Financials

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

Peoples Energy has reported net income for its fiscal 2004 first quarter ended Dec. 31, about equal to the year-ago tally, but with different contributions from its various divisions. The Peoples’ oil and gas production segment prospered, but gas distribution for the Chicago-based company faltered on warm winter weather.

Peoples Energy has reported net income for its fiscal 2004 first quarter ended Dec. 31, about equal to the year-ago tally, but with different contributions from its various divisions. The Peoples’ oil and gas production segment prospered, but gas distribution for the Chicago-based company faltered on warm winter weather.

Taking yet another step in stabilizing the company’s financials through the divestiture of assets, CMS Energy Corp.’s pipeline subsidiary, CMS Panhandle Eastern Pipe Line Co., said it has entered into a definitive agreement to sell its one-third equity interest in Centennial Pipeline LLC to Centennial’s two other partners for $40 million.

Taking yet another step in stabilizing the company’s financials through the divestiture of assets, CMS Energy Corp.’s pipeline subsidiary, CMS Panhandle Eastern Pipe Line Co., said it has entered into a definitive agreement to sell its one-third equity interest in Centennial Pipeline LLC to Centennial’s two other partners for $40 million.

The warm winter in the East is showing up in financials from distribution companies up and down the East Coast, but at least one of them will be collecting on its weather insurance. New Jersey-based NUI Corp., Washington, DC-based WGL Holdings Inc. and North Carolina-based Piedmont Natural Gas Co., said warmer than normal temperatures in their natural gas service areas and the current economic recession are having an effect on earnings in 2002.

Despite a 74% drop in net income in the fourth quarter, Calgary-based PanCanadian Energy Corp. said it had the strongest annual financial results in its history because of higher natural gas prices earlier in the year, increased gas production and favorable price hedges. Due to lagging gas prices — neighbor and proposed merger partner — Alberta Energy Co. (AEC) experienced a drop in earnings during 4Q 2001, falling 83% from the fourth quarter of 2000 to C$80 million (C$0.46 per share diluted).

Just one week after the break-up of the KN/Sempra merger overpoor financials, KN Energy has started action on an intense assetdivestment strategy. The Colorado-based company sold $51 millionworth of various Gulf of Mexico (GOM) assets last week, includinginterests in HIOS, U-TOS and Stingray, to Leviathan Gas Pipelinewhich is controlled by El Paso Energy. The transaction closed June30.

Just one week after the break-up of the KN/Sempra merger overpoor financials, KN Energy has started action on an intense assetdivestment strategy. The Colorado-based company sold $51 millionworth of various Gulf of Mexico (GOM) assets last week, includinginterests in HIOS, U-TOS and Stingray, to Leviathan Gas Pipelinewhich is controlled by El Paso Energy. The transaction closed June30.