Depressed

Most points experienced double-digit price declines Monday,depressed by lower energy futures and continuing mild weather inthe key Midwest and Northeast market areas.

Higher oil and gas prices spurred industry leaders ExxonMobiland Chevron to large leaps in fourth quarter ’99 earnings over thedepressed 4Q 1998.

With its stock price depressed since accounting irregularitiescame to light in one of its divisions, Baker Hughes Inc. and two ofits senior officers now have been named in securities fraudlawsuits filed last week in U.S. District Court for the SouthernDistrict of Texas. Suits were filed on behalf of investors whobought Baker Hughes common stock May 3 through Dec. 8.

Despite continued expansion of revenues in energy trading andservices, PG&E Corp. reported continued depressed earningsresults in those two areas in the third quarter, along with red inkin its Texas operations. Its traditional Pacific Northwestinterstate pipeline, combination utility and merchant power plantbusinesses all continue to be its money-makers, although down orabout the same compared to similar three-month and nine-monthresults last year.

Despite continued expansion of revenues in energy trading andservices, PG&E Corp. reported last week continued depressedearnings results in those two areas, along with red ink in itsTexas operations. Its traditional Pacific Northwest interstatepipeline, combination utility and merchant power plant businessesall continue to be its money-makers, although down or about thesame compared to similar three-month and nine-month results lastyear.

Previously stalled by depressed commodity prices, MitchellEnergy & Development Corp. is flying right again with 12%return on equity in exploration and production, 15 to 20% ingathering and 55 to 60% in natural gas liquids (NGLs), according toone analyst. For Chairman, CEO and gas and oil industry veteranGeorge P. Mitchell, 80, now might be the time to bail out.

Having pulled out of a stall caused by depressed commodityprices, Mitchell Energy & Development Corp. is flying rightagain with 12% return on equity in exploration and production, 15to 20% in gathering and 55 to 60% in natural gas liquids (NGLs),according to one analyst. For Chairman, CEO and gas and oilindustry veteran George P. Mitchell, 80, now might be the time tobail out.

Got gas? In Coos Bay, OR, the answer is no. Citizens pushingbusiness development for the economically depressed area want tobuild a pipeline to change that.

The current storage surplus and expected “normal” temperaturesthis summer (14% cooler than last summer) will continue to put adamper on spot prices until the fourth quarter of this year, theEnergy Information Administration predicted last week in itsShort-Term Energy Outlook. The EIA said wellhead prices shouldremain below $2/Mcf until November.