Jumped

Shares of Westar Energy Inc. jumped more than 5% on Thursday after the company filed a comprehensive plan with the Kansas Corporation Commission (KCC) outlining how the company intends to reduce debt and become exclusively an electric utility.

Shares of Allegheny Energy jumped more than 15% on Friday after the Wall Street Journal reported that the troubled power company is closing in on an agreement with its creditors that would remove the threat of bankruptcy looming over Allegheny in recent months. The stock also became too hard to resist for investors after several investment firms upgraded their ratings on shares of Allegheny.

Independent producer Magnum Hunter Resources Inc. has jumped on the wagon for what it hopes will be a long ride for higher natural gas and oil prices, by increasing its capital expenditure budget for 2003 by $10 million, to $125 million from $115 million. Most of the increased capital will be spent in the first quarter.

Independent producer Magnum Hunter Resources Inc. has jumped on the wagon for what it hopes will be a long ride for higher natural gas and oil prices, by increasing its capital expenditure budget for 2003 by $10 million, to $125 million from $115 million. Most of the increased capital will be spent in the first quarter.

Natural gas production at Fort Worth-based XTO Energy Inc. jumped 26% in the third quarter compared with the same period a year ago, with the company averaging 536 MMcf/d versus 426 MMcf/d in 2001. XTO also expects its fourth quarter production to be higher, management said Tuesday, averaging 540-545 MMcf/d — more than XTO had forecast in July.

Natural gas production at Fort Worth-based XTO Energy Inc. jumped 26% in the third quarter compared with the same period a year ago, with the company averaging 536 MMcf/d versus 426 MMcf/d in 2001. XTO also expects its fourth quarter production to be higher, management said Tuesday, averaging 540-545 MMcf/d — more than XTO had forecast in July.

Duke Energy earnings jumped 23% during the second quarter to 54 cents/share led by a 128% quarterly increase in EBIT (earnings before interest and taxes) from wholesale energy operations. Duke’s Energy Services division, which includes North American Wholesale Energy, International Energy and Other Energy Services business segments, posted EBIT of $328 million for the quarter, a 58% increase over 2Q2000.

In light of yesterday’s 47-cent downward futures correction,PaineWebber may have jumped the gun a bit in raising its Henry Hubprice projections yesterday by about 15 cents for this year andnext to $3.90 and $3.95, respectively. But the investment firmalready is playing catch-up to Salomon Smith Barney (SSB) and therest of the bullish bunch on Wall Street.

Buoyed by storm concerns and another overnight session dominatedby buyers, natural gas futures jumped higher yesterday to post yetanother all-time record high. After opening right on top ofprevious resistance at $5.10, the October contract raced to its$5.223 high during the first 90 minutes of trading, triggering buystops on the way up. October finished just off its high at $5.195,up 14 cents for the session.