Firms

Energy merchant markets are predicted to grow 30% between 2002 and 2006, with oil and natural gas majors and financial service firms dominating the market, while asset-based traders — particularly in power — reengage, according to a report by Massachusetts-based Energy Insights. On the horizon, the study predicted there will be even more participation by financial institutions between 2008 and 2010.

Net income for 51 independent energy companies rose 11% in the first quarter from the year-earlier period due to an upswing in both crude oil prices and gross refining margins, according to a report issued by the Energy Information Administration (EIA) last Tuesday. Natural gas prices were not cited as a contributor to the upbeat earnings reports of the energy companies that the EIA reviewed.

Net income for 51 independent energy companies rose 11% in the first quarter from the year-earlier period due to an upswing in both crude oil prices and gross refining margins, according to a report issued by the Energy Information Administration (EIA) Tuesday. Natural gas prices were not cited as a contributor to the upbeat earnings reports of the energy companies that the EIA reviewed.

An initial trio of first quarter earnings reports Wednesday from Western energy players were mixed, but mostly upbeat, with Las Vegas, NV-based Southwest Gas Corp. leading the positive news with a 56% jump in earnings. Minneapolis-based Xcel Energy reported increased earnings quarter-over-quarter, and Spokane, WA-based Avista Corp. saw first-quarter profits dip, compared to the same period in 2003, although its core utility business showed improved profits.

A special master in a long-running lawsuit brought by the Native Americans against the Interior Department resigned in disgust last Monday, citing repeated efforts by Interior to disqualify him from the case to prevent damaging evidence from surfacing about agency mismanagement of trust monies for oil and natural gas and other activities on Indian lands.

A special master in a long-running lawsuit brought by the Native Americans against the Interior Department resigned in disgust Monday, citing repeated efforts by Interior to disqualify him from the case to prevent from surfacing damaging evidence about agency mismanagement of trust monies for oil and natural gas and other activities on Indian lands.

Twenty-four major energy companies operating in the U.S. reported “significantly higher” overall corporate net income for the fourth quarter of 2003 and for the entire year compared to 2002, due mostly to higher oil and natural gas prices, according to a new report from the Energy Information Administration (EIA).

Twenty-four major energy companies operating in the U.S. reported “significantly higher” overall corporate net income for the fourth quarter of 2003 and for the entire year compared to 2002, due mostly to higher oil and natural gas prices, according to a new report from the Energy Information Administration (EIA).

In an effort to expand its current list of more than 870 participant firms, IntercontinentalExchange (ICE) said that it has teamed with Trading Technologies International Inc. (TT) to provide access to ICE’s global energy markets via TT’s X_TRADER electronic trading platform.