El Paso Corp. reported slightly improved fourth quarter earnings last week. Higher transportation rates and lower costs on El Paso Natural Gas, as well as higher production and a favorable hedging program in the production unit, helped earnings improve to 72 cents per share for the quarter (after special charges including Coastal merger-related costs and asset impairments) compared to 65 cents per share in 4Q2000. Earnings before special items were 79 cents per share, a penny above Wall Street estimates. Net income was $375 million compared to $335 million in 4Q2000 ($408 million compared to $403 million excluding special items).
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El Paso Shares Rise on Slightly Better Fourth Quarter Results
El Paso Corp. shares rose 6% by mid-day today in response to slightly improved fourth quarter earnings. Higher transportation rates and lower costs on El Paso Natural Gas, as well as higher production and a favorable hedging program in the production unit, helped earnings improve to 72 cents per share for the quarter (after special charges including Coastal merger-related costs and asset impairments) compared to 65 cents per share in 4Q2000. Earnings before special items were 79 cents per share, a penny above Wall Street estimates. Net income was $375 million compared to $335 million in 4Q2000 ($408 million compared to $403 million excluding special items).
February 1, 2002
Transportation Notes
Florida Gas Transmission discontinued an Overage Alert Day notice Wednesday, saying total linepack and operating conditions had improved.
July 19, 2001
Transportation Notes
Citing improved linepack and operating conditions, Florida Gas Transmission lifted Friday an Overage Alert Day notice.
June 18, 2001
Transportation Notes
PG&E called a Stage 4 systemwide OFO for gas day Saturday June 9. The recent high inventory customer-specific OFOs have not resulted in improved pipeline system conditions, the utility said. “Rather, we have seen non-targeted customers create significant imbalances.” The OFO had a 7% tolerance and $25/Dth penalties.
June 11, 2001
Improved Storage Levels Tied to ‘Demand Destruction’
There will be ample natural gas to meet the needs of power generators this summer and to inject into storage for next winter due to the growing number of industrial customers exiting the gas market as a result of escalating prices, said trading executives last week.
May 14, 2001
Improved Storage Levels Tied to ‘Demand Destruction’
There will be ample natural gas to meet the needs of power generators this summer and to inject into storage for next winter due to the growing number of industrial customers exiting the gas market as a result of escalating prices, said trading executives yesterday.
May 11, 2001
Transportation Notes
Saying linepack and operating conditions had improved, Florida Gas Transmission did not extend an Underage Alert Day notice beyond Tuesday.
May 3, 2001
North American E&P Boosts Services’ Earnings
The rapid expansion of North American exploration and production led to substantially improved oilfield services results during the first quarter. Schlumberger’s income, for example, rose 92% from 2000, while other providers, including Nabors Industries and Patterson Energy, also showed rapid growth.
April 23, 2001
Transportation Notes
Citing improved operating conditions, Tennessee lifted an OFO Balancing Alert Monday. The OFO had taken effect Saturday (see Daily GPI, April 9).
April 10, 2001
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