U.S. natural gas production decreased a modest 0.2% sequentially in the first quarter from the final three months of 2006, suggesting that gas supplies are stabilizing, according to a survey by energy analysts with SunTrust Robinson Humphrey/the Gerdes Group.
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Northern Natural Gas said late Friday night it has discovered a leak on a supply line to the Redfield Storage facility. This decreased injection capabilities, Northern said, but at this time it does not anticipate any limits on firm injection service.
Citing costs that will not affect future quarters, PG&E Corp. Wednesday reported decreased earnings for the second quarter and six-month year-to-date periods. Consolidated second quarter net income in accordance with generally accepted accounting principles (GAAP) was $232 million, or 65 cents/share, compared with $267 million, or 70 cents/share, for the same period in 2005. (All the per-share numbers are on a diluted basis, the utility holding company said.)
Experiencing a decade-long annual growth of 5% again last year, Las Vegas, NV-based Southwest Gas Corp. reported decreased consolidated earnings, compared to the previous year, for its growing distribution natural gas utility operations in Nevada, Arizona and the eastern fringe areas of California. Southwest is the major natural gas utility in both Nevada and Arizona, two of the fastest growing areas in the nation .
Las Vegas, NV-based Southwest Gas Corp., the gas-only utility distributor to 1.6 million customers in three states, reported decreased first-quarter profits, with warmer-than-normal weather and higher operating costs cited as the chief culprits. Net income was $32.8 million, or 88 cents/basic share, in the first quarter, down from $41 million, or $1.19/basic share, in the same period in 2004.
Duke Energy has successfully moderated its risk by winding down its merchant generation and trading activities, Standard & Poor’s Ratings Services said Wednesday in affirming the company’s corporate credit and issue ratings (‘BBB/A-2’) and those of its direct and indirect subsidiaries Duke Capital LLC, Texas Eastern Transmission L.P., PanEnergy Corp., Westcoast Energy Inc., and Union Gas Ltd. At the same time, the ratings agency revised the company’s outlook to positive from stable.
Ushering in some stability back into its business, TXU recorded 2003 earnings from continuing operations — before cumulative effect of changes in accounting principles, net of preference stock dividends — of $715 million, or $2.03 per diluted share of common stock. Comparable earnings before extraordinary charges in 2002 were $160 million, or $0.58 per diluted share of common stock.
Unfazed by storage data showing stocks decreased by 1 Bcf during the week ending Nov. 21, the natural gas futures market shifted lower Wednesday, as a local trader-led rally was crushed by another round of bearish weather forecasts. The January contract stair-stepped lower in two distinct selling surges. When the dust had settled and the orders were counted at Nymex, the prompt month had slipped 12.5 cents to close at $4.925 on its first day in the limelight.
The independent consumer unit at the California Public Utilities Commission Friday recommended that San Diego-based Sempra Energy’s two major utilities’ collectively have their retail rates lowered by $192.4 million as part of pending cost-of-service cases filed by the two utilities. New rates are proposed to be effective next year.
Despite experiencing a slight decline in income from its natural gas transmission business, TransCanada PipeLines Ltd. on Friday said its first quarter 2003 earnings marked an 11% increase over the company’s first quarter 2002 results. The company attributed the higher earnings to the strong performance of the power business and reduced net expenses in the corporate segment, partially offset by lower earnings from the transmission segment.