Income

A bipartisan group of senators on Tuesday called on the Bush administration to release the final $100 million in emergency funding for Low-Income Home Energy Assistance Program (LIHEAP) that helps needy families pay their utility bills. They also recommended that the annual LIHEAP budget be expanded.

Apache Corp. on Thursday reported that record oil and natural gas production, combined with strong commodity prices, drove 2004 net income to a record $1.7 billion ($5.03/share), up from $1.1 billion ($3.43) in 2003. Canadian gas volumes were up for the quarter, while U.S. gas output fell.

The American Gas Association (AGA) called on Congress Friday to increase funding for the Low-Income Home Energy Assistance Program (LIHEAP) to avoid a crisis situation this winter heating season.

The American Gas Association (AGA) called on Congress Friday to increase funding for the Low-Income Home Energy Assistance Program (LIHEAP) to avoid a crisis situation this winter heating season.

The American Gas Association (AGA) called on Congress Friday to increase funding for the Low-Income Home Energy Assistance Program (LIHEAP) to avoid a crisis situation this winter heating season.

Dominion Resources reported net income of $337 million ($1.02 per share) for the third quarter, compared to a net loss of $256 million (79 cents per share) during the same quarter last year, but the company’s operating earnings missed Wall Street estimates and Dominion lowered its earnings guidance in part because of a fuel-cost freeze in its electric utility service territory.

Dominion Resources reported net income of $337 million ($1.02 per share) for the third quarter, compared to a net loss of $256 million (79 cents per share) during the same quarter last year, but the company’s operating earnings missed Wall Street estimates and Dominion lowered its earnings guidance because of a regulatory setback.

Houston-based Contango Oil & Gas Co. reported net income for the year, which ended June 30, at $7.1 million (68 cents/share), compared with a loss of $4.9 million (minus 54 cents) for 2003. Natural gas and oil sales for the year were $27.6 million, down from $33.9 million a year earlier. After reflecting gains and losses from hedging activities, total revenues were $27.7 million, compared with last year’s $28.2 million. Total proved reserves as of June 30 were 15.6 Bcf and 297,000 bbl. “Our fiscal year 2004 onshore exploration program was a disappointment,” said CEO Kenneth Peak. “Although we participated in the drilling of 14 exploratory wells, eight of which were successful, we only found 1.7 Bcfe, far short of replacing our 5.0 Bcfe of fiscal year 2004 production. We expect to participate in five to seven onshore exploration wells over the next six to nine months.” Peak said current production is 15 MMBtue/d.

Calgary-based Esprit Exploration Ltd. is one step closer to reorganizing into an income trust and an exploration and production (E&P) company, and will hold a special shareholder meeting in late September to consider the arrangement. Esprit Energy Trust would hold 90% of Esprit’s existing proved producing reserves, while ProspEx Resources Ltd. would own the balance of the assets and some of the undeveloped lands. In order to become effective, a resolution approving the arrangement must be approved by at least two-thirds of the shareholders. It also will require final approval of the Court of Queen’s Bench of Alberta. If all conditions are satisfied or waived, Esprit, known until last year as Canadian 88 Energy Corp., expects the reorganization to take effect Oct 1. The shareholder meeting is scheduled for Sept. 27 at the Westin Hotel in Calgary.