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Following Thursday’s significant plunge lower, May natural gas futures on Friday kept the trend going, barely skipping a beat. After repeated attacks on support levels in the low to mid $7.20s, the prompt month ended up settling at $7.242, down 12.4 cents on the day and 50.7 cents lower than the previous Friday’s close.

ExxonMobil Corp. said Friday that it added 1.8 billion boe of oil and gas reserves in 2004, which beat its 2003 additions of 1.7 billion boe. Last year reserves replaced 112% of its production, compared to 2003 when its production replacement rate was 105%. The company reported 22.2 billion boe of total proved reserves at the end of 2004.

Dallas-based independent Pioneer Natural Resources Co. beat 4Q2004 Wall Street forecasts on higher oil and natural gas prices, and earnings jumped 78% compared with a year ago.

Dallas-based independent Pioneer Natural Resources Co. beat 4Q2004 Wall Street forecasts on higher oil and natural gas prices, and earnings jumped 78% compared with a year ago.

Despite adverse weather conditions during the fourth quarter and full year and lower throughput on its gas pipelines, NiSource beat analysts’ earnings estimates and posted higher net income. Income from continuing operations for 2004 was $1.63/share compared to analysts’ estimates of $1.60/share, while quarterly income from continuing operations was 2 cents more than estimates at 59 cents/share.

Duke Energy met analysts’ earnings estimates for the quarter and beat estimates for the year by about 3 cents/share. The company reported earnings per share of $1.59 ($1.49 billion in net income) compared to a loss of ($1.48) per share in 2003, or a $1.32 billion loss. Ongoing basic earnings per share for 2004, excluding special items, were $1.38 versus $1.28 in 2003. Earnings in the fourth quarter were $0.38 per share, or $358 million, compared to a loss of ($2.23) per share, or a $2.02 billion loss, in the fourth quarter 2003. Excluding special items, ongoing basic earnings per share for fourth quarter 2004 were $0.24 versus $0.22 in fourth quarter 2003. “In 2004, we regained control of our own destiny,” said CEO Paul Anderson. “We exceeded the 2004 targets we set to rebuild our financial strength and finished this year in the driver’s seat to pursue new growth opportunities. We maintained our dividend, exceeded our goals in reducing debt and asset sales, and improved our merchant operation. As we move into 2005, we will build on those accomplishments and continue to fine-tune our portfolio.”

Despite adverse weather conditions during the fourth quarter and full year and lower throughput on its gas pipelines, NiSource beat analysts’ earnings estimates and posted higher net income. Income from continuing operations for 2004 was $1.63/share compared to analysts’ estimates of $1.60/share, while quarterly income from continuing operations was 2 cents more than estimates at 59 cents/share.

Citing market constraints and charges, Marathon Oil Co. said its quarterly income fell from a year ago, but the producer was able to beat Wall Street’s expectations. Still, Lehman Brothers downgraded the company, saying it was concerned about recent downward reserve revisions to Powder River Basin and Russian assets.

Duke Energy’s second quarter ongoing earnings were sharply higher than Wall Street estimates and were up 12 cents from 2Q2003 on strong performance from utility, field services, gas transmission and real estate operations, but losses from Duke Energy North America (DENA), the company’s marketing, trading and merchant power arm, continued to be a significant drag on results.