Outlines

Houston-based KCS Energy Inc. said on Wednesday that its third quarter 2001 drilling program was successful in the Mississippi Salt Basin, South Texas and Mid-Continent regions. However, the company warned that because of currently weak commodity prices it plans to scale back drilling in the fourth quarter.

Denver, CO-based Westport Resources Corp. said late last week that the company spudded eight natural gas exploration wells and 59 development wells during the third quarter. The company also reported that it has hedged approximately 60% and 40% of its estimated oil and gas production, respectively, from its proved developed producing reserves for 2002. Westport said its oil and gas hedges are predominantly collars with average floor prices of $22.26 per barrel and $3.10 per MMBtu respectively.

Devon Energy Corp. issued an updated version of its hedging transactions, including previous hedged positions and its most recent transactions, going through the rest of 2001 and into 2002.

California Gov. Gray Davis “delivered” on his plan to buy outthe transmission systems of the financially-troubled investor-ownedutilities in the state Friday, outlining the framework of a deal,but with no dollar signs attached and no on-the-record agreementswith the utilities.

California Gov. Gray Davis “delivered” on his plan to buy outthe transmission systems of the financially-troubled investor-ownedutilities in the state Friday, outlining the framework of a deal,but with no dollar signs attached and no on-the-record agreementswith the utilities.

Phillips Petroleum expects to be reporting a 52% oil and gas production increase in 2000 over last year, according to Tom Morris, Phillips CFO, who spoke last week at the Lehman Brothers CEO Energy Conference. Morris said that he expects the company will follow up with a 17% increase in 2001 production.

Phillips Petroleum expects to be reporting a 52% oil and gas production increase in 2000 over last year, according to Tom Morris, Phillips CFO, who spoke yesterday at the Lehman Brothers CEO Energy Conference. Morris said that he expects the company will follow up with a 17% increase in 2001 production.

Federal Trade Commission Chairman Robert Pitofsky Thursdayoutlined some factors the FTC considers in determining whether andto what extent restructuring can save an otherwise anticompetitivemerger proposal. In remarks at the Cutting Edge AntitrustConference of Law Seminars International in New York City hestressed the need for transparency on behalf of federal regulatorsas restructuring proposals become more complex.

In reporting record third quarter improvements, including an 88%increase in earnings per share and a 16% increase in net income,Dynegy CEO Chuck Watson yesterday highlighted an aggressive powergeneration plan that will become the “engine for the growth of ourearnings for the future.”