Falls

Touting its third quarter financial results as an indication that its post-Chapter 11 bankruptcy reorganization is now complete, Sioux Falls, SD-based NorthWestern Corp. Wednesday reported net income from continuing operations of $9.3 million, or 26 cents/share, compared with a loss from continuing operations of $25.2 million for the same period last year.

Despite another nagging loss in consolidated net income, Sioux Falls, SD-based NorthWestern Corp. reported a profit ($6.4 million, or 18 cents/share) from continuing operations for the second quarter, compared to a loss of $14.4 million from continuing operations for the same period last year.

Unocal Corp. boasted record quarterly profit on Monday, but production told a different tale. Worldwide oil and gas production averaged 404,000 boe/d in the quarter, down from 463,000 boe/d in 2Q2003. On the natural gas side, the North American numbers were dismal, with a 26.2% drop in production to 593.7 MMcf/d from 804.8 MMcf/d in 2Q2003.

Oneok posted a 370% increase in net income for the first quarter to $105.2 million, or $1.04/share, compared to 1Q2003 results because of the impact of an accounting change in the first quarter of 2003 that reduced 1Q2003 results by about $144 million. Income from continuing operations actually was lower during the first quarter, $105.2 million ($1.04/share) compared to $125.6 million ($1.20/share) in 1Q2003, and missed Wall Street estimates by 3 cents/share. OKE shares slipped 2% Thursday to $20.97.

Oneok posted a 370% increase in net income for the first quarter to $105.2 million, or $1.04/share, compared to 1Q2003 results because of the impact of an accounting change in the first quarter of 2003 that reduced 1Q2003 results by about $144 million. Income from continuing operations actually was lower during the first quarter, $105.2 million ($1.04/share) compared to $125.6 million ($1.20/share) in 1Q2003, and missed Wall Street estimates by 3 cents/share. OKE shares slipped 2% Thursday to $20.97.

In its latest 10-K report to the Securities and Exchange Commission (SEC), Sioux Falls, SD-based NorthWestern Corp. confirmed that it is cooperating with separate investigations by the Internal Revenue Service (IRS) and the Federal Bureau of Investigation (FBI). The investigations resulted from an ongoing class action lawsuit that dates back to the sale of Montana Power Co. to NorthWestern in early 2002.

In its latest 10-K report to the Securities and Exchange Commission (SEC), Sioux Falls, SD-based NorthWestern Corp. confirmed that it is cooperating with separate investigations by the Internal Revenue Service (IRS) and the Federal Bureau of Investigation (FBI). The investigations resulted from an ongoing class action lawsuit that dates back to the sale of Montana Power Co. to NorthWestern in early 2002.

It was nothing but good quarterly financial news for both majors and many of the large U.S.-based independent producers last week, which attributed their substantial earnings increases in most cases to higher commodity prices. However, production numbers were not as keen, especially for domestic operations, with only a handful of companies offering positive news for natural gas and oil-equivalent volumes.

The cash market finally found the burden of struggling higher with little visible means of fundamental support too much to bear Thursday, resulting in across-the-board retreats ranging from about a nickel to a little more than 15 cents.