Joins

Building on a tripling of the financial contribution of its Dynegy Marketing and Trade division, Dynegy Inc. announced its third-quarter recurring earnings per share of $0.55 will top analysts’ estimates of $0.50 per share.

Unitil Corp. said yesterday it executed its first aggregated onlinenatural gas transaction for a municipality, the Village of Ilion,NY. Usource, a service of Unitil Corp., is an internet-based energyauction service that caters to customers in Pennsylvania, New York andNew England. Usource’s customers include MI Energy, LLC, the New YorkCity Housing Authority and major industrial firms in the region (seeDaily GPI, March 28).

Columbia Natural Resources Canada (CNRC) has joined with twosmall Canadian producers targeting onshore Maritimes production tofeed the nearly completed Maritimes & Northeast Pipeline.

An epic battle with multiple fronts is shaping up in Canada overan appeal by the Northwest Territories government for the NationalEnergy Board to take jurisdiction over the Nova pipeline grid awayfrom Alberta.

An epic battle with multiple fronts is shaping up in Canada over an appeal by the Northwest Territories government for the National Energy Board to take jurisdiction over the Nova pipeline grid away from Alberta.

Avista Corp. affiliate Avista Power and STEAG AG, Germany’slargest independent power producer agreed to form a joint ventureto develop, build and/or buy electric generation assets throughoutNorth America. Initial regions of interest include the Northwest,the Southwest and the Southeast. Projects of interest include thosepowered by natural gas, coal and hydro.

Chevron announced last Thursday it lost 35% of its profitscompared to the same period in 1998. The company reported a netincome of $329 million or $0.50/diluted share versus $507 millionor $0.77/diluted share in 1998’s first quarter. The oil and gascompany sold oil at an average of under $10/barrel (a 20% drop form1Q98 prices) and gas at an average of $1.63/Mcf (a 22% drop from 1Q98).

Chevron announced Thursday it lost 35% of its profits comparedto the same period in 1998. The company reported a net income of$329 million or $0.50/diluted share versus $507 million or$0.77/diluted share in 1998’s first quarter. The oil and gascompany sold oil at an average of under $10/barrel (a 20% drop form1Q98 prices) and gas at an average of $1.63/Mcf (a 22% drop from 1Q98).

Texaco joined the growing crowd of producers revising downwardcapital expenditures for 1999. The company said its 1999 capexwould total $3.7 billion, including subsidiaries and affiliates,down $600 million from its original $4.3 billion plan. Chevron,Arco and Unocal announced similar reductions last month.