Businesses

Representatives of the United States Climate Action Partnership (USCAP), an alliance of businesses and environmental groups that has called for legislation to reduce greenhouse gas (GHG) emissions, on Tuesday called on Congress and the incoming Obama administration to pass climate protection legislation next year.

Strong earnings from all of Spectra Energy’s business segments, due primarily to higher commodity prices and sound operating performance in all underlying businesses, resulted in net income of $296 million (48 cents/share) in 3Q2008, up 26% from $234 million (37 cents/share) in 3Q2007, the company said.

Strong earnings from all of Spectra Energy’s business segments, due primarily to higher commodity prices and sound operating performance in all underlying businesses, resulted in net income of $296 million (48 cents/share) in 3Q2008, up 26% from $234 million (37 cents/share) in 3Q2007, the company said.

The Williams Cos. said it expects its operations, particularly its natural gas midstream businesses, to take a hit on profits in the third quarter of $50-70 million due to the damage inflicted by hurricanes Gustav and Ike.

Fed by the success of its U.S. onshore natural gas operations in 3Q2007, Devon Energy Corp. posted a 4.3% gain in profits and raised its year-end production guidance Wednesday. The producer showed a 10% jump in quarterly oil and gas output — most of it through the drillbit — and it now expects to hit a 1 Bcf/d production rate by early 2009 in its core holding, the Barnett Shale.

Houston-based Eagle Rock Energy Partners LP has strung together a series of privately negotiated transactions to strengthen its midstream and upstream businesses in Alabama and Texas. The transactions, valued at $420 million total, also are expected to enable the partnership to nearly double its distributable cash flow this year.

Dominion, which is selling off its extensive North American exploration and production (E&P) businesses, on Thursday said it will merge subsidiary Consolidated Natural Gas Co. (CNG) into Dominion Resources Inc. to streamline its corporate structure.

Despite good performances by its natural gas production and pipeline businesses in the first quarter, The Williams Cos. reported flat profits from a year ago due to heavy losses suffered on the power side.

The Williams Cos. reported a strong performance in the first quarter by its natural gas production and pipeline businesses, but its companywide profits were flat from a year ago due to heavy losses suffered on the power side.