What once was separated now is back together. Kansas City, MO-based UtiliCorp United has completed its previously announced short-form merger of its Aquila Inc. subsidiary with a UtiliCorp subsidiary. In November 2001, UtiliCorp unveiled its plans to buy back the 20% of its trading and risk management arm, Aquila, that it sold to the public earlier in 2001 and adopt Aquila as its corporate name (see NGI, Nov. 12, 2001; Nov. 19, 2001).
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House Committee to Call on Enron Auditor, Skilling
As part of a stepped-up Capitol Hill investigation into the financial breakdown of the once-powerful Enron Corp., the chairmen of two House panels have called on the energy trader’s outside auditor, Arthur Andersen LLP, to turn over audit records and to make certain employees available to committee staff for interviews. They also have asked former Enron CEO Jeffrey Skilling to be on hand for a visit.
SEC Vows to Deal ‘Swiftly’ with Enron ‘Wrongdoers’
If the ongoing investigation by the Securities and Exchange Commission (SEC) uncovers irregularities by the once-mighty and now-bankrupt Enron Corp., the lead accountant for the agency assured House lawmakers Wednesday that it will deal “swiftly and completely with any wrongdoers.”
Amid Myriad of Forecasts, Futures Traders Decide [Weather] to Be Bullish
Short-covering was once again the name of the game at Nymex Tuesday as local and commercial traders lifted natural gas futures prices off early session lows and propelled the January contract to its fourth-straight positive close. Traders agreed yesterday’s advance was set in motion by new forecasts that suggest the record-setting warm temperatures across much of the country will soon be coming to an end. By virtue of its 5.6-cent gain and $2.803 settlement, the prompt contract has rallied more than 30 cents off last Wednesday’s $2.491 close.
El Paso: Enron’s Woes Unlikely to Have ‘Domino Effect’
Even if the once high-flying Enron Corp. should cease to exist, either by being declared bankrupt or by being swallowed by Dynegy Corp. or another competitor, it is unlikely that this would have a significant “domino effect” on other companies in the energy business due to their limited financial exposure to Enron, El Paso Corp. executive Ralph Eads told Wall Street analysts Wednesday.
Producers ‘Dusting Off’ Shut-in Plans as Prices Sink
With Henry Hub natural gas prices “bouncing” around $2/Mcf, and prices in the Rockies even more lackluster, producers once again are re-evaluating drilling budgets, pulling back on near-term production activity, and “dusting off” plans to shut in production — plans that they haven’t looked at in years, says the Energy and Environmental Analysis Inc. (EEA) in its October gas update.
BP Starts Statistical Review of U.S. Energy Markets
BP released its “Statistical Review of World Energy 2001” last week showing natural gas once again as the fastest growing fuel in 2000, with global consumption rising by 4.8% — the highest rate since 1996. However, the review also included for the first time a “Statistical Review of U.S. Energy.” For the U.S., BP notes, last year was a period when energy markets were characterized by high prices, low inventories, increased capacity utilization, and increased dependence on net energy imports. U.S. energy consumption growth in 2000, at 2.3%, was somewhat above the 10-year average of 1.8%, but well above the rate of growth in production, at 0.5%.
BP Starts Statistical Review of U.S. Energy Markets
BP released its “Statistical Review of World Energy 2001” yesterday showing natural gas once again as the fastest growing fuel in 2000, with global consumption rising by 4.8% — the highest rate since 1996. However, the review also included for the first time a “Statistical Review of U.S. Energy.” For the U.S., BP notes, last year was a period when energy markets were characterized by high prices, low inventories, increased capacity utilization, and increased dependence on net energy imports. U.S. energy consumption growth in 2000, at 2.3%, was somewhat above the 10-year average of 1.8%, but well above the rate of growth in production, at 0.5%.
Bearish Cash Market Shows Little Sign of Reversing
Once again softening cash prices followed the lead of theprevious afternoon’s screen movement, and if that tendencycontinues to hold true, expect another falling cash market today.Wednesday’s declines ranged from about a nickel to 20 cents, andCalifornia stood out again with losses greater than those in thegeneral market.
Barrett’s Suitors May Grow, Say Analysts
Analysts who cover Barrett Resources Corp. said yesterday thatonce the data rooms are opened, the Denver-based independent mayhave more than one cash-rich suitor interested in picking up thecompany’s assets, which are heavily concentrated in the naturalgas-rich Rocky Mountains. Barrett formally rejected a bid by RoyalDutch Shell Group, which yesterday launched a hostile takeover (seeDaily GPI, March 12).