Despite Huge Earnings Drop, Vastar Remains Bullish

Vastar Resources had a far better year in the field than it didin the commodity marketplace, reporting first-quarter 1999 netincome of $19 million, down from $48 million during the firstquarter of 1998. However, Vastar achieved a 24% increase inproduction and continued exploratory success, and is predictingbetter times ahead.

April 16, 1999

Coastal to Cut 200-300 Staff Positions

Despite record earnings last year, Coastal Corp. CEO David A.Arledge admitted in January that 1999 would be a “challengingyear.” Coastal began to prepare for that challenge last week bystarting a corporate belt-tightening program that will include awork-force reduction.

March 1, 1999

Providence’s Non-Regulated Business Booms

Providence (RI) Energy Corp. blamed a warm winter and a sharpdrop in oil prices for diminished earnings for the year ended Sept.30. Net income declined to $6.4 million, or $1.09 per share, from$7.8 million, or $1.35 per share, in fiscal 1997. However,operating revenue from the company’s non-regulated business grewmore than five-fold to $33 million.

January 15, 1999

Bailey Disappointed in Williams 3Q

Along with disappointing 3Q earnings announced by The WilliamsCos. came an acknowledgement by management that the companycontinues to achieve disappointing results in several of itsbusinesses. With results reduced by energy market conditions and bypre-tax charges and write-downs of about $70 million, or 10cents/share, Williams reported unaudited net income of $32.1million, or 7 cents/share on a diluted basis, for the thirdquarter. This compares to unaudited restated net income of $13.7million, or 3 cents/share, for the same period of 1997, a quarterin which results were reduced by 17 cents/share for the cost ofdebt restructuring.

October 26, 1998

Williams Warns of Lower Earnings

Williams Chairman Keith E. Bailey said Tuesday the company’sunaudited third quarter financials, which are expected to bereleased today, will include $70 million, or 10 cents per share, inpre-tax charges and write-downs.

October 21, 1998

Williams Earnings Fall $58 million from 2Q97

The Williams Companies was hit hard in the second quarter likemany other energy trading companies, posting a $58 million drop innet income from 2Q97. But a large portion of its trouble stemmedfrom a FERC ruling that challenged the rate-making methodology insome markets served by the company’s petroleum products pipeline.Williams took a $15.5 million charge to cover customer refundsordered by FERC, but said it plans to appeal the July 15 ruling.Williams also still is suffering from merger-related charges. Ittook a $6.1 million MAPCO merger-related charge and recordedanother $3.4 million in costs as general corporate expenses relatedto the merger.

July 23, 1998

EOG Income Falls on Weak Oil Prices

Enron Oil & Gas second-quarter earnings were hit by weak oilprices but buoyed by stronger gas prices. Second quarter 1998 NorthAmerican wellhead gas prices averaged $1.96/Mcf, up 9% versus anaverage of $1.80/Mcf in the second quarter of 1997. North Americancrude oil and condensate prices were $12.82/barrel for the secondquarter of 1998, down 32% as compared to $18.89/barrel a year ago.

July 14, 1998

MAPCO Deal Hits Williams’ Earnings

The Williams Companies reported first-quarter 1998 results werereduced primarily by costs related to its MAPCO acquisition,unfavorable conditions in some energy market sectors and continuedinvestment in the company’s communications business.

April 22, 1998
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