Orleans

New Orleans-based McMoRan Exploration Co. and Palace Exploration Co., a private energy company, plan to expand their business partnership to acquire and exploit high potential prospects in the Gulf of Mexico (GOM) deepwater as well as the Gulf Coast area. The venture, which committed $500 million initially toward exploration efforts, also is considering opportunities in other areas of the Caribbean Basin.

New Orleans-based McMoRan Exploration Co. and Palace Exploration Co., a private energy company, plan to expand their business partnership to acquire and exploit high potential prospects in the Gulf of Mexico (GOM) deepwater as well as the Gulf Coast area. The venture, which committed $500 million initially toward exploration efforts, also is considering opportunities in other areas of the Caribbean Basin.

In a unanimous decision Wednesday, the 5th U.S. Court of Appeals in New Orleans affirmed a Houston jury’s obstruction of justice verdict against the accounting firm Arthur Andersen LLP, which was convicted in 2002 for mishandling Enron Corp.-related documents.

In a unanimous decision Wednesday, the 5th U.S. Court of Appeals in New Orleans affirmed a Houston jury’s obstruction of justice verdict against the accounting firm Arthur Andersen LLP, which was convicted in 2002 for its mishandling of Enron Corp.-related documents.

First quarter earnings for New Orleans-based Entergy Corp. slumped 47% from low volatility in its energy trading unit and on mild weather, but the company still managed to beat Wall Street forecasts by a penny.

New Orleans-based independent McMoRan Exploration Co.’s test results on an exploratory well offshore Louisiana indicate it has the potential of producing 50 MMcfe/d. Production is scheduled to begin in the third quarter.

Florida-based FPL Group Inc., the largest power company in oneof the fastest growing states, has agreed to buy New Orleans-basedEntergy Corp. for $13.9 billion in stock and assumed debt to formthe largest utility in the United States. When the deal is done,the new company will serve 6.3 million customers and have acombined generating capacity of more than 48,000 MW.

New Orleans-based Entergy Corp. expects to exceed its earnings estimate by at least 10 cents in the third quarter, and now expects to exceed its earnings guidance for the entire year 10-20 cents, benefiting from stronger than expected wholesale energy marketing and trading sales and continued improvement in the regional economy.

The Interior Department’s Minerals Management Service (MMS) has tentatively scheduled its controversial Lease Sale 181 in the eastern Gulf of Mexico for Dec. 5 in New Orleans, LA.