Operations

In announcing a 46% increase in third quarter earnings yesterdayled by a doubling of earnings from the company’s nonregulatedoperations, El Paso CEO William Wise said he expected the company’sacquisition of PG&E Gas Transmission Texas to win finalapprovals from the Federal Trade Commission and the Texas AttorneyGeneral’s office “literally any moment now.” He also said theCoastal merger still is expected to be completed in the fourthquarter.

Led by its unregulated wholesale energy operations, Duke Energy put in a whopper quarter, exceeding analysts expectations. Earnings before interest and taxes from its wholesale group jumped 175%.

Led by its unregulated wholesale energy operations, Duke Energyput in a whopper quarter, exceeding analysts expectations. Earningsbefore interest and taxes from its wholesale group jumped 175%.

Williams said Thursday it expects to resume normal operationsSunday, one day earlier than previously anticipated, on Line Segments490 and 491. The pipeline had declared a force majeure for thesegments following a compressor failure at its Riner Station (seeDaily GPI, Aug. 3).

Better than expected profits lifted ExxonMobil and Chevron tomore than double their second-quarter earnings of a year ago, asthey reaped the benefit of surging oil and natural gas prices.

Record second quarter earnings at Houston’s El Paso Energy Corp. came from “outstanding growth” in its merchant energy operations, and strong performances in the company’s other non-regulated segments, according to CEO William A. Wise.

Record second quarter earnings at Houston’s El Paso Energy Corp.came from “outstanding growth” in its merchant energy operations,and strong performances in the company’s other non-regulatedsegments, according to CEO William A. Wise.

Tennessee delayed pigging operations on the Blue Water System,originally scheduled for Monday and today (see Daily GPI, March 6), tentatively until Thursday andFriday of this week. No service restrictions are expected, butproducers may experience higher than normal pressures.

Courage Energy Inc., an oil and natural gas company withoperations in western Canada, announced yesterday a purchase of aninterest in producing wells and facilities in the Peace River Archarea of northern Alberta for $13.5 million. The seller wasundisclosed and Courage will now operate the property with 55%ownership. The acquisition will immediately add over 3 MMcf/d tothe company’s production. There are additional wells awaitingcompletion, and pipeline tie-in, which will add to these productionvolumes, Courage said. The purchase includes 28,000 acres (16,000acres net) of land and a comprehensive seismic database. Anindependent engineering report, prepared for the Vendor, hasassigned 14.1 Bcf of proved reserves and an additional 6.428 Bcf ofrisked probable reserves for a total 20.5 Bcf of establishedreserves. The scheduled date to close the acquisition is Feb. 28,with an effective date of Dec. 31.