Doubles

AEC Oil & Gas Inc. picked up its second group of RockyMountain assets yesterday, announcing its acquisition of theprivately held Piceance Basin properties of Billings, MT-basedBallard Petroleum LLC. Ballard’s Mamm Creek field in northwestColorado is estimated to be worth C$340 million (US$225 million),with 175,000 net undeveloped acres worth about C$35 million and agas pipeline system worth C$31 million.

Doubling its presence in the U.S. utility market, the United Kingdom’s National Grid Group Plc agreed last week to buy Niagara Mohawk Holdings Inc. for $8.9 billion in cash, stock and assumed debt. The U.K. power producer plans to merge Niagara with two Massachusetts utilities acquired earlier this year, boosting its U.S. customer base to more than 3.2 million.

Mitchell Energy & Development’s gas production in NorthTexas is soaring. The company announced that its developmentprogram in the Newark East Barnett shale field is exceedingexpectations. In a little more than a year’s time, the company’sgross natural gas production in the Barnett field has doubled to172 MMcf/d. At this rate, Mitchell Energy will meet, and exceed itstarget growth of 15% this year.

Mitchell Energy & Development’s gas production in NorthTexas is soaring. The company announced that its developmentprogram in the Newark East Barnett shale field is exceedingexpectations. In a little more than a year’s time, the company’sgross natural gas production in the Barnett field has doubled to172 MMcf/d. At this rate, Mitchell Energy will meet, and exceed itstarget growth of 15% this year.

Williams reported first quarter 2000 earnings of $121.3 million,a 107% increase over the same period last year. The resultsrepresented income before the cumulative effect of a change inaccounting principle and were driven by record segment profit fromthe company’s energy business.

Kinder Morgan Inc. (KMI) reported first quarter 2000 income fromcontinuing operations of $46.1 million compared to income fromcontinuing operations of $23.9 million for the first quarter of1999. Net income for the first quarter was $46.1 million comparedto $7.1 million in the first quarter a year ago, which included a$16.8 million after-tax loss from discontinued operations.

Higher prices and production, partially offset by merger costs,pushed third quarter earnings of Consolidated Natural Gas up 90% to$10.8 million, or 11 cents per share, from $5.7 million, or 6cents/share, a year earlier. Excluding costs related to the pendingmerger with Dominion Resources, Inc., of $7.7 million, or 6cents/share after taxes, income from continuing operations in thethird quarter of 1999 was $16.4 million, or 17 cents per share.

South Carolina Electric & Gas will replace coal-burninggenerating equipment at its oldest fossil fuel facility in Aiken,SC, with two natural gas-fired turbines generating 150 MW each. The$180 million project at the Urquhart station will be designed andbuilt by Duke/Fluor Daniel for completion in June, 2002.

South Carolina Electric & Gas will replace coal-burninggenerating equipment at its oldest fossil fuel facility in Aiken,SC, with two natural gas-fired turbines generating 150 MW each. The$180 million project at the Urquhart station will be designed andbuilt by Duke/Fluor Daniel for completion in June, 2002.