Flying

Boosted by its high-flying Internet site, Enron Corp. reportedyesterday that its second-quarter earnings rose 30% to $289million, with revenue from EnronOnline, the company’seight-month-old energy and commodity Internet trading site, rising92%. The site has handled transactions valued at more than $100billion, adding $6 billion to revenue in the first half, and isalready considered the largest Internet energy trader in the world.Net income rose to $289 million, or 34 cents, from $222 million, or27 cents, while revenue rose 75% to $16.89 billion from $9.67billion a year ago. Enron had been expected to make 32 cents ashare, based on analysts polled by First Call/Thomson Financial.Enron’s businesses reported its earnings as Wholesale EnergyOperations and Services, Retail Energy Services, Transportation andDistribution and Broadband Services. The wholesale group increased23% in the second quarter to $437 million. Retail energy reportedIBIT of $24 million compared to a $26 million loss in the sameperiod of 1999. The transportation group, which includes the gaspipeline group and Portland General Electric, reported earnings of$139 million compared with $128 million. The only loss was inbroadband services, which reported a loss of $8 million on revenueof $151 million.

GE Power Systems has not been able to keep its gas and steamturbines on the shelves, as Reliant Energy, Duke Energy NorthAmerica and NRG Energy all recently signed long-term multi-turbineagreements.

Recriminations, investigations and large dollar lawsuits wereflying last week in the wake of the failed Oneok-Southwest Gasmerger.

Previously stalled by depressed commodity prices, MitchellEnergy & Development Corp. is flying right again with 12%return on equity in exploration and production, 15 to 20% ingathering and 55 to 60% in natural gas liquids (NGLs), according toone analyst. For Chairman, CEO and gas and oil industry veteranGeorge P. Mitchell, 80, now might be the time to bail out.

Having pulled out of a stall caused by depressed commodityprices, Mitchell Energy & Development Corp. is flying rightagain with 12% return on equity in exploration and production, 15to 20% in gathering and 55 to 60% in natural gas liquids (NGLs),according to one analyst. For Chairman, CEO and gas and oilindustry veteran George P. Mitchell, 80, now might be the time tobail out.

Led by what one New York local trader called “massive shortcovering,” the futures market erupted 27.1 cents higher yesterdayin a rally that left many market participants incredulous. Comingon the heels of fresh storage data and subsequent gains in Accesstrading Wednesday, the October contract gapped higher at the openyesterday and never looked back, finishing at $2.697.