Kerr-McGee Corp. said Tuesday that its recent appraisal drilling has confirmed the Constitution and Hornet fields in the deepwater Gulf of Mexico, near other high quality oil and natural gas discoveries on the Green Canyon block.
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NRG Confirms Default; Subsidiary’s Credit Rating Cut to ‘D’ by S&P
Xcel subsidiary NRG Energy provided further evidence last week that it’s between a financial rock and a hard place. The company said that it did not make $78.3 million in payments due Dec. 15 on its NRG Northeast Generating LLC bond series. Meanwhile, financial settlement negotiations among NRG, its parent company Xcel and its lenders and bondholders are expected to continue.
EPN Confirms Earnings Estimates, Plans to Buy San Juan Gathering from El Paso
El Paso Energy Partners LP reaffirmed its earnings, cash flow and distributions guidance for the year and confirmed that it will buy the San Juan Basin gathering, compression, and treating system from general partner El Paso Corp., which intends to use the proceeds to strengthen its balance sheet. The San Juan assets include a 5,500-mile gathering system that is connected to 9,600 gas wells in northwestern New Mexico.
Williams Confirms Houston Office May be Moved to Tulsa
Houston’s office space and unemployed energy professionals may grow if Williams Cos. decides to consolidate and move its Texas operations to its Tulsa headquarters. The company, which wants to trim at least $200 million more in costs a year, confirmed that consolidation and relocation discussions have begun, but no final decision has been announced.
ChevronTexaco Takes $631M Writedown on Dynegy, Confirms Commitment
Ignoring protests from some shareholders who want a complete separation from Dynegy Inc., ChevronTexaco Corp. Tuesday offered its strongest public endorsement to date, writing down a total of $631 million in second-quarter earnings related to its stake in the marketer, and reiterating that all of its U.S. natural gas agreements remain in place and will remain in place for at least the near term. ChevronTexaco’s profits were down 78% compared to the second quarter a year ago, and part of the loss related to a $531 million special-item charge for the company’s investment in Dynegy’s common and preferred stock to its estimated fair value as of June 30, 2002, and $100 million related to its share of Dynegy’s own writedown.
ChevronTexaco Takes $631M Writedown on Dynegy, Confirms Commitment
Ignoring protests from some shareholders who want a complete separation from Dynegy Inc., ChevronTexaco Corp. Tuesday offered its strongest public endorsement to date, writing down a total of $631 million in second-quarter earnings related to its stake in the marketer, and reiterating that all of its U.S. natural gas agreements remain in place and will remain in place for at least the near term. ChevronTexaco’s profits were down 78% compared to the second quarter a year ago, and part of the loss related to a $531 million special-item charge for the company’s investment in Dynegy’s common and preferred stock to its estimated fair value as of June 30, 2002, and $100 million related to its share of Dynegy’s own writedown.
Moody’s Confirms FGT Ratings, Upgrades Outlook to Stable
Moody’s Investors Service last week confirmed Florida Gas Transmission’s (FGT) Baa2 senior unsecured ratings affecting approximately $725 million of debt securities. Moody’s also changed the outlook to stable from negative.
El Paso Energy Partners Confirms Earnings, Inks Platform Deal
El Paso Energy Partners LP raised its first quarter and annual cash distributions to $0.65 and $2.60 per common unit, confirmed its quarterly and full-year earnings estimates, which are in line with Wall Street expectations, and signed a deal to build a gas production platform and gathering hub in Mustang Island block 103 in the Gulf of Mexico for Pioneer Natural Resources’ and Mariner Energy’s Falcon Field.
Moody’s Confirms Williams’ Ratings; Outlook Negative
Moody’s Investors Service Wednesday confirmed the ratings of The Williams Companies, Inc. at Baa2 senior unsecured and its subsidiaries but changed the outlook to negative from stable. The ratings agency cited the potential bankruptcy and contingent liabilities of the company’s former subsidiary, Williams Communications Group (WCG), but noted Williams is negotiating to take over payments for WCG debt and “eliminate certain trigger events.”
Wood Confirms Plans to Realign FERC Enforcement Office
FERC Chairman Pat Wood confirmed last week that he is considering plans to splinter the Commission’s Enforcement Office off from the Office of General Counsel (OGC) in order to make enforcement a more aggressive, visible part of the federal agency.