Guided

Steve Malcolm, 62, who guided Williams Cos. from the brink of financial collapse in 2002 to becoming one of the leading natural gas operators in the country, announced that he will retire as CEO and chairman in December.

Steve Malcolm, 62, who guided Williams Cos. from the brink of financial collapse in 2002 to becoming one of the leading natural gas operators in the country, announced that he will retire as CEO and chairman in December.

Guided by financial and commodity market weakness and the lack of any supportive news, May natural gas futures on Tuesday dropped to a new low for the down move before closing out the regular session at $3.562, down 17 cents from Monday’s finish. The last time a front-month contract settled lower was more than six-and-a-half years ago on Sept. 25, 2002.

EnCana Corp. is delaying its plans to split into two independent energy companies because of the volatility in the global financial markets.

Andrew Fastow, who as CFO guided Enron Corp.’s finances to the heights of success and then to its spectacular fall, was sentenced Tuesday to six years in prison and two years of community service. Fastow, 44, had faced a maximum 10 years in prison under a plea agreement he made with prosecutors two-and-a-half years ago (see Daily GPI, Jan. 15, 2004).

Stanley Horton, who once guided Enron Corp.’s vast natural gas pipeline system, was appointed Monday as COO and president of Cheniere Energy Inc. Horton, who is charged with helping Cheniere develop several liquefied natural gas (LNG) receiving terminals along the Gulf Coast, assumes his new position April 18.

John W. Somerhalder II, who guided El Paso Corp.’s one consistently profitable business in the past four turbulent years — the natural gas pipeline unit — will leave the company effective April 30, the company said Wednesday. No reasons were given for his departure.

John W. Somerhalder II, who guided El Paso Corp.’s natural gas pipeline unit — the one consistently profitable business in the past four turbulent years — will leave the company effective April 30, the company said Wednesday. No reasons were given for his departure. Daily GPI May 14, 2003 March 13, 2003

Devon Energy Corp.’s 98% drilling success, combined with the completed sales of $239 million in non-strategic assets, guided the Oklahoma City-based independent above estimated earnings per share (EPS) and cash flow targets in the third quarter.