With more and more energy trading companies joining the ranks of their credit-troubled counterparts in the industry, Houston-based EnergyClear Corp., the first independent U.S. energy clearinghouse registered with the Commodity Futures Trading Commission, said Thursday it has established a new category of membership for merchant energy trading companies facing credit rating downgrades.
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EnergyClear Offers Membership Plan for Credit-Risky Traders
With more and more energy trading companies joining the ranks of their credit-troubled counterparts in the industry, Houston-based EnergyClear Corp., the first independent U.S. energy clearinghouse registered with the Commodity Futures Trading Commission, said Thursday it has established a new category of membership for merchant energy trading companies facing credit rating downgrades.
Allegheny to End Speculative Merchant Trading
Allegheny Energy Inc.’s marketing and trading subsidiary is joining its peers and will drop speculative energy trading. Instead, the Allegheny Energy (AE) Supply will market its energy to the corporation’s “legacy assets,” a spokeswoman said Friday.
Enron’s Lay Says Rumors ‘Doing A Lot of Damage to Us’
With embattled CFO Andrew Fastow and other corporate executives joining him, Chairman Kenneth Lay attempted to answer yet again the growing list of questions that are swirling around Enron Corp.’s third quarter announcement of equity reductions and related-party transactions. However, it seemed in the end that listeners were still hungry for more information on the Houston-based company’s balance sheet, as well as its plans to stop the slide in stock prices.
Dynegy, Apache, Occidental and Tom Brown Dump Andersen
Joining a growing list of peers that already have abandoned the legally ensnared Arthur Andersen LLP, Dynegy Corp., Apache Corp., Occidental Petroleum Corp. and Tom Brown Inc. said last week that they were cutting ties with the auditing firm. The announcements by the companies came within days of Arthur Andersen pleading not guilty to obstruction of justice in a Houston court.
Kerr-McGee Cuts 2002 E&P Budget, Targets Gulf, Exploratory Wells
Kerr-McGee Corp., joining the trend among independents as the recession and lower energy prices take their toll, has reduced its capital spending budget for 2002 to $890 million — down from its $1.24 billion spending last year. Most of this year’s capital spending, approximately $780 million, will be spent on oil and gas exploration and production. The Oklahoma City-based company spent $1.03 billion on E&P in 2001.
Kerr-McGee Cuts 2002 E&P Budget, Targets Gulf, Exploratory Wells
Kerr-McGee Corp., joining the trend among independents as the recession and lower energy prices take their toll, has reduced its capital spending budget for 2002 to $890 million — down from its $1.24 billion spending last year. Most of this year’s capital spending, approximately $780 million, will be spent on oil and gas exploration and production. The Oklahoma City-based company spent $1.03 billion on E&P in 2001.
Low Energy Prices Drop Phillips’ Earnings 15%
Joining the growing list of companies that have posted declines in the third quarter due to low oil and gas prices, Phillips Petroleum Co. reported net income, including special item charges, of $364 million ($1.30 per share), compared with $426 million ($1.66 per share) during the same quarter a year ago. The company posted total revenues of $6.2 billion, showing an increase from the $5.7 billion results from a year ago.
Newfield Cuts Gulf Gas Production Because of Low Prices
Joining some of its peers, most notably EOG Resources, Newfield Exploration announced it is curtailing a small portion of its fourth quarter natural gas production in response to low gas prices. The company also reported that the action will allow it to take advantage of a likely further decline in service sector costs.
Newfield Cuts Gulf Gas Production Because of Low Prices
Joining some of its peers, most notably EOG Resources, Newfield Exploration announced it is curtailing a small portion of its fourth quarter natural gas production in response to low gas prices. The company also reported that the action will allow it to take advantage of a likely further decline in service sector costs.