Despite a storage injection well within industry expectations, May natural gas futures consolidated lower on Thursday, taking away a sliver of the week’s hefty gains. The prompt month closed at $8.064, down 12.8 cents on the day, but still 92.9 cents higher for the week.
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MDU Resources Posts Record ’05 Earnings of $274 Million
Bismarck, ND-based energy holding company MDU Resources last Friday announced record consolidated earnings for 2005 of $274.4 million, or $2.29/share, compared to $206.4 million, or $1.76/share, for 2004. MDU highlighted what it said was a 30% jump in earnings per share, and reaffirmation of its previous 2006 earnings guidance in the range of $2/share to $2.20/share.
Moody’s to Review for Downgrade Dominion and Subs, VEPCO, CNG
Moody’s Investors Service Monday placed the ratings for Dominion Resources, Inc. and its principal subsidiaries, Virginia Electric and Power Company (VEPCO) and Consolidated Natural Gas Company (CNG), on review for possible downgrade, citing weaker than expected recent financial performance and a higher degree of risk than most utilities due to its E&P operations, its non-regulated merchant generation business and a sizeable commodity risk management business.
Three Calgary Producers to Form Thunder Trust
Thunder Energy Inc., Mustang Resources Inc. and Forte Resources Inc., three Calgary-based producers, on Tuesday announced plans to consolidated their assets into a trust, called Thunder Trust, which will have a total 31.5 MMboe of proved reserves, 13,000 boe/d of production and a value of about C$1 billion.
Industry Briefs
El Paso Corp. plans to restate its 4Q2003 and year-end 2003 consolidated statement of income to reclassify a deferred tax benefit related to its discontinued Canadian exploration and production operations. The restatement will not impact 2003 net income, earnings before income and taxes or cash flow, and will have no impact on financial statements for 2002 and 2004. It does increase the loss per share from continuing operations to $1.01/share from 87 cents/share. The Canadian E&P operations were classified as discontinued operations in 2004, and under generally accepted accounting principles, the financial statements for 2003 and 2002 were revised to reclassify revenue and expenses for these operations from continuing to discontinued operations. The revision, said El Paso, should have included an additional $82 million of deferred tax benefits associated with the sale that was reported in continuing operations in El Paso’s recently filed 2004 annual report on Form 10-K.
Industry Briefs
El Paso Corp. plans to restate its 4Q2003 and year-end 2003 consolidated statement of income to reclassify a deferred tax benefit related to its discontinued Canadian exploration and production operations. The restatement will not impact 2003 net income, earnings before income and taxes or cash flow, and will have no impact on financial statements for 2002 and 2004. It does increase the loss per share from continuing operations to $1.01/share from 87 cents/share. The Canadian E&P operations were classified as discontinued operations in 2004, and under generally accepted accounting principles, the financial statements for 2003 and 2002 were revised to reclassify revenue and expenses for these operations from continuing to discontinued operations. The revision, said El Paso, should have included an additional $82 million of deferred tax benefits associated with the sale that was reported in continuing operations in El Paso’s recently filed 2004 annual report on Form 10-K.
Constellation Builds New Gas Sales/Services Division Out of Three Units
Constellation Energy Group has consolidated three subsidiaries, Alliance Energy Services, Blackhawk Energy Services and Kaztex Energy Management, into the new Constellation NewEnergy-Gas Division, a full-service provider of natural gas supply, transportation and related services to businesses throughout North America. The company said the move would result in operational efficiencies and provide improved brand recognition.
Constellation Builds New Gas Sales/Services Division Out of Three Units
Constellation Energy Group has consolidated three subsidiaries, Alliance Energy Services, Blackhawk Energy Services and Kaztex Energy Management, into the new Constellation NewEnergy-Gas Division, a full-service provider of natural gas supply, transportation and related services to businesses throughout North America. The company said the move would result in operational efficiencies and provide improved brand recognition.
Con Edison’s 4Q Net Income Slides 58% on Telecom, Generation Charges
Consolidated Edison (Con Edison) reported a 58% drop in net income in the fourth quarter of 2003 to $50 million (21 cents/share) mainly because of one-time charges related to its unregulated telecommunications and generation businesses. It reported an 18% drop in net income for the year, but the utility company said earnings from continuing operations rose 22% to $146 million (65 cents/share) in the fourth quarter and slipped only 7% to $624 million ($2.83/share) for the year.
MichCon Seeks Rate Reduction While Lobbying for Distribution, Service Hikes
Dual proposals by Michigan Consolidated Gas (MichCon) to lower commodity costs and raise distribution charges will in the long run increase monthly gas bills for the typical residential customer by 7% on an annualized basis.