Division

El Paso Corp. swung to a profit in the second quarter, led by stronger-than-expected performance from its core natural gas pipeline division and from gains on some price risk investments. The Houston-based company reported quarterly net income of $141 million (21 cents/diluted share), well ahead of its losses of $246 million (minus 38 cents) for the same period a year ago and 3 cents above Wall Street estimates.

With the New York Mercantile Exchange on Monday launching side-by-side trading of Nymex Division energy futures contracts on CME Globex, the electronic trading platform of the Chicago Mercantile Exchange (CME), traders across the country are divided on the move’s impact on the energy markets. Cash-settled energy futures contracts will be offered for all listed months on June 11 for trade date June 12.

Canadian Utilities Limited, a division of Alberta-based ATCO Ltd., will examine “strategic alternatives” for its gas gathering and processing and natural gas liquids midstream business. Options include reorganization into a business trust or newly created company, sale to a third party or continued operation under the existing corporate structure, the company said. Canadian Utilities has retained advisers to assist it in considerations. ATCO has more than 7,000 employees engaged in power generation, utilities and global enterprises.

Tulsa, OK-based Oneok Inc. announced that its Texas Gas Service division has received approval to implement new higher rates in two of its service areas. The company reported that the implementation will affect 56,500 customers and will increase annual revenues by $2.5 million. The new rates went into effect on April 28.

Chevron Global Gas, a division of Chevron U.S.A. Inc., said Tuesday that it has filed an application with the Federal Energy Regulatory Commission (FERC) as part of the permitting process to build an underground natural gas storage facility in northeastern Colorado. Taking over the Unocal storage project following the company’s merger in August, Chevron said the Windy Hill facility will provide critical infrastructure necessary to meet the growing demand for natural gas in the region and elsewhere.

Calgary-based Nexen Inc. on Thursday reported third quarter net income was up over a year ago, but it blamed a C$162 million loss in its natural gas marketing division on price volatility created by Hurricanes Katrina and Rita. The company reported cash flow of C$488 million and net income of C$615 million, compared with cash flow of C$508 million and net income of C$220 million for the same period of 2004.

The cash market was mixed again Wednesday, but although a majority of points continued to move higher, the division between gainers and losers was much closer than on Tuesday. Higher quotes derived support from a prior-day screen gain of more than 20 cents and the persistent shortfall in Gulf Coast supplies, while cooler weather already occupying or moving into the Northeast, Midwest and South provided a countervailing bearish influence.

SG Corporate & Investment Banking (SG CIB), a division of Paris-based Societe Generale, said it has hired six new natural gas and power traders at its commodity derivatives desk in New York and plans to ramp up its U.S. energy trading business, extending its strong banking position from Europe into the U.S.

The Eastern States division of the U.S. Department of the Interior’s Bureau of Land Management (BLM) reported Monday that 45 parcels of federal subsurface mineral estate brought in $677,000 through a competitive auction of oil and gas leases on the Ouachita and Ozark National Forests in Arkansas, the DeSoto, Homochitto and Tombigbee National Forests in Mississippi and the Monongahela National Forest in West Virginia.