Eastern

Lower Rates Offered for Spectrum’s Second Open Season

Hoping the second time is the charm, Duke subsidiary TexasEastern Transmission announced Wednesday an open season for 300,000Dth/d of firm capacity on its proposed Spectrum Pipeline project.The open season will last from May 7 to June 4.

May 10, 1999

Pipeline Sale Improves Duke 1Q Earnings

The $1.9 billion sale in March of Panhandle Eastern Pipe Lineand Trunkline Gas to Michigan-based CMS Energy resulted in aone-time gain of $1.82 per share for the first quarter and anafter-tax gain of $660 million, putting Duke earnings for thequarter over results in the same quarter last year. Duke reportedearnings of $2.65 per share, compared with 87 cents in 1Q98.Without the sale, and the absence of an extraordinary item fromlast year’s quarter, basic first-quarter earnings were 83 cents pershare versus 89 cents last year.

April 26, 1999

Pipeline Sale Improves Duke 1Q Earnings

The $1.9 billion sale in March of Panhandle Eastern Pipe LineCo. and Trunkline Gas Co. to Michigan-based CMS Energy resulted ina one-time gain of $1.82 per share for the first quarter and anafter-tax gain of $660 million, putting Duke earnings for thequarter over results in the same quarter last year. Duke reportedearnings of $2.65 per share, compared with 87 cents in 1Q98.Without the sale, and the absence of an extraordinary item fromlast year’s quarter, basic first-quarter earnings were 83 cents pershare versus 89 cents last year.

April 22, 1999

CMS Finally Gets FTC Approval

CMS Energy settled charges from the Federal Trade CommissionFriday that its acquisition of Panhandle Eastern and TrunklinePipeline limited competition for natural gas in 54 counties inMichigan. The settlement allows CMS to close the deal basicallyunchanged, but it did delay the closing by many weeks, a CMSofficial said.

March 22, 1999

Lower Weekend Demand Softens West; East Flat

Eastern markets maintained the week’s general pattern of flatpricing Friday, even eking out small increases here and there. TheWest tended to be a little softer due to the usual weekend fall-offin demand, but the declines there were fairly minuscule at no morethan 1-4 cents down in nearly every case.

February 8, 1999

Duke Lands UPR’s GPM Assets for $1.35 Billion

With the $2.2 billion Duke Energy will get for the sale ofPanhandle Eastern and Trunkline pipelines burning a hole in itspocket, the company’s field services division has agreed to buy thegas gathering, processing, fractionation and natural gas liquids(NGL) pipeline business of Union Pacific Resources (known asUPFuels) and UPR’s gas and NGL marketing activities for $1.35billion.

November 24, 1998

All Markets Rising for a Change, But Why?

For the first time in several trading days, there was nodivergence between Eastern and Western market directions Wednesday.It was up, up and away all around as nearly all points registeredgains of around a dime or higher.

October 15, 1998

East’s Softness Contrasts With Western Strength

Once again Monday flat to higher Western numbers were in starkcontrast to Eastern prices that mostly fell by around a nickel,although there were a few pockets of resistance in the East thatsaw flat to slightly higher pricing. Trading was predictablysubdued because of the simultaneous Thanksgiving Day in Canada andColumbus Day in the U.S., although few in the gas industry otherthan utilities took off for Columbus Day.

October 13, 1998

EPA’s New NOx Rule a BigPlus for Gas Demand

The Environmental Protection Agency’s final plan for reducingsmog-causing emissions of nitrogen oxides (NOx) in 22 easternstates and the District of Columbia should create an additional 1Tcf of gas demand by 2003, said Bruce Craig of the Natural GasSupply Association.

September 28, 1998

San Juan Leads West Plunge; Flat Otherwise

A continuation of intense heat in the Eastern U.S. lentfundamental support to gas markets in the region Friday, keepingcash prices flat to slightly higher or lower for the weekend.Again, though, it was a case of “not so” in the San Juan Basin,Rockies and California. Although east-of-California markets sawhigh temperatures approaching or surpassing 100 degrees, a dearthof demand from the Golden State and the unrealized threat of an OFOon El Paso caused gas to back up into the San Juan-Blanco pool,resulting in a steep dive of nearly 30 cents. One source, whopicked up an early Blanco package at $1.78, about a dime down fromThursday, paid only $1.59 near the end of trading.

June 29, 1998