Green Canyon Deepwater Discovery Surpasses Estimates

Though additional wells need to be drilled before the total proved reserves are accurately measured, Murphy Oil Co. announced Thursday that its Front Runner South prospect in Green Canyon Block 339 offshore Louisiana has exceeded expectations. The reserve estimate is expected to be more than the pre-drill projection of 40-60 MMboe.

June 15, 2001

Unocal Updates Third Quarter Estimates

Unocal re-evaluated its third quarter estimate yesterday toannounce that it expected earnings not to be 70 cents per share asannounced on July 27, but that its earnings would be between 90-95cents per share. The new expectation beats First Call/ThomsonFinancial’s consensus estimate of 79 cents by at least 11 cents.

October 6, 2000

ExxonMobil, Chevron Beat Wall Street Estimates

Better than expected profits lifted ExxonMobil and Chevron to more than double their second-quarter earnings of a year ago, as they reaped the benefit of surging oil and natural gas prices.

July 31, 2000

ExxonMobil, Chevron Beat Earnings Estimates

Better than expected profits lifted ExxonMobil and Chevron tomore than double their second-quarter earnings of a year ago, asthey reaped the benefit of surging oil and natural gas prices.

July 26, 2000

Industry Briefs

KeySpan Energy announced that its earnings are significantlyahead of analysts’ estimates for the first quarter and could be upto 7% higher for calendar year 2000. The First Call averageestimate is currently $1.87 per share for the year 2000, thecompany said. The boost has been caused by many factors Keyspansaid including: Strong growth in our gas market, resulting from anaggressive market strategy in the Company’s new Long Island market;Electric demand and gas demand hit record levels in January, givingKeySpan highest winter send-out days in both electricity and gas;and the benefit of substantial reductions in O&M expenses,amounting to $110 million. In merger-related news, KeySpan saidthat the merger with Eastern Enterprises, which was announced lastyear, is proceeding on schedule and is expected to be completed bythe Fall.

March 27, 2000

El Paso Defends Two-Part Firm Transport

In its new two-part capacity allocation proposal filed at FERC lastweek (See Daily GPI, Feb. 11) El Pasoestimates it will be able to assign “pathed” or very firm rights to3,590 MMcf/d out of the 5,100 MMcf/d of contract demand and billingdeterminants applicable to its firm transportation agreements.

February 14, 2000

NiSource Earnings Drop 22%, Short of Estimates

A glance at NiSource’s second quarter earnings tells a lot aboutwhy it’s looking to Columbia for help. While Columbia won praisefrom analysts for beating second quarter earnings expectations witha 15% jump in net income to $26.1 million, or 32 cents per share,it’s hostile suitor NiSource struggled and fell short of WallStreet expectations by $0.03/share, reporting a 22% drop in netincome to $22.9 million or $0.18/share, from $29.5, or $0.24/sharein 2Q98.

July 30, 1999

Avista Warns of Lower Second Quarter Earnings

Avista Corp. has warned preliminary estimates indicate secondquarter earnings per share will fall below securities analysts’current consensus second quarter estimate of $0.33 per share due tolosses in April and May within Avista Energy, its national energymarketing and trading. First quarter earnings in 1998 were $0.27per common share. The prospects for a disappointing second quarterfollow on first quarter earnings of $0.34 per diluted share, wellbelow the $0.56 per share in first quarter 1998.

June 17, 1999

Transportation Notes

El Paso estimates one of the two compressor units at its Caprock(NM) Station will return to service by April 16, raising San JuanCrossover capacity to 600 MMcf/d from its current 580 MMcf/d. Itappears the other unit will remain unavailable until mid-May, thepipeline said.

April 5, 1999

Bidweek Mostly Softer; Aftermarket Looks Firmer

Prices continued to weaken at nearly all points Tuesday in boththe incremental and October bidweek markets. Offshore supplies wereslow in returning from hurricane-related outages, but tradersseemed to discount that factor and to depend on abundant gaselsewhere to take up the slack. They also observed that weather andstorage fundamentals remain weak.

September 30, 1998