Corporate

Standard & Poor’s Ratings Services (S&P) said it assigned a “B+” rating to the proposed $500 million senior unsecured notes and corporate credit of liquefied natural gas (LNG) import terminal developer Cheniere Energy Inc. with a stable outlook. S&P analysts said the junk bond rating primarily reflects the risk and uncertainties of the company rather than the operations of its four proposed LNG projects.

Calling it a “corporate responsibility,” the chairman of Duke Energy Corp. said Thursday that the company will lobby for a tax on carbon dioxide (CO2) emissions to help with the global climate change — even though it could mean higher prices for his customers.

Marking increasing energy-related earnings and decreasing losses in telecommunications and corporate operations, Black Hills Corp. Tuesday reported higher earnings for the fourth quarter, with net income of $19.4 million, or 59 cents/share, compared with $7.9 million, or 24 cents/share, for the same period the previous year. For the full year 2004, net income was $57.7 million, or $1.76/share, compared with $61 million, or $1.97/share, for 2003.

Absent the usual pomp, President Bush on Friday signed into law a $136 billion corporate tax cut bill that provides a host of tax incentives and credits for natural gas, electricity, renewable energy and other fuels.

Absent the usual pomp, President Bush on Friday signed into law a $136 billion corporate tax cut bill that provides a host of tax incentives and credits for natural gas, electricity, renewable energy and other fuels.

Absent the usual pomp, President Bush on Friday signed into law a $136 billion corporate tax cut bill that provides a host of tax incentives and credits for natural gas, electricity, renewable energy and other fuels.

A change in inventory accounting principles helped Royal Dutch/Shell Group increase net income in the first quarter by $226 million to $4.7 billion, up from the previously reported $4.43 billion. The oil major last week also updated its quarterly production figures to give investors “further clarity” ahead of its second quarter results, which will be announced July 29.

McMoRan Exploration Co. said Tuesday that it has separated the roles of chairman and CEO to strengthen its corporate governance structure. McMoRan named Glenn A. Kleinert president and CEO, noting that James R. Moffett and Richard C. Adkerson will continue to serve as co-chairmen of the board. McMoRan will be managed through an office of the chairman consisting of Messrs. Moffett, Adkerson and Kleinert. The company said that the office of the chairman will direct the business activities of McMoRan, with Moffett continuing to focus on exploration activities and business strategy including McMoRan’s efforts to develop an LNG facility at its Main Pass Energy Hub offshore Louisiana. Adkerson will focus on financial and administrative activities and financial strategy including the commercial and financing activities for the LNG facility and Kleinert will be responsible for executive management functions including acreage development and production activities. In other McMoRan mangement news, B. M. Rankin, Jr. will continue on as vice chairman of McMoRan’s board, while C. Howard Murrish, executive vice president, will continue in his role in McMoRan’s oil and gas exploration activities. The independent oil and gas E&P company operates offshore in the Gulf of Mexico and onshore in the Gulf Coast area.

Duke Energy defied analysts’ expectations by announcing Wednesday that it would maintain its $1.10/share annual dividend. However, new CEO Paul Anderson outlined a major restructuring plan and said the company would have to take a $3.3 billion fourth quarter 2003 pretax charge as a result of asset impairments.