The $1.9 billion sale in March of Panhandle Eastern Pipe LineCo. and Trunkline Gas Co. to Michigan-based CMS Energy resulted ina one-time gain of $1.82 per share for the first quarter and anafter-tax gain of $660 million, putting Duke earnings for thequarter over results in the same quarter last year. Duke reportedearnings of $2.65 per share, compared with 87 cents in 1Q98.Without the sale, and the absence of an extraordinary item fromlast year’s quarter, basic first-quarter earnings were 83 cents pershare versus 89 cents last year.
Articles from Panhandle
FGT Has Tight Grip On Florida Panhandle
Diversity of supply sources, a transportation network thatblankets nearly the entire state of Florida and strong customerties will give Florida Gas Transmission (FGT) the edge over newprojects – such as Williams-Transco’s proposed Buccaneer Pipeline- that plan to enter its territory to cash in on the growinggeneration market, says FGT President Rockford G. Meyer.
FGT Has Strong Grip on Florida Panhandle
Diversity of supply sources, a pipeline infrastructure thatblankets nearly the entire state of Florida and strong customerties will give Florida Gas Transmission (FGT) the edge overcompeting pipelines-such as Williams-Transco’s proposed BuccaneerPipeline-that are planning projects into the state in an attempt tocapture a portion of the growing power generation market there,says FGT President Rockford G. Meyer.
Duke Lands UPR’s GPM Assets for $1.35 Billion
With the $2.2 billion Duke Energy will get for the sale ofPanhandle Eastern and Trunkline pipelines burning a hole in itspocket, the company’s field services division has agreed to buy thegas gathering, processing, fractionation and natural gas liquids(NGL) pipeline business of Union Pacific Resources (known asUPFuels) and UPR’s gas and NGL marketing activities for $1.35billion.