Equitable Resources said its aggressive M&A strategy isbeginning to pay off, as the company revealed a 40% jump in firstquarter 2000 earnings to $39.1 million compared to the same periodlast year. The earnings were higher than Wall Street estimates andmay trigger purchase offers for the company, according to someanalysts.
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Enron Has Banner Year; 37% Net Income Hike
Significant strategic changes at Enron, including the sale ofEnron Oil & Gas and planned divestiture of Portland GeneralElectric, made the headlines in 1999, but its traditionaloperations more than carried the company flag.
Enron Has Banner Year; 37% Net Income Hike
Significant changes to Enron’s corporate structure, includingthe sale of Enron Oil & Gas and planned divestiture of PortlandGeneral Electric, made the headlines in 1999, but its traditionaloperations more than carried the company flag. Enron posted awhopping 37% increase in net income to $957 million and an 18% risein earnings per share to $1.18 for the year. Its revenues rose 28%to $40 billion and its marketed volumes jumped 19% to 32 trillionBtue/d. North American gas sales volumes reached 13 Bcf/d up from10.6 Bcf/d while U.S. power sales fell slightly to 380.5 millionMWh from 401.8 million MWh in 1998.
Mitchell Increases Spending After Banner Quarter
Invigorated by a strong second quarter, Texas-based MitchellEnergy said last week it is increasing its capital budget by $31million to total $167 million. Most of the increases will bededicated to escalating the company’s drilling program. With thisstepped-up activity, gas production is expected to reach the 250MMcf/d range by the end of the year. Mitchell said production atthat level would equal its January output, before gas prices felldramatically.
Mitchell Increases Spending After Banner Quarter
Invigorated by a strong second quarter, Texas-based MitchellEnergy said yesterday it is increasing its capital budget by $31million to total $167 million. Most of the increases will bededicated to escalating the company’s drilling program. With thisstepped-up activity, gas production is expected to reach the 250MMcf/d range by the end of the year. Mitchell said production atthat level would equal the company’s output it had in January,before gas prices fell dramatically.
Southern Energy CEO Exits After Banner Quarter
Southern Energy Inc. (SEI), one of Southern Co.’s mainsubsidiaries, named S. Marce Fuller its new CEO last week. Underthe leadership of the former CEO, Tom Boren, SEI reported $69million in second-quarter 1999 earnings, compared with $25 millionfor the same period last year. Now it is up to Fuller to continuehis success.
Southern Energy CEO Exits After Banner Quarter
Southern Energy Inc. (SEI), one of Southern Co.’s mainsubsidiaries, named S. Marce Fuller its new CEO Tuesday. Under theleadership of the former CEO, Tom Boren, SEI reported $69 millionin second-quarter 1999 earnings, compared with $25 million for thesame period last year. Now it is up to Fuller to continue hissuccess.
Coastal Has Great ’98, Others Not So Hot
While 1998 was a year of misery for most energy companies,especially producers, it was a banner year for The Coastal Corp.,which set a new earnings record. The company weathered the toughcommodity price environment so well in large part thanks to itsposition as a big gas transporter and large refiner, noted analystStuart Wagner of Petrie Parkman. Unlike Coastal, others reportingearnings yesterday suffered from not having a major pipelinebusiness to lean on for revenue.