Due to a strong performance from its energy marketing and trading segment, in addition to asset sales, Williams announced 2Q2003 unaudited net income of $269.7 million, or 46 cents per share on a diluted basis, compared with a net loss of $349.1 million, or a loss of 68 cents per share, for the similar period of 2002.
Operating
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Williams Swings 2Q2002 Loss to 2Q2003 Profit
Due to a strong performance from its energy marketing and trading segment, in addition to asset sales, Williams announced 2Q2003 unaudited net income of $269.7 million, or 46 cents per share on a diluted basis, compared with a net loss of $349.1 million, or a loss of 68 cents per share, for the similar period of 2002.
Transportation Notes
Noting that it is currently operating with “extremely low linepack,” Kern River said Tuesday it is imperative that operators do not take delivery of more quantities than are scheduled. If drafting continues to be a problem, the pipeline said, further action will be taken.
North American Producers Say Commodity Prices Fueling 2Q Growth
Higher oil and gas prices are fueling improved quarterly earnings reports, with several of the top North American producers reporting major gains on Wednesday. ConocoPhillips beat Wall Street’s earnings estimates by 14 cents/share, and two other large U.S.-based independents, Pioneer Natural Resources Co. and Kerr-McGee Corp., also posted gains. Meanwhile, Calgary-based Talisman Energy Inc.’s record earnings are expected to help grow its gas-heavy production 10% this year.
Moody’s Boosts Dynegy’s Liquidity Rating
Operating cash flow, combined with cash on hand and available credit, is expected to be more than enough to cover Dynegy Inc.’s scheduled spending over the next 12 months, and with that knowledge, Moody’s Investors Service on Thursday assigned the company a speculative grade liquidity rating of SGL-1. Moody’s SGL is a short-term rating system for speculative grade issuers that are, by definition, “not prime,” and are assigned on a scale from SGL-1 (very good) to SGL-4 (weak).
Moody’s Boosts Dynegy’s Liquidity Rating
Operating cash flow, combined with cash on hand and available credit, is expected to be more than enough to cover Dynegy Inc.’s scheduled spending over the next 12 months, and with that knowledge, Moody’s Investors Service on Thursday assigned the company a speculative grade liquidity rating of SGL-1. Moody’s SGL is a short-term rating system for speculative grade issuers that are, by definition, “not prime,” and are assigned on a scale from SGL-1 (very good) to SGL-4 (weak).
S&P: Hedging Techniques Could Ease Energy Merchant Turmoil
To remedy the financial turmoil that exists for U.S. energy merchants still operating, an analyst with Standard & Poor’s Ratings Services (S&P) suggested Thursday that they should consider relying more on “trading around their assets” by hedging and other risk-management activities.
S&P: Hedging Techniques Could Ease Energy Merchant Turmoil
To remedy the financial turmoil that exists for U.S. energy merchants still operating, an analyst with Standard & Poor’s Ratings Services (S&P) suggested Thursday that they should consider relying more on “trading around their assets” by hedging and other risk-management activities.
S&P Lifts CreditWatch on Dynegy
Based on the successful completion of two revolving bank loans and a third bank loan for its communications operating lease, the credit ratings of Dynegy Inc. and its subsidiaries were removed from CreditWatch by Standard & Poor’s Ratings Services (S&P) on Wednesday.
Transportation Notes
Algonquin will lift Wednesday a Critical Notice that was posted Jan. 20. It anticipates that operating conditions will allow a limited amount of due-shipper imbalance make-up gas to be scheduled.