Credits

The energy portion of the nearly $888 billion Senate economic stimulus package, like its House counterpart, focuses almost exclusively on tax credits and direct investments for renewable fuels and electric transmission facilities, but one tax credit has been carved out for traditional oil and natural gas producers. Producers would be eligible for a $10/ton tax credit if they can prove that the carbon dioxide (CO2) injected to enhance oil and gas recovery has been permanently sequestered in a field.

Pacific Gas and Electric Co. said Tuesday it expects to distribute about $50 million in winter natural gas bill credits to nearly half of its residential and business customers who qualified under its 10/20 Plus Winter Gas savings program. Customers cutting their use at least 10% compared to an average of previous years are eligible to receive a 20% credit on their next monthly bill.

An effort by Senate conferees to attach an estimated $12 billion, 10-year package of energy tax credits and incentives to broad corporate cut tax legislation fell flat Tuesday.

Southern Union Co. last Monday reported a smaller net loss for the fourth quarter compared to the year-earlier period due to the successful integration of Panhandle Energy, which it acquired for $1.8 billion in mid-2003.

Southern Union Co. on Monday reported a smaller net loss for the fourth quarter compared to the year-earlier period due to the successful integration of Panhandle Energy, which it acquired for $1.8 billion in mid-2003.

Independent producer Apache Corp. last week reported the fourth quarter was its best period during 2002, with earnings up significantly from both the third quarter and the comparable 2001 period due to higher prices for natural gas and crude oil.

Independent producer Apache Corp. reported the fourth quarter was its best period during 2002, with earnings up significantly from both the third quarter and the comparable 2001 period due to higher prices for natural gas and crude oil.

Buoyed largely by “significant asset acquisitions” completed during the past year, Houston-based El Paso Energy Partners LP reported last week a 77% jump in net income for the third quarter over a year ago. The company said approximately $2.2 million, or five cents per unit, had been shaved from its quarterly earnings due to disruptions caused by Hurricane Isadore and a loss associated with a natural gas hedging transaction.

Buoyed largely by “significant asset acquisitions” completed during the past year, Houston-based El Paso Energy Partners LP reported Monday a 77% jump in net income for the third quarter over a year ago. The company said approximately $2.2 million, or five cents per unit, had been shaved from its quarterly earnings due to disruptions caused by Hurricane Isadore and a loss associated with a natural gas hedging transaction.