Discontinuing

Duke Energy said Friday it is discontinuing proprietary trading at its North American merchant energy businesses, Duke Energy North America (DENA) and Duke Energy Merchants, to focus on more profitable businesses.

Special charges related to discontinuing exploration in Pakistan and on Block 19 offshore Angola ($76 million), along with the cost of repurchasing higher-cost debt ($7.6 million) resulted in a third quarter net loss of $0.9 million or $0.01/share for Ocean Energy compared to net income of $48 million or $0.27/share in 3Q2001. Without the impact of special items, the company reported net income of $56 million or $0.31/share.

Special charges related to discontinuing exploration in Pakistan and on Block 19 offshore Angola ($76 million), along with the cost of repurchasing higher-cost debt ($7.6 million) resulted in a third quarter net loss of $0.9 million or $0.01/share for Ocean Energy compared to net income of $48 million or $0.27/share in 3Q2001. Without the impact of special items, the company reported net income of $56 million or $0.31/share.

LG&E Energy Corp. said it is discontinuing power marketingoperations and will take a $231.8 million after-tax loss in thesecond quarter mainly because it was forced to cover fixed-pricedpower marketing agreements when Midwest power prices went throughthe roof last month, reaching $7,000/MW compared to $30/MW justdays prior. The company was among the top 10 largest powermarketers (by volume sold) in the country last year.