Balance

Trying to tap one of its most valuable assets to improve its still struggling balance sheet, San Jose, CA-based Calpine Corp. announced Wednesday it plans to establish a new trust centered on its oil/natural gas reserves in western Canada. The company said it has filed a preliminary prospectus with the provincial securities commissions in Canada to form Calpine Natural Gas Trust (CNG Trust).

Making further strides in strengthening its balance sheet, AGL Resources Inc. reported net income of $18.9 million, or $0.29 per diluted share, for the second quarter of 2003, reflecting a 54% improvement over the $12.3 million, or $0.22 per basic and diluted share, recorded for 2Q2002.

Making further strides in strengthening its balance sheet, AGL Resources Inc. on Thursday reported net income of $18.9 million, or $0.29 per diluted share, for the second quarter of 2003, reflecting a 54% improvement over the $12.3 million, or $0.22 per basic and diluted share, recorded for 2Q2002.

Continuing ongoing efforts to bolster its balance sheet, Reliant Resources Inc. on Wednesday disclosed that it has entered into a definitive agreement for the sale of its 588 MW Desert Basin plant in Arizona to the Salt River Project Agricultural Improvement and Power District (SRP) for $288.5 million.

As part of El Paso Corp.’s work to strengthen its balance sheet, the company has sold $10 million worth of South Louisiana condensate and crude terminalling and gathering assets to Plains All American Pipeline LP, a master limited partnership based in Houston.

Continuing on towards the goal of restoring its balance sheet to health, the Williams Companies (TWC) said last week that it is finalizing a new $800 million credit facility primarily for the purpose of issuing letters of credit. The Tulsa-based company said Friday that it had completed the agreement ahead of schedule.

Continuing on towards the goal of restoring its balance sheet to health, the Williams Companies (TWC) said Wednesday that it is finalizing a new $800 million credit facility primarily for the purpose of issuing letters of credit. The Tulsa-based company said it expects to complete the credit agreement by mid-June.

Despite a second-straight day of lower cash market prices, natural gas futures rebounded Tuesday as local traders hitched a ride on the backs of fund and speculative buyers. With that the May contract advanced 6.5 cents to close at $5.125. In doing so, May has finished in the $5.10s in five of its last eight trading sessions. At 50,568, estimated volume was again weak, proving that the market is stuck in a bit of trading rut.

El Paso Corp. continued to work on its balance sheet Friday with a $240 million sale of El Paso Merchant Energy’s 50% stake in CE Generation to Calgary-based independent power producer TransAlta Corp. The sale includes a half share in 13 power plants with 820 MW of capacity and the right to a 50% interest in a geothermal development project.