Doubles

Vectren Corp. reported preliminary net income for 2002 more than double that of 2001 on increases in both gas and electric margins, but the company also said it was re-auditing its 2000-2002 results after some discrepancies were uncovered.

Vectren Corp. reported preliminary net income for 2002 more than double that of 2001 on increases in both gas and electric margins, but the company also said it was re-auditing its 2000-2002 results after some discrepancies were uncovered.

Shut-ins from Tropical Storm Isidore and property sales failed to slow down natural gas production for Magnum Hunter Resources Inc., which doubled its quarterly production from 2001. The Irving, TX-based independent reported actual production volumes of 19.8 Bcfe, averaging 215 MMcfe/d, and said its total equivalent production volumes were weighted 67% toward natural gas.

With its upstream production doing better than anticipated, Calgary-based Petro-Canada plans to increase its capital spending program for western Canada, the Mackenzie Delta and along the East Coast, where it has assets in White Rose and drilling prospects along the Scotian Shelf. Second quarter earnings were down from a year earlier, mostly on lower oil and gas prices, but its production more than doubled for the period, fueled by an international acquisition as well as its Terra Nova asset.

With its upstream production doing better than anticipated, Calgary-based Petro-Canada plans to increase its capital spending program for western Canada, the Mackenzie Delta and along the East Coast, where it has assets in White Rose and drilling prospects along the Scotian Shelf. Second quarter earnings were down from a year earlier, mostly on lower oil and gas prices, but its production more than doubled for the period, fueled by an international acquisition as well as its Terra Nova asset.

Centrica North America completed its C$1 billion acquisition of Enbridge Services Inc. (ESI) from Calgary- based Enbridge Inc. The acquisition doubles Centrica’s Canadian customer base and brings its total North American customer count to 3.7 million, making it by far the largest retail marketer on the continent. The combined companies will employ more than 2,000 full-time people.

Kinder Morgan, Inc. may not be recession-proof, but its fee-based portfolio of midstream assets clearly felt no ill effects during the third quarter, according to CEO Richard Kinder. The company produced a 109% increase in third quarter net income to $58.2 million, or $0.48 per diluted common share, exceeding Wall Street consensus estimates by 2 cents/share. The results compared to $26.7 million, or $0.23 per diluted common share, in the third quarter of 2000.

Kinder Morgan, Inc. may not be recession-proof, but its fee-based portfolio of midstream assets clearly felt no ill effects during the third quarter, according to CEO Richard Kinder. The company produced a 109% increase in third quarter net income to $58.2 million, or $0.48 per diluted common share, exceeding Wall Street consensus estimates by 2 cents/share. The results compared to $26.7 million, or $0.23 per diluted common share, in the third quarter of 2000.

Houston-based Cabot Oil & Gas Corp. doubled its Gulf Coast proved reserve base Thursday, agreeing to a $230 million cash and stock merger with Cody Co., the parent of Cody Energy LLC. All of Denver-based Cody’s reserves are in Texas and Louisiana and will add 116 Bcfe to Cabot’s proved reserves, of which 58% will be natural gas, and 50 MMcfe/d of equivalent production, with 84% in natural gas.