After months of criticism that it had been underestimating the decline of domestic natural gas production in 2002 by a considerable amount, the Energy Information Administration (EIA) came forward in its February Short Term Energy Outlook with revised production statistics based on data collected from another government agency, the Minerals Management Service. However, a large discrepancy in its statistics remains, leaving open the possibility of further large revisions in the future.
Lowers
Articles from Lowers
EIA Lowers 2002 Production Data, Sees Wellhead Prices Averaging $4.36 in ’03
After months of criticism that it had been underestimating the decline of domestic natural gas production in 2002 by a considerable amount, the Energy Information Administration (EIA) came forward in its February Short Term Energy Outlook with revised production statistics based on data collected from another government agency, the Minerals Management Service. However, a large discrepancy in its statistics remains, leaving open the possibility of further large revisions in the future.
Williams Reaffirms Recurring Profit Guidance, Slightly Lowers Debt
Williams said it cut about $600 million of debt in the fourth quarter to a total of $14 billion and has current liquidity of $1.6 billion. In a brief preview of its year-end financials last Thursday, the company said it expects recurring operating earnings to fall within its previous guidance for 2002 of $1.4 billion to $1.5 billion from its gas pipeline, exploration and production, and midstream gas and liquids businesses, along with its investment in Williams Energy Partners
Williams Reaffirms Recurring Profit Guidance, Slightly Lowers Debt
Williams said it cut about $600 million of debt in the fourth quarter to a total of $14 billion, has current liquidity of $1.6 billion and expects recurring operating earnings to fall within its previous guidance for 2002 of $1.4 billion to $1.5 billion from its gas pipeline, exploration and production, and midstream gas and liquids businesses, along with its investment in Williams Energy Partners
Mirant Sells Production Unit, Chinese Power Plant, Lowers Guidance
Mirant Corp. has sold its interest in the Shajiao C power project in China for $300 million and sold 96 Bcf of proved oil and gas reserves in Louisiana for $150 million. The sales were reported with its third quarter financial statement, which showed a net loss of $1 million ($0/share) and third quarter adjusted earnings of $149 million, or 33 cents/share. Adjusted earnings per share were below the 47 cents/share average of analysts’ expectations, and the company lowered its earnings guidance for the year to $1.-1.05 compared to the $1.39 average analysts’ expectations.
Analyst Cuts Stock Rating on El Paso, Lowers Outlook on Energy Merchants
El Paso shares fell another 4% Wednesday after Morgan Stanley analyst Scott Soler cut his El Paso stock rating to “underweight” from “equal weight” and lowered his outlook on the entire natural gas industry to “cautious” from “in-line.”
NUI Lowers ’02 Profit Projection; Stock Takes 50% Hit
Marking the second time the company has reduced its earnings guidance in the last four months, NUI Corp. said Friday it anticipates fiscal 2002 earnings from continuing operations for the year that ended Sept. 30 to be between $0.85 to $0.95 per share, excluding the effect of the change in accounting, severance and discontinued items. In July, the company lowered its guidance to $1.50 to $1.60 per share from its previous guidance of $1.80 – $1.90 per share (see Daily GPI, July 17).
Saskatchewan Lowers Oil, Gas Royalties to Encourage Exploration
Saskatchewan’s government has introduced a plan to increase exploration and development activity by lowering oil and gas royalty and tax structures, implementing a system of volume incentives and reducing corporate capital tax surcharges.
Saskatchewan Lowers Oil, Gas Royalties to Encourage Exploration
Saskatchewan’s government has introduced a plan to increase exploration and development activity by lowering oil and gas royalty and tax structures, implementing a system of volume incentives and reducing corporate capital tax surcharges.
TXU Lowers Earnings Forecasts for 2002-03; Cites UK Losses
TXU Corp., which so far had remained unscathed in either rumor, innuendo or loss of investor confidence, saw the lights dim Friday after drastically revising downward its earnings forecasts through 2003. By midday, credit ratings agencies were re-evaluating the company’s operations, and investors were selling off their stocks in record numbers.