Financials

In its last quarterly financials prior to consolidation with merger partner Cinergy Corp., Duke Energy reported that first quarter earnings from continuing operations tumbled 37 cents per share to 50 cents/share largely due to a one-time gain in 1Q2005 on the sale of TEPPCO. Quarterly earnings from ongoing operations still exceeded analysts’ estimates by a penny.

El Paso Corp. reported Thursday that its financial restatements for 1999 through 2003 will result in a loss to shareholder equity of about $2.4 billion. Of that amount, nearly $1.7 billion was lost from negative revisions to natural gas and oil reserves, while $700 million came from historical hedge accounting restatements.

El Paso Corp. CEO Doug Foshee on Friday issued a report card on the progress the Houston-based company has made in the past few months, and though it’s not in line for valedictory status at this point, the company expects to achieve its production target this year. And, he said, there’s been above-average progress in asset sales and in reducing expenses.

El Paso Corp. CEO Doug Foshee on Friday issued a report card on the progress the Houston-based company has made in the past few months, and though it’s not in line for valedictory status at this point, the company expects to achieve its production target this year, and he said there’s been above-average progress in asset sales and in reducing expenses. However, the company’s CFO also warned that the 41% proved reserves cut announced in February may result in pre-tax charges higher than $1 billion it estimated in March. NGI Feb. 23

ExxonMobil Corp. turned in yet another glowing performance in the first quarter, with profit of $5.44 billion on revenue of $67.6 billion. Quarterly net income slipped 23%, which the company blamed on one-time gains, but across its oil and gas businesses, the major posted higher profits. However, in the United States and Canada, natural gas production available for sale dropped slightly from a year ago to stand at 3.06 Bcf/d, compared with 3.34 Bcf/d in 1Q2003. Exxon’s quarterly net production of crude oil and natural gas liquids in North America also was down, totaling 967 thousand bbl/d, down slightly from 980 thousand bbl/d in 1Q2003. Exxon reported quarterly profit of $5.44 billion (83 cents/share), down from $7.04 billion ($1.05) in the first quarter of 2003. Last year’s first quarter included a gain of $1.7 billion on the sale of Exxon’s stake in Ruhrgas AG, as well as a $550 million benefit from accounting changes. Excluding those items, earnings in 1Q2003 were $4.70 billion (71 cents/share). Revenue was $67.6 billion, up from $63.78 billion a year ago. Worldwide, Exxon spent nearly $12 billion for exploration and production activities in 2003. Exxon also is confident of estimates of its oil and natural gas reserves, the company said. Net income from upstream activities fell 30% in the quarter to $4.01 billion. Earnings from U.S. upstream operations dropped $105 million to stand at $1.15 billion, which the company said reflected lower production in its mature production areas.

El Paso Corp. last week delayed indefinitely reporting its fourth quarter 2003 earnings pending the completion of both an internal and an independent review on the impact of a 41% negative oil and gas reserves revision. The Houston-based company had been scheduled to issue its quarterly statement Thursday.

El Paso Corp. delayed indefinitely reporting its fourth quarter 2003 earnings pending the completion of both an internal and an independent review on the impact of a 41% negative oil and gas reserves revision announced last month. The Houston-based company had been scheduled to issue its quarterly statement Thursday.

FERC, in a final rule issued last Wednesday, imposed new quarterly financial reporting requirements on natural gas and electric companies, and oil pipeline companies to keep closer tabs on the energy industry.

Ailing NUI Corp. warned last Tuesday that it has delayed posting its financial results because of an ongoing internal investigation into its energy trading division, NUI Energy Brokers.