Economy

Economy, Lack of Demand Sink Sonoran Pipeline to California

A major new pipeline project to serve the California market has fallen by the wayside, the victim of lower demand, according to sponsors Kinder Morgan Energy Partners LP (KMP) and Calpine Corp. The two companies said Friday they were dropping their $1.7 billion, 1,030 mile proposed pipeline that would have run from the San Juan Basin in New Mexico to Needles and Topock near the California border.

February 19, 2002

Raymond James: Good Time to buy Energy Stocks

Energy prices may be falling and the “global economy has been in the toilet,” but Raymond James Energy analysts believe energy stocks are at the bottom of a cyclical downturn, and as “strong commodity fundamentals” become visible in the first quarter,” the stocks will begin to rise again. In the Stat of the Week on Jan. 7, the analysts noted that balance sheets are stronger, the industry has consolidated and absolute energy prices are “meaningfully higher today” than they were in the last downturn in 1999.

January 14, 2002

Raymond James: Good Time to buy Energy Stocks

Energy prices may be falling and the “global economy has been in the toilet,” but Raymond James Energy analysts believe energy stocks are at the bottom of a cyclical downturn, and as “strong commodity fundamentals” become visible in the first quarter,” the stocks will begin to rise again. In the Stat of the Week Monday, the analysts noted that balance sheets are stronger, the industry has consolidated and absolute energy prices are “meaningfully higher today” than they were in the last downturn in 1999.

January 8, 2002

ExxonMobil Earnings Down 23%; Gas Volumes Off 16%

Rapidly declining gas and oil prices, a weakening economy and higher operating costs pressured ExxonMobil Corp. earnings down 23% or $970 million, excluding merger effects, to $3.3 billion ($0.48 per share). Earnings per share declined by 20%. Domestic natural gas sales were off more than 16% from the same period last year.

October 24, 2001

El Paso CEO: Earnings Outlook ‘Excellent’

Despite the downturn in the U.S. economy and the recent drop in natural gas and oil prices, Houston-based El Paso Corp. expects to meet or beat Wall Street’s third quarter earnings estimate, CEO William A. Wise said Thursday. The corporation expects full-year 2001 earnings to total $3.30 per diluted share before non-recurring charges, and meet or exceed First Call’s third quarter estimate of $0.74 a share.

October 8, 2001

El Paso CEO: Earnings Outlook ‘Excellent’

Despite the downturn in the U.S. economy and the recent drop in natural gas and oil prices, Houston-based El Paso Corp. expects to meet or beat Wall Street’s third quarter earnings estimate, CEO William A. Wise said Thursday. The corporation expects full-year 2001 earnings to total $3.30 per diluted share before non-recurring charges, and meet or exceed First Call’s third quarter estimate of $0.74 a share.

October 5, 2001

Futures Funnel Lower After Nymex Bomb Scare

Amid deepening fears that the U.S. economy is headed for a recession, and exacerbated by light trading volume following a bomb threat at Nymex, natural gas futures tumbled to new 19-month lows Tuesday, as institutional traders increased their short exposure. Almost uniform selling was seen across the entire strip of contracts, pressuring the winter strip down 15 cents to $2.99 and the 12-month strip down 13 cents to $2.97. The October contract closed at $2.225, down 14.4 cents for the session.

September 19, 2001

Kerr-McGee Blames Economy, Lower Volumes for Losses

Kerr-McGee Corp. cited the “continued slowdown in the U.S. and worldwide economies” and lower oil and gas production as reasons that its second quarter net income was down 19%, standing at $175 million, or $1.71 per diluted share, compared with $217 million, or $2.13 per share for the same period of 2000. Last year’s second quarter included $107 million, or $1.02 per share, in special charges. No special charges were recorded for this year’s second quarter.

July 26, 2001

J.P. Morgan: Tech Boom = Gas Company Boom

In the new economy, while energy-intensive industrial businesslags, the growing information technology (IT) and telecom sectors”should account for an increasingly large piece of the total energypie,” according to an industry analysis report released by J.P.Morgan. And some will profit more than others, the financial giantsaid, in naming seven natural gas-based companies the winners inthe new market.

September 18, 2000

U.S., Central American Regulators for Alliance

Indicating how border-less the global economy is becoming,Kansas and Idaho have begun a regulatory partnership with CentralAmerica to promote energy interests.

July 20, 2000
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