Spurred on by strong operations that fought through an arduousfourth quarter, Duke Energy posted a 36% increase in annualearnings to $3.41 per share in 1998 from $2.51 per share in 1997,the company announced Wednesday. Duke’s revenues increased to $17.6billion compared to $16.3 billion in 1997. Earnings before interestand taxes (EBIT) rose $540 million from the previous year, reaching$2.65 billion.
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Gulf, Appalachia a Bit Firmer, But Outlook Weak
Pipes in the Gulf Coast and Appalachia achieved small gains ofup to about a nickel Wednesday, but prices were falling back fromearly highs, leading some sources to doubt whether the cash markethas any more upticks in it for a while. Otherwise most pointscontinued the flat pattern of the previous day.
Prices Respond to Snowstorm With Large Gains
“That’s what 20 inches of snow in Chicago will do for you,” aHouston-based producer said Monday in reference to the severeholiday weekend blizzard in the Midwest that propelled cash pricesupward by 20 cents or more at many points. What was being calledthe region’s worst winter storm in more than three decades leftfreezing temperatures across the eastern three-fourths of thenation and very strong heating load.
February Futures Lead Market Higher in Year-End Rally
Adding to double-digit gains achieved Wednesday, the futuresmarket plodded higher Thursday when short-covering activity boostedprices in light, pre-holiday trading. The move left February with atwo-day gain of 16.4 cents, a feat January could not muster duringits entire reign as prompt month.
Relaxation of Ex Parte Rules Gains Support
The proposed rulemaking calling for a relaxation of FERC’srestrictive policy for off-the-record communications is “essentialto providing timely and adequate information” for the Commissionstaff to conduct environmental reviews of proposed pipelineprojects, the Interstate Natural Gas Association of America (INGAA)said last week.
Millennium Gains Ground; Upstream Links Filed
TransCanada Pipelines and Westcoast Energy subsidiary St. ClairPipelines last week filed with Canada’s National Energy Board tobuild the last remaining support components required fordevelopment of the Millennium Pipeline project, a 700 MMcf/d gasline designed to serve markets throughout the Northeast.
Alliance Gains NEB Endorsement
Canada’s National Energy Board gave natural-gas exporters alicense to grow by approving the Alliance Pipeline Project, but theboard included a warning of the risks of excess capacity, pricecuts and strained supplies.
December Futures Probe the Downside
After posting modest gains last Thursday, the futures marketagain succumbed to selling pressure Friday as traders tried to pushthe December contract below support at $2.25. But, $2.265 was asfar as the contract could plumb and the prompt month was left tosettle for the week at $2.275. Sources pointed to bearishfundamentals and weak, last-day prices as reasons for the decline.
Wholesale Marketing Gains Lead Enron’s Earnings Higher
Enron Corp.’s wholesale marketing division led the company witha 60% earnings increase at the same time its infant retailoperations continued to show a loss.
Unable to Hold Gains, Futures Tick Lower
Fresh off Wednesday’s advance the futures market looked poisedto continue higher Thursday as early buying prompted the market upat the open. However, a 25-cent gain in two days was more than eventhe greediest of bulls could handle, and the market reacted bytrending down. That left the November contract with a 1.9 cent lossto settle at $2.414 at the final bell.