Large losses continued during the second quarter at Aquila, but they were substantially smaller than in 2Q 2002 when the company reported a net loss of $810 million. Aquila, which is exiting energy trading and most of its merchant energy operations to focus on its core utility business, reported an $80.6 million net loss, or ($0.41)/share, during the second quarter of 2003.
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Losses Continue at Aquila, But Utility Units Show Improved Results
Large losses continued during the second quarter at Aquila, but they were substantially smaller than in 2Q 2002 when the company reported a net loss of $810 million. Aquila, which is exiting energy trading and most of its merchant energy operations to focus on its core utility business, reported an $80.6 million net loss, or ($0.41)/share, during the second quarter of 2003.
North American Producers Say Commodity Prices Fueling 2Q Growth
Higher oil and gas prices are fueling improved quarterly earnings reports, with several of the top North American producers reporting major gains on Wednesday. ConocoPhillips beat Wall Street’s earnings estimates by 14 cents/share, and two other large U.S.-based independents, Pioneer Natural Resources Co. and Kerr-McGee Corp., also posted gains. Meanwhile, Calgary-based Talisman Energy Inc.’s record earnings are expected to help grow its gas-heavy production 10% this year.
PSEG Avoids Large One-Time Charges, Posts Improved Results
Public Service Enterprise Group (PSEG) beat Wall Street estimates and avoided the large one-time negative charges of a year ago in announcing earnings from continuing operations for the second quarter of $150 million, or 66 cents/share, compared to a loss of $227 million, or $1.10/share.
PSEG Avoids Large One-Time Charges, Posts Improved Results
Public Service Enterprise Group (PSEG) beat Wall Street estimates and avoided the large one-time negative charges of a year ago in announcing earnings from continuing operations for the second quarter of $150 million, or 66 cents/share, compared to a loss of $227 million, or $1.10/share.
S&P Sees Improved Outlook for Energy Merchants
As the myriad of regulatory issues continues to be resolved, a Standard & Poor’s (S&P) natural gas analyst predicted Wednesday increasingly positive interest from creditors and investors toward energy merchants.
Raymond James Sees Renewed Vigor in Oilpatch
Energy fundamentals have improved dramatically over the past two years, and the industry is showing renewed vigor and momentum for a long-term recovery, according to a Raymond James energy analyst.
Raymond James Sees Renewed Vigor in Oilpatch
Energy fundamentals have improved dramatically over the past two years, and the industry is showing renewed vigor and momentum for a long-term recovery, according to a Raymond James energy analyst.
Mirant Boosts Liquidity, But Discloses Accounting Errors, Subpoena, 3Q Net Loss
Mirant’s liquidity position improved last week after it completed the sale of a one-third stake in the Shajiao C power plant in China to China Resources Power Holding Co. Ltd. for $300 million. Proceeds from the sale increased its liquidity to $1.4 billion and allowed Mirant to eliminate a $254 million loan at its Asian holding company.
Better Producer Disclosure, Dialogue With Investors Would Help Share Value
Potential rewards for improved disclosure of company operations and finances can revitalize investor confidence, leading to higher valuations, less stock price volatility, more long-term investment and a lower cost of capital, according to a survey of natural gas and oil producers and investors by PricewaterhouseCoopers.