Lowered

Standard & Poor’s Ratings Services lowered El Paso Corp.’s credit ratings to ‘B+’ from ‘BB’ on Friday, ending a long and difficult week, that included a 42% collapse in El Paso’s stock price to $4.92/share on Friday from Monday’s open. Investors dumped the company’s stock after it announced that it would cut its dividend 82% to 16 cents annually, sell off another $2.9 billion in assets and exit the rapidly growing liquefied natural gas (LNG) business.

Unocal Corp. has revised downward its fourth quarter earnings forecast, citing lower crude oil and natural gas prices, increased environmental remediation costs, and expenses resulting from its acquisition of Pure Resources Inc. late last year.

Unocal Corp. on Thursday revised downward its fourth quarter earnings forecast, citing lower crude oil and natural gas prices, increased environmental remediation costs, and expenses resulting from its acquisition of Pure Resources Inc.

Investment banker UBS Warburg last week lowered its estimates for Marathon Oil Corp.’s 12-month price target and earnings-per-share (EPS) in 2003 and 2004 following the producer’s announcement last week that it expects lower production levels in the next two years.

Investment banker UBS Warburg lowered its estimates for Marathon Oil Corp.’s 12-month price target and earnings-per-share (EPS) in 2003 and 2004 following the producer’s announcement last week that it expects lower production levels in the next two years.

Retail natural gas rates continued to fall in Washington and Nevada Wednesday and the lowered charges could become effective by Friday. The lucky customers are with Bellevue, WA-based Puget Sound Energy (PSE) and Las Vegas, NV-based Southwest Gas Corp.

In its latest energy forecast, the Energy Information Administration (EIA) slightly lowered its predictions for gas supply this year mainly due to expectations of lower imports. It marginally raised its gas demand forecast and added a penny/Mcf to its outlook for expected average wellhead prices this year, which are now at $2.79/Mcf compared to $4.12 last year.

In its latest energy forecast, the Energy Information Administration slightly lowered its predictions for gas supply this year mainly due to expectations of lower imports. It marginally raised its gas demand forecast and added a penny/Mcf to its outlook for expected average wellhead prices this year, which are now at $2.79/Mcf compared to $4.12 last year.

Standard & Poor’s Rating Services on Monday lowered its long-term corporate credit ratings of Dynegy Inc. and its subsidiaries to “BB” from “BBB-“, reflecting the company’s increased use of secured financing that “places the unsecured debtholders at a disadvantage.” The Houston-based company’s ratings also will remain on CreditWatch with negative implications. The “erosion in Dynegy’s core merchant energy business has become more pronounced,” S&P said of its rating. “Despite cutbacks in capital expenditures and costs savings, including a reduction in the common dividend payout, needed incremental cash flow has been slow to materialize.”