Improving

Despite the beating taken by Williams in the second quarter with a reported net loss of $18.2 million, (loss of 3 cents per share) compared with net income of $269.7 million, or 46 cents/share in 2Q2003, ongoing results and recent positive comments from credit rating agencies indicate the company is turning the corner. WMB shares gained nearly 2% Thursday to $11.98 on a favorable outlook from company officials.

Southern Union Co. has revealed itself as the “stalking horse” for Enron Corp.’s natural gas pipeline assets, announcing it would pay $2.3 billion, topping an offer by Oscar Wyatt Jr.’s company by $55 million. Creditors are expected to ask the bankruptcy court to set a new auction for August, with the Southern Union bid as the benchmark.

Improving regulatory efficiency, becoming more competitive and securing reliable energy are three key initiatives highlighted in the second progress report on Nova Scotia’s Energy Strategy, which was released on Thursday.

Houston-based independent Ultra Petroleum Inc. scored once again in improving its proved reserves last year, upping its stake in its gas-rich Wyoming assets 53% to 1.073 Tcfe from 2002’s total of 700.5 Bcfe. Year-end audited proved reserves included 1.02 Tcf and 8.34 million bbl, while proved-plus-probable totaled 2.1 Tcfe.

In a bold move to improve its competitive advantage, ChevronTexaco will sell some of its non-strategic U.S. assets, cut up to 200 U.S. jobs, consolidate several U.S. offices and consider whether to sell some of its producing and midstream assets in western Canada. The program, which only targets North American operations, is expected to be completed in 2004.

The utility sector is continuing to benefit from an ongoing improvement in credit fundamentals as well as an overall increase in the “risk appetite” of investors in 2003, according to a report issued last week by CreditSights analysts.

This past winter’s natural gas and gasoline wholesale price spikes were not the result of manipulation but rather primarily a reaction to changes in the weather, according to the latest monthly tracking report released by California’s two major energy agencies Tuesday. The California Energy Commission and California Public Utilities Commission completed investigations this spring at the behest of the governor.

This past winter’s natural gas and gasoline wholesale price spikes were not the result of manipulation but rather primarily a reaction to changes in the weather, according to the latest monthly tracking report released by California’s two major energy agencies Tuesday. The California Energy Commission and California Public Utilities Commission completed investigations this spring at the behest of the governor.

While stressing it is on target in shoring up its liquidity and balance sheet, San Jose, CA-based Calpine Corp. Tuesday reported third quarter earnings that were less than half of what they were for the same quarter last year — 36 cents/diluted share, or $161.3 million in net income, compared to 88 cents/diluted share, or $320.8 million, for the same quarter in 2001.