Decreased

U.S natural gas production in the second quarter decreased an estimated 1.25-1.75% sequentially and declined 3-3.5% from 2Q02, while Canadian production was flat sequentially and dropped 3.5-4.5% from last year’s numbers, according to a survey unveiled Thursday by Lehman Brothers analyst Thomas R. Driscoll.

U.S natural gas production in the second quarter decreased an estimated 1.25-1.75% sequentially and declined 3-3.5% from 2Q02, while Canadian production was flat sequentially and dropped 3.5-4.5% from last year’s numbers, according to a survey unveiled Thursday by Lehman Brothers analyst Thomas R. Driscoll.

Algonquin said requests for service had decreased enough that it was able to lift all restrictions through the Cromwell (CT) Compressor Station Thursday. A limited amount of due-shipper imbalance make-up gas is available, the pipeline said. However, it added that forecasts indicate a protracted period of cold weather settling into the Algonquin service area, during which it will be particularly important that shippers balance receipts and deliveries.

Even with solid earnings reported for the third quarter, albeit decreased from a year earlier, PG&E Corp. senior executives Wednesday delivered sobering news about both of its major business units — the utility and merchant energy operations. The Chapter 11 bankruptcy proceeding for PG&E’s utility now is expected to run into the first half of next year, and the National Energy Group (NEG) is going to default on short-term loan obligations as they become due in coming weeks.

While stressing it is on target in shoring up its liquidity and balance sheet, San Jose, CA-based Calpine Corp. Tuesday reported third quarter earnings that were less than half of what they were for the same quarter last year — 36 cents/diluted share, or $161.3 million in net income, compared to 88 cents/diluted share, or $320.8 million, for the same quarter in 2001.

Citing unfavorable market conditions, BP plc reported decreased earnings in the second quarter relative to the second quarter of 2001. Nevertheless, the company added that “performance and growth [is] firmly on track,” and increased the company’s quarterly common stock dividend to $6 from $5.50 at this time last year.

Despite decreased earnings from its wholesale operations and the impact of normal weather, Entergy Corp. indicated last Thursday that it is confident its second quarter 2001 earnings will be at least 5% higher than the current published First Call earnings consensus of $0.91 per share. The company attributed the strong results to “excellent performance” in its competitive businesses.

Despite decreased earnings from its wholesale operations and the impact of normal weather, Entergy Corp. indicated on Thursday that it is confident its second quarter 2001 earnings will be at least 5% higher than the current published First Call earnings consensus of $0.91 per share. The company attributed the strong results to “excellent performance” in its competitive businesses.

For the first time in the last eight quarters, Chesapeake EnergyCorp. of Oklahoma City, OK, turned a profit. The improvement was inspite of decreased production.