Improved

El Paso Corp.’s exploration and production (E&P) business hit bottom in 2004, but with a complete restructuring, improved drilling results, two bolt-on acquisitions — and a third expected to close this month — the “offense is back on the field,” said CEO Doug Foshee on Thursday.

A 30-member stakeholder coalition of energy companies, industrial customers, publishers, exchanges and industry trade associations Wednesday cited new data showing increased reporting to index publishers as “evidence of increased transparency in the nation’s natural gas markets.”

Citing improved wholesale power sales and increased market/regulatory certainty, the holding company for New Mexico’s largest utility, Public Service Company of New Mexico (PNM), Thursday increased its earnings estimate by 10 cents/share this year, compared to 2003. PNM Resources, Albuquerque, offered a range of $1.90 to $2.15/share this year, following last year’s $1.80-$2.05/share estimate.

Greater power generation diversity is vital to an improved energy future for Vermont, the Vermont Department of Public Service (DPS) said in a final draft of its 2004 Vermont Comprehensive Energy and Electric Plan. But a more diverse generation infrastructure means bolstering the state’s gas pipeline network, which has been a difficult task in recent years.

Greater power generation diversity is vital to an improved energy future for Vermont, the Vermont Department of Public Service (DPS) said in a final draft of its 2004 Vermont Comprehensive Energy and Electric Plan. But a more diverse generation infrastructure means bolstering the state’s gas pipeline network, which has been a difficult task in recent years.

Rising oil and natural gas prices have not translated into strong growth rates for exploration and production companies, and while 2003 results were an improvement over the previous year, overall results were good but not great, Lehman Brothers analyst Thomas Driscoll said in a recent conference call to discuss his latest report on E&Ps.

Rising oil and natural gas prices have not translated into strong growth rates for exploration and production companies, and while 2003 results were an improvement over the previous year, overall results were good but not great, Lehman Brothers analyst Thomas Driscoll said Friday.

Colder-than-usual weather improved annual income at Charlotte, NC-based Piedmont Natural Gas Co., which reported earnings of $74.4 million ($2.22/share) for fiscal 2003, compared with $62.2 million ($1.89) in 2002. Results included a $5.5 million (17 cents/share) increase because of its changes in accounting, which now record natural gas revenues and costs on volumes delivered but not yet billed.

Several wholesale energy companies have “greatly improved” their collateral management and ability to model changes in liquidity requirements as compared to how they approached such issues six months to a year ago, Fitch analyst Ellen Lapson said in a conference call last week.