Weathering a financially topsy-turvy 2008, Kinder Morgan Energy Partners LP (KMP) posted full-year 2008 net income of $1.3 billion, up 124% from $590.3 million in 2007, thanks in large part to the start-up of Rockies Express-West Pipeline (REX-West). However, due to some general economic factors, lower realized energy prices and “lost business” due to hurricanes, the North American pipeline transportation and energy storage company recorded 4Q2008 net income of $284.6 million, which was down 2.9% from the $293.3 million during 4Q2007.
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KMP Saw ‘Rocky’ 4Q, Eyes 2009 Pipe Start-Ups
Weathering a financially topsy-turvy 2008, Kinder Morgan Energy Partners LP (KMP) posted full-year 2008 net income of $1.3 billion, up 124% from $590.3 million in 2007, thanks in large part to the start-up of Rockies Express-West Pipeline (REX-West). However, due to some general economic factors, lower realized energy prices and “lost business” due to hurricanes, the North American pipeline transportation and energy storage company recorded 4Q2008 net income of $284.6 million, which was down 2.9% from the $293.3 million during 4Q2007.
Lay: Truth Victim of ‘Wave of Terror’
Kenneth L. Lay told a Houston audience Tuesday that when he stepped down as CEO of Enron in February 2001 “he was confident that Enron was financially strong, highly profitable, growing rapidly….” Yet 10 months later the company filed for bankruptcy.
NGI The Weekly Gas Market Report
Calpine Continues Legal Skirmishes Amid Bankruptcy Expectations
Financially battered Calpine Corp. ended the week squarely facing a date with destiny, but how soon the day would come was still unknown.
PG&E Files $682 Million ’07 General Rate Increase Request
Fully financially recovered 18 months after emerging from three years in Chapter 11 bankruptcy, Pacific Gas and Electric Co. Friday filed a $682 million general rate increase request for 2007 with the California Public Utilities Commission. The bulk of the request — $481 million — is for its electric distribution utility operations, with the rest covering its natural gas distribution utility ($114 million) and electric generation ($87 million).
Oxy Petroleum Gaining Status as ‘Takeover Target,’ Profile Says
As California’s largest natural gas producer with a big bet on domestic oil/gas supplies, Los Angeles-based Occidental Petroleum has turned the corner financially with rapidly rising profits and stock prices, making it one of the top names on the energy industry’s acquisition target lists, according to a profile in the Sunday business section of the Los Angeles Times. The price for the company is growing, with its 70-year-old CEO Ray Irani telling the LA Times it could reach $40 billion.
AGL Resources to Buy NUI Assets in $691 Million Deal
Atlanta-based AGL Resources announced Thursday it would be expanding its East Coast footprint, taking on the natural gas assets of financially and legally devastated NUI Corp. in a merger agreement valued at about $691 million, consisting of $220 million in cash and the rest in debt assumption.
NUI Expects to Announce Sales Agreement in Third Quarter
NUI Corp., which put itself up for sale last year after struggling financially, on Thursday announced it had amended its Form 10-Qs for the first and second quarters of fiscal 2004 to reflect prepayments related to its natural gas supply. The Bedminster, NJ-based gas utility said it expects to sign a definitive agreement with a purchaser in the third quarter of this year.
Nymex Delays Launch of Daily, Weekly PJM Futures
The New York Mercantile Exchange Inc. (Nymex) said it will delay by about a month the launch of its financially settled PJM weekly and daily electricity futures contracts to the afternoon of June 26, which starts the trade date of June 27. The delay will allow more time for electronic vendors, brokers and customers to complete the technical preparations needed to handle the new contracts, Nymex said.
Southern Shields Itself From Possible Dynegy Power Deal Defaults
Southern Co. has taken steps to shield itself in the event that financially shaky Dynegy Inc. defaults under power supply contracts it has entered into with Southern, Gale Klappa, the electric utility’s chief financial officer, told a gathering of investment professionals last Wednesday.