Diluted

Burlington Posts Higher Quarterly Production, 32% Increase in Earnings

Burlington Resources reported a 32% increase in first quarter earnings to $354 million, or $1.78 per diluted share, and a 14% rise in total production to a new quarterly record of 2,849 MMcfe/d. Commodity price realizations were flat.

April 23, 2004

Western Gas Posts Strong Results, But Transportation, Marketing Suffer

Western Gas Resources Inc. reported a 65% increase in earnings per diluted share Tuesday to 56 cents/share, a 7.2% increase in gas production to an average of 149 MMcf/d, higher gas gathering throughput and much higher realized gas prices.

November 17, 2003

Western Gas Posts Strong Results, But Transportation, Marketing Suffer

Western Gas Resources Inc. reported a 65% increase in earnings per diluted share Tuesday to 56 cents/share, a 7.2% increase in gas production to an average of 149 MMcf/d, higher gas gathering throughput and much higher realized gas prices.

November 12, 2003

Financial Briefs

Pittsburgh, PA-based Equitable Resources announced record core earnings per diluted share (EPS), excluding earnings from Westport Resources, of $2.12 for 2001 compared to a core EPS of $1.46 in 2000, an improvement of 45%. Reported 2001 earnings, including Westport, were $2.30 per share. Despite the record annual earnings, Equitable reported fourth quarter core EPS of $0.39 compared to fourth quarter 2000 EPS of $0.45. The decrease was attributed to lower gas prices, unusually warm weather and increased bad debt reserves at Equitable Utilities. Reported fourth quarter 2001 earnings, including Westport, were $0.37 per share. “Equitable Resources is extremely pleased with the financial results for 2001. Return on capital exceeded our benchmark and is an industry-leading performance. Earnings were at record levels,” said Murry S. Gerber, CEO. “In addition, we have largely mitigated the impact of lower commodity prices for 2002 and beyond through significant hedging of natural gas sales. We believe the proactive approach we have taken to managing the natural cycles in our business will lead to competitively superior growth and high return on capital.” Due in part to mild weather, Equitable Utilities had earnings before interest and taxes (EBIT) of $79.0 million for 2001, compared with $93.0 million for 2000. Equitable Production recorded EBIT of $178.7 million in 2001, compared to $113.9 million for 2000, excluding EBIT from Gulf operations. The company said the positive results were primarily attributable to higher realized sales prices, higher operating volumes and lower expenses. Going forward, Equitable forecasts that 2002 full-year core EPS will be between $2.35-2.40 per share, subject to a one cent change for each ten cent change in the NYMEX natural gas price at the Jan. 3, 2002 price of $2.65. Equitable used approximately $133 million of its $175 million 2001 capital budget. During the year the company committed an additional $40 million, which is expected to be spent in 2002. Equitable said it has established a capital budget of $166 million for 2002. Actual capital spending, including the $40 million carryover from 2001 commitments, is expected to total $173 million. For 2002, the company said it has hedged 33 Bcf at an average of $4.15/Mcf. This is in addition to 14 Bcf in prepaid forward sales at approximately $4.00/Mcf.

February 8, 2002

Enron Earnings Grow On Strong Wholesale

Enron Corp. announced an increase in net income of 34% to $338million during the first quarter. Earnings grew by 40 cents perdiluted share. The company also had a 72% increase in revenues to$13.1 billion for the first quarter. The results excludenon-recurring items.

April 13, 2000

Sempra Cuts Dividend, Holds Dutch Auction

Sempra Energy reported increased 1999 earnings of $394 million,or $1.66 per diluted share, up 34% from 1998 but the company islooking to further accelerate earnings growth and enhance itscompetitive position. It announced a dividend reduction to $0.25per share from its previous level of $0.39 per share and said itplans to hold a Dutch auction in which it will purchase up to 36million shares, or 15% of its outstanding common stock, at asingle, per-share price within a price range of $17.50 to $20. Theprice is a premium to its closing price on Jan. 25.

January 28, 2000

El Paso Reaps Sonat Merger Benefits

Bolstered by its completed merger with Sonat Inc., El PasoEnergy said yesterday that diluted earnings per share (EPS) rose20% to $1.80 last year, up from $1.50 in 1998. During the fourthquarter, when the Sonat deal was finalized, the company postedearnings of $295 million or 48 cents/share, versus $229 million, or33 cents, during the year-ago period.

January 25, 2000

Dynegy Control of El Paso Capacity Diluted

FERC last week dealt a partial blow to Dynegy Marketing andTrade’s control over a portion of its contracted-for capacity on ElPaso Natural Gas to California, resulting in a measured victory forthe state’s regulators and San Juan producers. Dynegy enjoyed atriumph of sorts as well, however. The Commission upheld the bulkof its prior decision approving the whopping El Paso-Dynegyarrangement, finding that while it posed some competitive concerns,it was not “unduly discriminatory” in nature.

August 2, 1999

Dynegy Control of El Paso Capacity Diluted

FERC has dealt a partial blow to Dynegy Marketing and Trade’scontrol over a portion of its contracted-for capacity on El PasoNatural Gas to California, resulting in a measured victory for thestate’s regulators and San Juan producers. Dynegy enjoyed a triumphof sorts as well, however. The Commission upheld the bulk of itsprior decision approving the whopping El Paso-Dynegy arrangement,finding that while it posed some competitive concerns, it was not”unduly discriminatory” in nature.

July 30, 1999
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