Leading

Global Marine Inc. and Key Energy Services Inc., leading offshore and onshore drilling contractors respectively, yesterday reported significant upticks in their quarterly earnings due to the ascending oil and gas drilling activity in the United States and worldwide.

With its wholesale energy and natural gas distribution segments leading the charge, Reliant Energy Inc.’s first quarter earnings easily beat analysts’ consensus estimates and the company now feels confident that it can grow its bottom line for all of 2001 above and beyond previous projections of 10% to 12%.

With the company’s NRG Energy independent power producer unit leading the way, Xcel Energy Inc. is raising its earnings estimates for this year to $2.30 per share, up from previous estimates of $2.20 per share. Meanwhile, executives at the company last Tuesday sought to allay any possible concerns about Xcel’s supply position heading into the summer months.

With the company’s NRG Energy independent power producer unit leading the way, Xcel Energy Inc. is raising its earnings estimates for this year to $2.30 per share, up from previous estimates of $2.20 per share. Meanwhile, executives at the company Tuesday sought to allay any possible concerns about Xcel’s supply position heading into the summer months.

Although no conclusions or commitments have been reached,Chevron is very actively pursuing studies leading to thedevelopment of a liquefied natural gas (LNG) receiving terminal ata still undetermined spot along the California coast to regasifythe equivalent of 500 MMcf/d of LNG from the Northwest Shelf offWestern Australia (see Daily GPI, March 20). Chevron is a one-sixthowner of the huge NW Shelf LNG Project involving 15 Tcf of gas nowbeing liquefied and shipped to markets in the Far East, and atwo-seventh partner in the not-yet-producing Gorgon Projectoffshore Western Australia.

The annual Central Gulf of Mexico lease sale, considered a leading barometer of the energy industry’s exploration and production efforts, drew a healthy response Wednesday in New Orleans, with the Minerals Management Service receiving bids totaling $505,468,501. The 547 blocks, located off the coasts of Louisiana, Mississippi and Alabama, drew bids from 90 companies – a 60% higher response than last year.

TXU Energy Services entered a five-year energy managementagreement with Maytag Corp. — a leading manufacturer ofappliances — that is expected to provide Maytag with significantsavings on its energy expenditures. The deal follows an activeFebruary in which TXU entered two similar contracts (see Daily GPI,Feb. 21)

The annual Central Gulf of Mexico lease sale, considered aleading barometer of the energy industry’s exploration andproduction efforts, drew a healthy response Wednesday in NewOrleans, with the Minerals Management Service receiving bidstotaling $505,468,501. The 547 blocks, located off the coasts ofLouisiana, Mississippi and Alabama, drew bids from 90 companies – a60% higher response than last year.

Leading Senate Democrats yesterday introduced two major bills -one addresses supply and demand policy shifts, while the otherproposes a mix of tax incentives – to tackle the escalatingproblems in the nation’s energy sectors.