National Grid said it will acquire the Rhode Island natural gas business of New England Gas Co. from Southern Union Co. for $575 million, excluding assumed debt of $77 million.
Excluding
Articles from Excluding
3Q Survey Shows U.S. Gas Production Only Slightly Lower
Hurricane disruptions in the third quarter reduced domestic natural gas production about 6% sequentially from the second quarter and about 6% compared to 3Q2004, but excluding the storm losses, the trendline in U.S. output for the next few years is flat, according to energy analysts with the Gerdes Group.
Sempra 1Q Results Rise 13% on Utility, Generation, Pipeline Gains
Excluding its liquefied natural gas (LNG) business that is not producing revenues yet, San Diego-based Sempra Energy Wednesday reported increased earnings in the first quarter across most of its major ongoing business units — utilities, generation, and pipeline/storage. CEO Stephen Baum called the results “solid” and “on track,” reaffirming the company’s earnings-per-share guidance for the year in the $3.10 to $3.30 range.
ConocoPhillips Sees Production Flat in 1Q, Up 3% for Year
ConocoPhillips said it expects its first quarter production to be flat with levels in the fourth quarter of 2004, but production for the year is expected to rise 3% compared to 2004 levels, excluding its 11.3% investment in Lukoil.
AEP Posts Lower 4Q Ongoing Earnings; to Fully Fund Pension Plan
American Electric Power (AEP) last Thursday reported that ongoing earnings (excluding special items) for the fourth quarter of 2004 were $167 million, or $0.42 per share, compared with $197 million, or $0.50 per share, in the fourth quarter of 2003. Separately, the utility said that it intends to fully fund its pension plan by the end of this year.
AEP Posts Lower 4Q Ongoing Earnings; to Fully Fund Pension Plan
American Electric Power (AEP) on Thursday reported that ongoing earnings (excluding special items) for the fourth quarter of 2004 were $167 million, or $0.42 per share, compared with $197 million, or $0.50 per share, in the fourth quarter of 2003. Separately, the utility said that it intends to fully fund its pension plan by the end of this year.
Forest Oil Posts Strong 2003 Earnings on High Oil/Gas Prices
Aided by the combination of higher average oil and natural gas sales prices, higher sales volumes and lower oil and gas production expenses, Forest Oil Corp. posted 2003 net earnings from continuing operations of $90.2 million or $1.82 per basic share and net earnings of $88.4 million or $1.79 per basic share, an increase of over 300% compared to net earnings of $21.3 million or $0.45 per share in 2002.
Forest Oil Posts Strong 2003 Earnings on High Oil/Gas Prices
Aided by the combination of higher average oil and natural gas sales prices, higher sales volumes and lower oil and gas production expenses, Forest Oil Corp. posted 2003 net earnings from continuing operations of $90.2 million or $1.82 per basic share and net earnings of $88.4 million or $1.79 per basic share, an increase of over 300% compared to net earnings of $21.3 million or $0.45 per share in 2002.
Industry Briefs
Denver-based MarkWest Hydrocarbon Inc. said it is selling its MarkWest Resources Canada Corp. subsidiary for C$102.5 million, excluding debt and other liabilities, to Advantage Energy Income Fund. The sale price may be increased by C$2.5 million if certain lands are retained through additional drilling prior to Dec. 31. The sale is part of the company’s strategy to focus on its master limited partnership, MarkWest Energy Partners LP. MarkWest Hydrocarbon Inc. recently reported a third quarter net loss of $7 million, or minus 74 cents/share, compared to a net loss of $3.2 million, or minus 34 cents per share for the third quarter of 2002. For the nine months ended Sept. 30 it reported net income of $2 million, or 21 cents/share, compared to a net loss of $5.1 million, or 54 cents/share. MarkWest said it would use the net proceeds from the sale to retire debt outstanding under its existing bank revolving credit facility and for general corporate purposes. It continues to evaluate options for its wholly owned subsidiary, MarkWest Canadian Midstream Services Inc., which holds natural gas exploration assets located in the Bigstone-Berland River area of west-central Alberta.
AEC, PanCanadian Shareholders Approve Merger
Shareholders of PanCanadian Energy and AEC Corp. last week approved PanCanadian’s $6.5 billion stock purchase (excluding debt assumption) of AEC and the renaming of PanCanadian to EnCana Corp. The Alberta Court of Queen’s Bench put the final seal on the transaction on Friday. The merger forms the largest independent producer in terms of reserves and production with an enterprise value (including debt) of $18 billion (C$30 billion).