Despite continued gas and electric utility earnings decreases, PNM Resources Thursday reported unaudited third-quarter consolidated earnings that jumped up 39.1% compared to the same period in 2005, riding improved electric generation plant results. Net ongoing quarterly earnings were $44.4 million, or 63 cents/diluted share, compared to $31.9 million, or 46 cents/diluted share in the third quarter last year.
Decreases
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Nymex Decreases Margins on Natural Gas Contracts
The New York Mercantile Exchange Inc. (Nymex) announced margin decreases for its natural gas, Nymex miNY natural gas, Henry Hub swing swap, Henry Hub swap, and Henry Hub penultimate swap futures contracts, as of the close of business Thursday.
Nymex Lowers Natgas Futures Margins, Announces Record Energy Trading Year
With natural gas futures prices reaching a five-month low Friday, the New York Mercantile Exchange Inc. (Nymex) on Tuesday announced margin decreases for its natural gas futures, Henry Hub swap futures, Henry Hub penultimate swap futures, Nymex miNY natural gas futures and Henry Hub swing swap futures contracts, effective with the close of business Wednesday.
Industry Brief
Natural gas prices will go down by about 3% in June for Xcel Energy’s smaller customers in Colorado based on decreases in the commodity cost of gas, the company proposed in a filing with the Colorado Public Utilities Commission Wednesday. If approved, the price for residential and small business customers will decrease to $0.6188 per therm ($6.19/MMBtu) from $0.6409 per therm ($6.41/MMBtu) this month. The June price is based on the published May indexes, plus or minus charges to true up the prices paid by consumers the previous month with the actual commodity costs incurred. The commodity cost is a straight pass-through. Customers are billed separately for distribution services. An Xcel spokesman said the price is based on three indexes, plus the true-up. NGI’s CIG index for the May bidweek was down 3% at $6.10 from April’s $6.29/MMBtu.
El Paso, CA Parties Say Accord Offers ‘Cognizable Benefits’ for All Shippers
A joint settlement filed with FERC last Wednesday by El Paso Corp. and California parties to resolve charges of manipulative and questionable behavior offers “cognizable benefits not just to the California settling parties, but to all of [El Paso Natural Gas (EPNG) pipeline’s] shippers” by giving them “more certainty” about capacity, the parties to the agreement told FERC.
El Paso, CA Parties Say Settlement Offers ‘Cognizable Benefits’ for All Shippers
A joint settlement filed with FERC Wednesday by El Paso Corp. and California parties (see Daily GPI, June 5) to resolve charges of manipulative and questionable behavior offers “cognizable benefits not just to the California settling parties, but to all of [El Paso Natural Gas (EPNG) pipeline’s] shippers” by giving them “more certainty” about capacity, the parties to the agreement told FERC.
E&Ps Appear to Be Spending More, Finding Less
Decreases in production guidance, combined with modest increases in 2002 capital spending, imply that oil and gas companies “are spending more money with [fewer] results,” according to the latest Lehman Brothers Oil & Gas report on large-cap exploration and production (E&P) companies. In the near term, analysts believe that rising natural gas prices will lead to a rally in E&P shares. In the longer term, however, economic implications of falling production per share are “troubling.”
Wave of Softness Broken by San Juan/Rockies Upticks
Modest to large gains in the Rockies and San Juan Basin ran counter to an overall trend Monday of price decreases that in only a few cases varied from a range of about a dime to 20 cents.
Cash Price Decreases Slow Down to a Crawl
This week’s general price downturn almost came to a haltWednesday, but mild softness remained the norm for most points.Quotes tended to range from flat to down about a nickel. Marketareas were getting colder but not by much, sources said, and thatwas outweighed by further softness in futures. With little toinfluence it, trading activity remains on the quiet side, theysaid.
Price Drops of Up to a Nickel Dominate Market
Small decreases of 2-5 cents were the order of the day Tuesdayat most trading points, although a few managed to hang in there atflat levels. Moderating weather played some part, but the screen’sretreat late Monday along with another small drop Tuesday set thesofter mood, sources said.