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Niagara Mohawk Holdings Inc., the parent company of Niagara Mohawk Power Corp., reported earnings of $4.2 million, or three cents a share for the third quarter, up from $2.7 million or two cents for the same period of 2000. The Syracuse, NY-based company, which serves most of the State of New York, saw its electric revenues jump 13.4% from a year ago to $940.9 million. Retail sales and total deliveries of electricity also were up from the third quarter of 2000. Electric revenues for the 12 months ending Sept. 30, 2001 were $3.4 billion, up 4.1% from same period a year ago. Retail sales of electricity for the three months increased 1.6% and for the 12 months ending Sept. 30, decreased 2.3% compared to the same periods a year earlier. Total deliveries of electricity, which include deliveries to customers who chose to buy electricity from other energy service providers, were up 26.1% for the third quarter of 2001, and up 8.8% for the 12 months ending Sept. 30, compared to the same periods in 2000. Niagara Mohawk’s natural gas revenues for the third quarter of 2001 were $69.1 million, down 13.4% from the same period in 2000. For the 12 months ended Sept. 30, 2001, natural gas revenues were $786.1 million, up 31.1%, compared to the same period in 2000. Revenues in both periods were primarily influenced by the market price of natural gas. The company passes the commodity cost of natural gas directly on to customers without markup.

PanCanadian Energy Corp., the new publicly traded parent of PanCanadian Petroleum Ltd., began trading shares Wednesday on the New York Stock Exchange under the symbol PCX and on The Toronto Stock Exchange under the symbol PCE. CEO David Tuer said the Calgary-base company has more than 254 million shares trading on the two North American exchanges. PanCanadian Energy’s core areas are the Western Basin, including land in Western Canada and the United States, the Gulf of Mexico, the United Kingdom, and the East Coast of Canada with its Deep Panuke discovery.

Platts, the energy information arm of the McGraw-Hill Companies, has announced the acquisition of Financial Times (FT) Energy, parent of several energy publications and online data services including Gas Daily and Megawatt Daily, from London-based conglomerate Pearson plc.

Cabot Oil & Gas Corp. completed its $230 million purchased of Cody Co., the parent company of Cody Energy LLC, doubling its reserves in the Gulf Coast region (see Daily GPI, June 22). Cabot paid Cody shareholders $181 million in cash and two million shares of its common stock with a value per the agreement of $24.497 per share.

On the heels of its reorganization plan that will split Marathon Oil Co. from parent USX-Marathon Group (see Daily GPI, Aug. 1), the company announced five new officer positions have been created as part of the reorganization, as well as revised titles and responsibilities. All positions will be based in the Houston headquarters and will take effect Jan. 1, 2002. John T. Mills, senior vice president of finance and administration, has been named CFO. Reporting to Mills will be three new vice presidents, including Albert G. Adkins, currently USX comptroller, who will be vice president, accounting and controller. James F. Meara, currently controller for Marathon, will become vice president of taxes and Paul C. Reinbolt, currently US Steel comptroller, will become vice president, finance and treasurer. Also Jerry Howard, currently vice president of taxes for USX, has been named senior vice president of corporate affairs. The corporate affairs division will be in charge of information technology; health, environment and safety; public affairs; state government affairs; and the Washington, DC-based federal government affairs. Kenneth L. Matheny, currently investor relations for USX, has been named vice president, investor relations for Marathon, and William F. Schwind Jr., now general counsel and secretary, will assume the vice president, general counsel and secretary. Mills, Howard, Matheny and Schwind will report to Marathon president Clarence P. Cazalot Jr., who assumes the Marathon CEO position in January.

Displaying an unusual amount of public candor last week, the parent company CEO of near-bankrupt Southern California Edison Co., Rosemead, CA, bared his corporate soul to a Los Angeles business leaders’ forum, admitting bankruptcy for the utility is a very real possibility unless there is an eleventh-hour reprieve granted by the state legislature.

Energy East Corp. announced on Friday that its shareholders “overwhelmingly approved” its proposed merger with RGS Energy Group. Energy East plans to buy the parent company of Rochester Gas & Electric for approximately $1.4 billion.

Plans to separate Baltimore Gas & Electric’s parent Constellation Energy Group into two publicly traded corporations remain on track for completion this year, Christian Poindexter, the company’s CEO, told shareholders at the end of last week.

OGE Energy Corp., parent company of Oklahoma Gas and Electric Co. and Enogex Inc., reported a substantial first quarter loss on Monday, blaming the reduction on unfavorable price margins and “strong downward pressure on fractionation spreads.” OGE posted a loss of $15 million, or 19 cents a share, compared with a profit last year of $1.06 billion or one cent a share.