The $1.9 billion sale in March of Panhandle Eastern Pipe LineCo. and Trunkline Gas Co. to Michigan-based CMS Energy resulted ina one-time gain of $1.82 per share for the first quarter and anafter-tax gain of $660 million, putting Duke earnings for thequarter over results in the same quarter last year. Duke reportedearnings of $2.65 per share, compared with 87 cents in 1Q98.Without the sale, and the absence of an extraordinary item fromlast year’s quarter, basic first-quarter earnings were 83 cents pershare versus 89 cents last year.
March
Articles from March
Board ‘Outs’ Trip Up ANR Expansion at FERC
It took FERC only a few days to recognize that ANR PipelineCo.’s March 8 application for a second Wisconsin expansion projectin 18 months fails to meet the Commission’s test for showing marketneed.
Have You Heard This Before? Cash Prices Flat
Some traders were groaning with dismay Wednesday at the prospectof the March market being one of nearly all sideways pricemovement, much like the February one preceding it. All it takes isa look at the multitude of zeroes and ones in the change column ofDaily GPI’s price table today to understand where they might havegotten such an idea.
MMS Issues Notice for Central Gulf Sale 172
The U.S. Department of the Interior’s Minerals ManagementService (MMS) doesn’t expect Sale 172 in the Central Gulf of Mexico(GOM) scheduled for March 17, 1999 in New Orleans to set anyrecords.
New Jersey on the Verge of a Deregulation Outbreak
Legislation with drop-dead dates for 100% gas and electricderegulation continued to march through the New Jersey GeneralAssembly Friday, as the state senate’s Economic Growth Committeeagreed to send a bill to both the senate and assembly floors for avote on Tuesday. If passed, the bill would force the state’s gasindustry to allow supply competition statewide starting Dec. 31 andstatewide electric generation competition starting Aug. 1. For itto become law, the bill needs to win a simple majority in bothhouses.
Maher Retiring From Washington Gas
Patrick J. Maher, chairman of Washington Gas Light, will retireeffective March 1. He will begin his leave pending retirement onDec. 1. Maher joined the company in 1974 as vice president andchief financial officer, and subsequently held the positions ofexecutive vice president of finance and administration, president,and chief executive officer. He has been a member of the board ofdirectors since 1988 and became chairman in 1992.
Maher Retiring From Washington Gas Light
Patrick J. Maher, chairman of Washington Gas Light, will retireeffective March 1. He will begin his leave pending retirement onDec. 1. Maher joined the company in 1974 as vice president andchief financial officer, and subsequently held the positions ofexecutive vice president of finance and administration, president,and chief executive officer. He has been a member of the board ofdirectors since 1988 and became chairman in 1992.
UPR Makes Another De-Leveraging Sale
Union Pacific Resources Group (UPR) continues to march aheadwith its de-leveraging program, announcing last week that it agreedto sell interests in certain South Texas oil and gas properties toCollins & Ware Inc. for $148 million. The sale is scheduled toclose Oct. 30, subject to conditions, with an effective date ofSept. 1.
Nymex Prices Continue Strong March Into Summer
The May Nymex contract surged 13.3 cents to $2.668 Wednesday,despite cash market prices which remained relatively unchanged. Thereason why? “Who really knows, but what I do know enough funds wereconvinced this market was a play to trigger buy stops above $2.61.Estimated volume of more than 80,000 contracts tells you that,” asource told GPI.
Trans Energy Closes Merger
Trans Energy Inc. said its merger with Natural Gas TechnologiesInc. (NGTI), a privately held oil and gas company based in Dallas,was completed March 26.