Fell

The September aftermarket got launched on a generally softening note Friday. Most points fell between about a nickel and a quarter from end-of-August levels, and also started out anywhere from about 15 cents to more than 50 cents below their first-of-month indexes. (Trading was done for the Sunday-Tuesday period since deals had been cut on Thursday for the last two days of August.)

Second-quarter natural gas production fell only slightly — 0.7% — from the first quarter of 2002, according to a survey by Raymond James Energy, but the consulting firm is nevertheless predicting full-year results will be in line with its previous prediction of a minus 5-6%.

Aquila Inc. shares fell more than 50% Thursday to $2.40 after the company reported higher-than-expected collateral requirements in the event of a credit rating downgrade below investment levels. The company last week reported an $810 million net loss (-$5.69/share) for the second quarter compared to $143 million in net income ($1.21/share) during the same period last year.

Natural gas prices just aren’t what they used to be, according to Denver-based Western Gas Resources Inc., which reported net income for the second quarter down, despite a dramatic increase in production.

Second-quarter natural gas production fell only slightly — 0.7% — from the first quarter of 2002, according to a survey by Raymond James Energy, but the consulting firm is nevertheless predicting full-year results will be in line with its previous prediction of a minus 5-6%.

Even though its second quarter income fell more than 90% from the same period a year ago — mostly because of natural gas trading losses — the CEO and chairman of American Electric Power (AEP) held fast to the company’s commitment to marketing and trading, and said that going forward, AEP expects the trading business to be a “significant contributor” for 2002. The company lost $20 million, or 4 cents a share, on gas trading in the quarter — mainly in April — but expects to make up the losses because of rising returns in May and June.

Even though its second quarter income fell more than 90% from the same period a year ago — mostly because of natural gas trading losses — the CEO and chairman of American Electric Power (AEP) held fast to the company’s commitment to marketing and trading, and said that going forward, AEP expects the trading business to be a “significant contributor” for 2002. The company lost $20 million, or 4 cents a share, on gas trading in the quarter — mainly in April — but expects to make up the losses because of rising returns in May and June.

Even though its second quarter income fell more than 90% from the same period a year ago — mostly because of natural gas trading losses — the CEO and chairman of American Electric Power (AEP) held fast to the company’s commitment to marketing and trading, and said that going forward, AEP expects the trading business to be a “significant contributor” for 2002. The company lost $20 million, or 4 cents a share, on gas trading in the quarter — mainly in April — but expects to make up the losses because of rising returns in May and June.

Williams stock fell to a 20-year low in trading Monday after the Tulsa-based energy company reported plans to post a recurring loss for the second quarter, largely due to failing conditions related to its energy marketing and trading business, sparking speculation that cash-strapped Williams could become the target of a takeover. The company said it would slash its dividend by 95% to one cent a share from 20 cents to conserve cash, and was “moving quickly” to complete a new secured financing arrangement to shore up its balance sheet.