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While many energy companies may have struggled financially through the second quarter, Kinder Morgan Inc. beat Wall Street estimates with a 45% increase in net income and a 44% increase in diluted earnings per common share compared to the second quarter of 2001. It also doubled its quarterly dividend to 10 cents/share in its first dividend increase since the company was formed via merger in October 1999.

For the third session in a row Wednesday, natural gas futures were fast out of the chute as traders pressured the market to a higher opening trade. However, in contrast to Tuesday when prices held strong throughout the session, Wednesday was another down-day on the charts as non-commercial sellers re-entered the fray. The August contract finished at $2.841, down 2.2 cents on the day, and in the lower half of its 16.5-cent trading range.

While many energy companies may have struggled financially through the second quarter, Kinder Morgan Inc. beat Wall Street estimates with a 45% increase in net income and a 44% increase in diluted earnings per common share compared to the second quarter of 2001 and doubled its quarterly dividend to 10 cents/share in its first dividend increase since the company was formed via merger in October 1999.

For the third session in a row Wednesday, natural gas futures were fast out of the chute as traders pressured the market to a higher opening trade. However, in contrast to Tuesday when prices held strong throughout the session, Wednesday was another down-day on the charts as non-commercial sellers re-entered the fray. The August contract finished at $2.841, down 2.2 cents on the day, and in the lower half of its 16.5-cent trading range.

While many energy companies may have struggled financially through the second quarter, Kinder Morgan Inc. beat Wall Street estimates with a 45% increase in net income and a 44% increase in diluted earnings per common share compared to the second quarter of 2001 and doubled its quarterly dividend to 10 cents/share in its first dividend increase since the company was formed via merger in October 1999.

Records were broken at the New York Mercantile Exchange during the first half of the year, as the continuing credit and financial crisis in the energy industry following Enron’s bankruptcy forced many companies to turn to the exchange instead of to the megamarketers and industry counterparties to lay off risk and execute trading strategies. Nymex said it set records for overall volume and a host of subcategories, including large increases in gas futures and options trading.

Mirant shares rose sharply last Monday and remained in positive weekly territory on Friday after CEO Marce Fuller said the company would beat earnings forecasts and should have a solution to its credit woes in place before the end of the summer. However, the solution is likely to look a lot different than what was expected a few months ago when the idea was first announced, she said.

Assumed normal weather for next winter and the addition of another 2,400 MW of gas-fired power generation this summer on top of the 1,000 MW last summer should lead to a 6.7% increase in gas deliveries in Michigan this year, the Michigan Department of Consumer & Industry Services said in its semiannual energy appraisal. The department said it expects 905 Bcf of gas deliveries this year.

In an effort to get a jump on energy choice in Illinois when it begins in May, Peoples Energy Corp. and Dominion have formed an alliance to market retail gas and electricity to the nearly 3,000,000 residential consumers in Chicago and northern Illinois.