade credit status and insufficient cash flow from operations to pay debt obligations make it imperative that the company sell its previously announced $2.25 billion in additional assets this year.
ChevronTexaco Posts 4Q Profit Despite Ailing Downstream Segment
After spending their first complete year as a merged entity, ChevronTexaco Corp. posted full-year 2002 net income of $1.1 billion ($1.07 per share — diluted), compared with $3.3 billion ($3.09 per share — diluted) in 2001. For the fourth quarter, the company — which tied the knot in October of 2001 (see Daily GPI, Sept. 10, 2001) — reported net income of $904 million ($0.85 per share diluted), compared with a net loss of $2.5 billion ($2.38 per share — diluted) in the year-ago quarter.
Transportation Notes
Florida Gas Transmission ended Thursday an Overage Alert Day notice that had begun Tuesday.
Industry Brief
The New York Mercantile Exchange (Nymex) has set new annual volume records with 110 million futures and options contracts changing hands through Oct. 25, which exceeded the previous record of 109.5 million set in 1999. Natural gas futures volume set a new record at 20.73 million, which exceeded the previous record of 19.2 million set in 1999. The exchange also broke volume records for, among other things, total options (21.98 million), Nymex Division futures and options (95.78 million), Nymex futures (75.87 million), energy futures and options (95.58 million) and energy futures (75.67 million). Exchange President J. Robert Collins said the records, along with a 30% increase in overall trading volume over the same period last year and record seat values on the NYMEX Division, show the industry’s confidence in the exchange and its method of trading. “Not evident in these numbers is over-the-counter clearing activity, which, since its introduction on May 31, has seen more than $1.1 billion in trades cleared at the Exchange,” he added.
TXU Europe’s Problems Grow, But Corporate Shows ‘Strong Support’ for Investment-Grade Rating, Says S&P
As long as TXU Corp. can deleverage itself and lower its debt-to-capital ratio in a “fairly rapid fashion,” Standard & Poor’s Ratings Services (S&P) analyst Judith Waite believes the company shows strong support for an investment-grade rating.
Ziff Reports Gas, Oil Operating Costs Up in Western Canada
Operating costs continue to rise in the oil and natural gas fields of Western Canada, according to the newest annual study by Calgary-based Ziff Energy Group. In a study of 2001 costs of 195 operating fields, Ziff determined that oil costs had increased 9% over those in 2000, while gas costs jumped 18% from the year before.
Ziff Reports Gas, Oil Operating Costs Up in Western Canada
Operating costs continue to rise in the oil and natural gas fields of Western Canada, according to the newest annual study by Calgary-based Ziff Energy Group. In a study of 2001 costs for a total of 195 fields, Ziff determined that oil costs had increased 9% over those in 2000, while gas costs jumped 18% from the year before.
Canadian Gas Exports Inch Upward
After a four-month setback, Canadian natural gas exports are back on the growth track that set 14 annual sales records until the “continental market” took a turn downward last winter. Exporters turned the corner in March, according to records kept on the trade with the United States by the National Energy Board.
