Collapse

In his second day on the witness stand, Enron Corp. founder Kenneth Lay on Tuesday continued to lay the blame for the company’s collapse on bad press reports, which he said misled investors.

Former Enron Corp. CEO Jeffrey Skilling last week accused the government of trying to “rewrite history” and pin the blame for the company’s collapse on “innocent people.” Skilling, who spent four days on the witness stand defending himself, said he is “absolutely innocent” of the 28 criminal charges against him and will fight to prove his innocence “until the day I die.”

In the first criminal trial to emerge following Enron Corp.’s collapse, a federal jury in Houston Wednesday convicted four former Merrill Lynch & Co. executives and one former Enron executive of conspiracy and fraud for taking part in a sham financial deal involving Nigerian power barges to improve the energy company’s earnings. A former Enron accountant was acquitted.

In the first criminal trial to emerge following Enron Corp.’s collapse, a federal jury in Houston Wednesday convicted four former Merrill Lynch & Co. executives and one former Enron executive of conspiracy and fraud for taking part in a sham financial deal involving Nigerian power barges to improve the energy company’s earnings. A former Enron accountant was acquitted.

There is an increasing risk that natural gas prices will fall to $4 or less by February because of excess gas supply on the market, and if that happens investors should be prepared for a potential 20-30% drop in E&P share prices, said Lehman Brothers analyst Thomas Driscoll last week in a research note.

There is an increasing risk that natural gas prices will fall to $4 or less by February because of excess gas supply on the market, said Lehman Brothers analyst Thomas Driscoll in a research note to clients. If prices weaken considerably, shares of exploration and production companies could fall 20-30%, he said.

In the first criminal trial to emerge following Enron Corp.’s collapse, a federal jury in Houston Wednesday convicted four former Merrill Lynch & Co. executives and one former Enron executive of conspiracy and fraud for taking part in a sham financial deal involving Nigerian power barges to improve the energy company’s earnings. A former Enron accountant was acquitted.

Despite the 78-cent near-month futures price collapse on Wednesday, the market for January delivery still stands at $9.435/MMBtu and there are probably plenty more horror stories than success stories from gas buyers prior to the Halloween weekend. Success is relative in this market and gas consumers need to adapt to the changes that have taken place over the last four years in order to find it, according to energy service providers.

Despite the 78-cent near-month futures price collapse on Wednesday, the market for January delivery still stands at $9.435/MMBtu and there are probably plenty more horror stories than success stories from gas buyers prior to the Halloween weekend. Success is relative in this market and gas consumers need to adapt to the changes that have taken place over the last four years in order to find it, according to energy service providers.