Failed

One of the three-member Arizona Corporation Commission (ACC), Jim Irvin, is being targeted, along with a former commission executive secretary, over their alleged roles in causing the failure of the proposed purchase of Las Vegas, NV-based Southwest Gas Corp., by Southern Union Co. Irvin was the star witness at the end of last week at an ongoing civil jury trial in Phoenix.

The panache of a “AA+” rating of the corporate parent by Standard & Poor’s Ratings Service apparently has failed to win over doubters, after UBS Warburg Energy switched off its online energy trading system (formerly EnronOnline) and announced it will terminate nearly all of its 380 Houston-based employees. Those not fired will be offered jobs in a UBS office in Stamford, CT, the company said Wednesday.

The panache of a “AA+” rating of the corporate parent by Standard & Poor’s Ratings Service apparently has failed to win over doubters, after UBS Warburg Energy switched off its online energy trading system (formerly EnronOnline) and announced it will terminate nearly all of its 380 Houston-based employees. Those not fired will be offered jobs in a UBS office in Stamford, CT, the company said Wednesday.

December gas futures gapped five cents lower at the open on Monday, tried and failed to close that gap, and then ended the day down 12.5 cents to $3.778, just above its daily low of $3.770. Warm weather, high storage levels and forecasts for an El Nino winter appear to be putting downward pressure on the market right now. Some observers already are eyeballing eventual targets near $3.05.

Shut-ins from Tropical Storm Isidore and property sales failed to slow down natural gas production for Magnum Hunter Resources Inc., which doubled its quarterly production from 2001. The Irving, TX-based independent reported actual production volumes of 19.8 Bcfe, averaging 215 MMcfe/d, and said its total equivalent production volumes were weighted 67% toward natural gas.

Oversupplied Rockies/San Juan gas failed to share in mostly substantial price gains throughout the rest of the market Friday. Virtually all of the upticks were measured in double digits, ranging up to about 40 cents higher in the Pacific Northwest.

Although it beat consensus estimates by a fairly large margin, higher production by Burlington Resources failed to offset lower commodity prices during the second quarter, as the company reported a 26% drop in net income to $170 million, or $0.84 per diluted share, compared to $231 million, $1.10/share in 2Q2001. Wall Street was expecting about 38 cents per share.

Higher production by Burlington Resources failed to offset lower commodity prices during the second quarter, as the company reported a 26% drop in net income to $170 million, or $0.84 per diluted share, compared to $231 million, $1.10/share in 2Q2001.

Higher production by Burlington Resources failed to offset lower commodity prices during the second quarter, as the company reported a 26% drop in net income to $170 million, or $0.84 per diluted share, compared to $231 million, $1.10/share in 2Q2001.