Atmos Energy Corp. reported net income of $88.5 million, or $1.11 per diluted share, for its second quarter ending March 31, compared with $58.3 million, or $1.12 per diluted share, in the prior year quarter. Earnings in fiscal 2005 include the results of operations of TXU Gas Co., the natural gas utility distribution and pipeline operations of TXU Energy, acquired on Oct. 1, 2004.
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Atmos Sees Quarterly Increase on TXU Acquisition
Atmos Energy Corp. reported net income of $88.5 million, or $1.11 per diluted share, for its second quarter ending March 31, compared with $58.3 million, or $1.12 per diluted share, in the prior year quarter. Earnings in fiscal 2005 include the results of operations of TXU Gas Co., the natural gas utility distribution and pipeline operations of TXU Energy, acquired on Oct. 1, 2004.
ConocoPhillips Sees Production Flat in 1Q, Up 3% for Year
ConocoPhillips said it expects its first quarter production to be flat with levels in the fourth quarter of 2004, but production for the year is expected to rise 3% compared to 2004 levels, excluding its 11.3% investment in Lukoil.
Pioneer Sells Interest in Hugoton, Spraberry Fields
To repurchase more shares, accelerate its debt reduction program and to give it “enhanced firepower” for future exploration, Pioneer Natural Resources Co. on Thursday announced that it has sold the revenue associated with 2% of its reserves (20.5 MMboe) for about 8% of their enterprise value under two volumetric production payments (VPPs) totalling $593 million.
With Deal Finalized, Illinois Power to Become AmerenIP
The transaction is valued at $2.3 billion. Ameren assumed about $1.8 billion in IP debt and preferred stock, placed $100 million in a six-year escrow account for contingent environmental liabilities, and it paid the balance in cash to Dynegy.
Industry Brief
El Paso Corp. said Friday that it eliminated about $815 million of non-recource debt on its balance sheet by closing the sale of Utility Contract Funding (UCF) to Bear Stearns’ Houston Energy Group for $21 million. UCF assets include a power contract that was restructured as part of the company’s previous power restructuring activities. El Paso said it will take a pre-tax charge of $100 million on the sale based on the company’s investment in the equity of this entity.
Moody’s Drops Shell’s Corporate Rating One Notch
Moody’s Investors Service on Wednesday downgraded the long-term debt ratings of the Royal Dutch/Shell Group of companies to “Aa1” from “Aaa,” following a review that began when the oil giant announced a 20% cut to its proven oil and gas reserves.
Moody’s Drops Shell’s Corporate Rating One Notch
Moody’s Investors Service on Wednesday downgraded the long-term debt ratings of the Royal Dutch/Shell Group of companies to “Aa1” from “Aaa,” following a review that began when the oil giant announced a 20% cut to its proven oil and gas reserves.
Analysts Forecast Modest Gas Production Decline, Lower E&P Earnings in ’04
U.S. natural gas production will continue to decline this year, but a fourth quarter survey of 43 domestic producers suggests a more modest decline compared with last year, according to Southwest Securities analysts.
CMS Sells Gas Liquids Subsidiary for Undisclosed Amount
CMS Energy said it would use the proceeds from the sale of its Marysville Gas Liquids subsidiary to reduce debt. The Jacksonville, MI company said Thursday it had sold the terminal to Marysville Hydrocarbons Inc. for an undisclosed amount.