In a story that ran in the Oct. 25 edition of NGI’s Daily Gas Price Index, titled “El Paso Posts Solid Earnings, But Special Charges Lower Profits,” some comments were incorrectly attributed to El Paso Merchant Energy Group President Ralph Eads III. The comments were made by Greg Jenkins, CEO of El Paso Global Networks. The comments also contained some inaccuracies. Jenkins said, “The [global network business] has deteriorated much more over the course of the past several weeks and few months. The regulatory environment in our judgement is viewed unfavorably against real competition, and today the market fundamentals are very weak. Consequently we are reducing our focus [on telecommunications]. Our focus next year is going to be on those activities where that value is recognizable, that being the Texas market in particular, and maximizing returns on those assets.” Jenkins’ was not referring to the merchant generation business, and El Paso Corp. has reaffirmed its confidence in merchant generation and its position in that market. NGI regrets the errors.
Daily
Articles from Daily
Transportation Notes
As it had said might be necessary due to processing cutbacks (see Daily GPI, Oct. 29), ANR declared an OFO Monday restricting receipts on its Southeast system to heating value of no more than 1,050 Btus per cubic foot. The OFO becomes effective Nov. 1 until further notice.
Transportation Notes
Pacific Gas & Electric declared a systemwide Stage 2 high-inventory OFO for Saturday with $1/Dth penalties for positive daily imbalances exceeding a 3% tolerance.
Westcoast Preps for Duke Merger, Sells Gas, Services Units
In preparation of its US$8.5 billion merger with Duke Energy (see Daily GPI, Sept. 21), Westcoast Energy Inc. announced two divestitures, including an agreement to sell its Centra Gas units to BC Gas Inc. for C$208 million and another deal worth C$176.7 million, which sends its Ontario-based Union Energy and Westcoast Capital energy services companies to the City of Edmonton’s Epcor Utilities Inc.
Transportation Notes
Pacific Gas & Electric issued a systemwide Stage 3 high-inventory OFO for Saturday. It carries penalties of $5/Dth for positive daily imbalances exceeding a 9% tolerance.
Transportation Notes
Florida Gas Transmission kept an Overage Alert Day notice in effect but loosened the tolerance for negative daily imbalances from 10% to 15%.
Transportation Notes
Florida Gas Transmission issued an Overage Alert Day notice with 10% tolerance for negative daily imbalances Tuesday. “Please be advised that FGT’s capacity is being fully utilized and with current events considered, there are reports that gas trading activities may be difficult,” the pipeline said in its bulletin board posting.
Canadian Hunter Picks Up Canadian, Argentina Assets
True to statements last week that acquisitions were on the radar screen (see Daily GPI, Sept. 7), Canadian Hunter Exploration Ltd. said Monday it has acquired a Canadian company and another in Argentina. The Canadian assets, acquired from a private company for C$22.5 million, include property in the Chedderville and Garrington areas of West Central Alberta, adjacent to Canadian Hunter property. Neither acquisition is expected to materially impact Canadian Hunter’s 2001 production forecast.
Correction
A story that ran in NGI’s Daily Gas Price Index on Sept. 7 titled, “CONSOL CEO Highlights Gas Production, Talks Power,” incorrectly reported the difference between analysts’ estimates of CONSOL Energy earnings and CEO J. Brett Harvey’s guidance for the six month period ending Dec. 31. Harvey told investors last Thursday at the Friedman Billings Ramsey 8th Annual Investor Conference in Washington, DC, that he expects the company to earn about $0.50/share for the six-month period, which is $0.34 below Wall Street estimates of $0.84/share for the six-month transition period ending Dec. 31. NGI regrets the error. In addition, CONSOL Energy issued a correction to its news release on Friday. CONSOL Energy acquired “366 Bcf” rather than “366 MMcf” as originally issued on Thursday.
Chevron, Texaco Set Shareholder Meetings For Oct. 9
Chevron Corp. and proposed merger partner Texaco Inc. on Friday scheduled special shareholder meetings for Oct. 9 to vote on their previously announced merger (see Daily GPI, Oct. 17, 2000). The date of the meetings, as well as other merger-related information — including a new New York Stock Exchange ticker symbol, CVX — were contained in a filing by Chevron made Friday with the U.S. Securities and Exchange Commission. The new company would be called ChevronTexaco.
