International operations enabled UtiliCorp United to post higherearnings during the first quarter despite sharply lower resultsfrom Aquila Energy’ midstream activities. UtiliCorp reportedearnings of $51.9 million, up from $43.3 million a year earlier.Diluted earnings per share for the quarter were $.57 in 1999compared to $.53 in 1998.
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Despite Huge Earnings Drop, Vastar Remains Bullish
Vastar Resources had a far better year in the field than it didin the commodity marketplace, reporting first-quarter 1999 netincome of $19 million, down from $48 million during the firstquarter of 1998. However, Vastar achieved a 24% increase inproduction and continued exploratory success, and is predictingbetter times ahead.
Merger of Nevada Utilities Conditioned on Plant Sales
Despite a plea from Nevada regulators to postpone action, theFederal Energy Regulatory Commission last week readily approved a$4 billion merger of the state’s biggest electric and gas providers- Sierra Pacific Power and Nevada Power.
Despite Huge Earnings Drop, Vastar Remains Bullish
Vastar Resources had a far better year in the field than it didin the commodity marketplace, reporting first-quarter 1999 netincome of $19 million, down from $48 million during the firstquarter of 1998. However, Vastar achieved a 24% increase inproduction and continued exploratory success, and is predictingbetter times ahead.
Wisconsin Gas Anchors New Midwest Pipeline
Despite the recent failure of multiple pipeline expansions intonorthern Illinois and Wisconsin, CMS Energy, WICOR and Viking Gashave come up with another project they hope will finally wrest someof the marketplace from ANR Pipeline’s monopoly grip. The projectappears to have what its predecessors did not: a confirmed market.
April Continues Lower, Drops Another 6 Cents
The bearish American Gas Association storage report was too muchfor the April contract last week. Despite strength that sent thecontract to a new high of $1.965 last Wednesday, April ended theweek near its low, down 9.4 cents on news that a large storagesurplus remains. After falling 12.1 cents on Thursday, the contractattempted an initial push Friday morning but immediately loststeam, dropping sharply to a low of 1.750 only to zigzag sidewaysthe rest of the day before closing down 6.1 cents at $1.759/MMBtu.
Gulf Growth to be Tempered by Prices, Depletions
Despite advances in drilling technology that tripled the waterdepth record for gas and oil production to 5,376 feet in 1997,near-term gas production may suffer because of low 1998 gas pricesdue in part to the crude oil price collapse.
Coastal to Cut 200-300 Staff Positions
Despite record earnings last year, Coastal Corp. CEO David A.Arledge admitted in January that 1999 would be a “challengingyear.” Coastal began to prepare for that challenge last week bystarting a corporate belt-tightening program that will include awork-force reduction.
Georgia PSC Undecided about Customer Assignment
Despite three of Atlanta Gas Light’s nine gas customer poolssurpassing the Georgia Public Service Commission’s (GPSC)requirements to become fully competitive, the GPSC is uncertainabout moving forward with the customer assignment process becauseof planned legislation that would declare Atlanta Gas Light’s (AGL)entire service territory competitive possibly as early as thisfall.
Touch of Bullish Fundamentals Gives Bears no Pause
Too little, too late was the apt expression for the futuresmarket yesterday, which continued lower despite what someconsidered to be the most constructive fundamentals yet thiswinter. And so the April contract took a page out of the Marchcontract’s playbook, slipping 3.8 cents to $1.659 amid a tight,6-cent trading range. Estimated volume was high for the usuallyquiet day-after expiration with 65,714 contracts changing hands.