Buyers

A decision by Dynegy Inc. to pull out of a tolling agreement last month will result in lower-than-expected earnings this year and could lead to a $391 million net loss in 2005, the company said Wednesday. Earnings in 2004 are expected to range between $2 million and $22 million (1-6 cents/share), well below an earlier forecast of $75-95 million (20-25 cents).

A decision by Dynegy Inc. to pull out of a tolling agreement last month will result in lower-than-expected earnings this year and could lead to a $391 million net loss in 2005, the company said Wednesday. Earnings in 2004 are expected to range between $2 million and $22 million (1-6 cents/share), well below an earlier forecast of $75-95 million (20-25 cents).

With more than 67 Bcf of proposed working storage capacity, Louisiana tops the list of states and provinces in North America with the most proposed storage, followed closely by Texas with 65.3 Bcf, Alabama with 62.5 Bcf and Mississippi with 55.6 Bcf, according to a new gas storage and liquefied natural gas (LNG) database and map produced by Intelligence Press Inc. Despite the big numbers, however, storage developers say it isn’t exactly a boom time for the storage sector.

With more than 67 Bcf of working capacity proposed, Louisiana tops the list of states and provinces in North America with the most proposed gas storage, followed closely by Texas with 65.3 Bcf, Alabama with 62.5 Bcf and Mississippi with 55.6 Bcf of proposed working gas storage capacity, according to a new gas storage and LNG database and map produced by Intelligence Press, Inc. Despite the big numbers, however, storage developers say it isn’t exactly a boom time for the storage sector.

In a move strikingly similar to Monday’s price action, the natural gas futures market rebounded modestly from early lows Tuesday. And while the session-long march higher was unable to overcome the dramatic early-session price weakness, it serves as additional evidence natural gas has not yet seen its winter high.

Appalachian producer North Coast Energy said it has received several proposals from third parties interested in buying the company, but at prices lower than where its stock has been trading since its announcement in April that it was examining its strategic alternatives. North Coast shares (NCEB) fell nearly 11% on the news Tuesday morning to $12.12.

Williams has signed three agreements to sell off its entire remaining business interests in Alaska for a total of $265 million in cash, subject to closing adjustments. The transactions will eliminate two cash-collateralized letters of credit that Williams has with the state, releasing $90.9 million back to the company.

Williams has signed three agreements to sell off its entire remaining business interests in Alaska for a total of $265 million in cash, subject to closing adjustments. The transactions will eliminate two cash-collateralized letters of credit that Williams has with the state, releasing $90.9 million back to the company.

After etching a dramatic six-day, one-dollar price slide, the natural gas futures market rebounded modestly Tuesday as bargain buying entered the fray. With short-range weather forecasts unchanged and fresh storage data still a day out, market watchers agreed that the uptick was due to the market’s perception that sub-$5.00 might be a good purchase should this winter turn out anything like last winter.