Hikes

Two years after it slashed its dividend and began selling off major properties worldwide, Dallas-based TXU Corp. last week hiked its dividend by 350%, raised its earnings forecast for the next two years and increased its share buyback program.

Higher energy prices in society are caused by well-funded, increasingly powerful environmental groups, and the energy industry needs to do a better and more comprehensive job of mobilizing its own supporters to counteract this trend, according to a Bellevue, WA-based author and official with the nonprofit Center for Defense of Free Enterprise.

Higher energy prices in society are caused by well-funded, increasingly powerful environmental groups, and the energy industry needs to do a better and more comprehensive job of mobilizing its own supporters to counteract this trend, according to a Bellevue, WA-based author and official with the nonprofit Center for Defense of Free Enterprise.

Las Vegas, NV-based Southwest Gas Corp. Thursday asked Nevada state regulators for separate rate hikes totaling $76.5 million for its north and south customers to cover increasing gas costs, with the bulk of the hike proposed for customers in the southern half of the state who do not have access to Canadian gas.

Dual proposals by Michigan Consolidated Gas (MichCon) to lower commodity costs and raise distribution charges will in the long run increase monthly gas bills for the typical residential customer by 7% on an annualized basis.

Dual proposals by Michigan Consolidated Gas (MichCon) to lower commodity costs and raise distribution charges will in the long run increase monthly gas bills for the typical residential customer by 7% on an annualized basis.

This week’s price run-ups got slower again Wednesday, essentially grinding to a halt in parts of the cash market. Weather fundamentals remained strong for the most part as high temperatures ranging from very warm to severely hot continue to dominate the U.S. climate except along the relatively cool West Coast. The natural gas futures screen continued to lend support to cash numbers with a gain of 15 cents-plus, accompanied by strong showings in crude oil, heating oil and New York Harbor unleaded gasoline. However, expectations of another bearish storage report Thursday reportedly tended to temper new buying for injection purposes.

Spinnaker Exploration Co. Tuesday reported first quarter 2003 earnings of $15.3 million, or $0.45 per diluted share, a 174% increase over 1Q 2002 net income of $5.6 million or $0.20 per diluted share. The increase was boosted by a 40% increase in production in the quarter to 13.7 Bcfe (11.6 Bcf and 352,000/bbl), compared to 9.8 Bcfe a year ago, and a 54% and 84% increase in average gas and oil prices, respectively.

New Jersey Resources Corp. (NJR) increased deliveries by 47% to 491 Bcf in its fiscal year that ended Sept. 30, increasing earnings per share by 7.6% to a record $2.12 or $56.8 million, compared with $52.3 million or $1.97 for the 12-month period ending at the same time in 2001.