Beats

Mild weather seen in the Southeast and a softer U.S. economy were not enough to trip up Southern Co.’s 2001 earnings results as several factors, including continued customer growth and cost controls, helped the utility giant post earnings for the year of $1.12 billion, or $1.62 per share, compared with reported earnings of $994 million, or $1.52 per share, in 2000.

With its wholesale energy and natural gas distribution segments leading the charge, Reliant Energy Inc.’s first-quarter earnings easily beat analysts’ consensus estimates and the company now feels confident that it can grow its bottom line for all of 2001 above and beyond previous projections of 10% to 12%.

With its wholesale energy and natural gas distribution segments leading the charge, Reliant Energy Inc.’s first quarter earnings easily beat analysts’ consensus estimates and the company now feels confident that it can grow its bottom line for all of 2001 above and beyond previous projections of 10% to 12%.

Just days after Houston-based Anadarko said it would boost itsspending in Canada this year (see NGI, Feb. 12), the independentplayed white knight last week, agreeing to acquire gas-rich BerkleyPetroleum Corp. for $777 million, further boosting its Canadianreserves and pulling the rug out from under another Texas-basedproducer that had set its sights on the company two months ago.

Just days after Houston-based Anadarko said it would boost itsspending in Canada this year (see Daily GPI, Feb. 12), the independent played whiteknight Monday, agreeing to acquire gas-rich Berkley PetroleumCorp. for $777 million, further boosting its Canadian reserves andpulling the rug out from under another Texas-based producer that hadset its sights on the company two months ago.

Still up for sale, Mitchell Energy & Development Corp. beatanalyst earnings forecasts by 25% in the fourth quarter with netearnings of $35.3 million. This compares to a net loss of $47.3million in the prior-year period. The prior period’s loss wascaused by low commodity prices and included after-tax charges of$46.9 million for asset impairments and personnel reduction. Thecurrent quarter’s results included a $0.7 million after-taxreversal of previous litigation provisions.

Occidental Petroleum beat analysts’ third quarter earningsexpectations by a solid 10 cents/share. Higher gas and oil pricesand improved performance from its chemicals division produced netincome of $126 million ($0.35/share) for the third quarter, 232%higher than the $38 million ($0.10/share) posted in 3Q98. Earningsbefore special items were $125 million compared with only $3million in 3Q98.

Paris-based Elf Aquitaine submitted a counteroffer forTotalFina. Elf’s proposal would create two separate pure-play oiland gas and chemicals groups and annual pre-tax synergies of 2.5billion euros within three years of the combination. The dealoffers three Elf shares and 190 euros in cash for every five sharesin TotalFina, representing a premium of 10% to TotalFina’s closingprice on Friday July 16 (ex dividend). The transaction will beaccounted for under US GAAP using purchase accounting.

Natural gas was featured in 69% of single-family homes completedin 1997, continuing its dominance of the home-heating market,according to the American Gas Association’s (AGA) “1997 ResidentialNatural Gas Market Survey.