Peers

In a much different forecast than some of its peers, WSI Corp.’s seasonal outlook for September-November calls for warmer-than-normal temperatures in all locations except for parts of the northern Plains and Great Lakes, with the warmest temperatures relative to normal expected in the Southwest.

Mirroring earlier quarterly reports of its oil and gas peers, Magnum Hunter saw its income nearly double from a year ago, but actual production numbers were down. While core production grew 7%, the Irving, TX-based independent reported a decline in actual boe production of 8% from 2Q02, which it attributed to non-core property sales in fiscal 2002 and 2003.

Allegheny Energy Inc.’s marketing and trading subsidiary is joining its peers and will drop speculative energy trading. Instead, the Allegheny Energy (AE) Supply will market its energy to the corporation’s “legacy assets,” a spokeswoman said Friday.

Enron Corp.’s $25 million settlement of a lawsuit filed against one-time rival and 15-minute merger partner Dynegy Inc. was approved in New York City late Thursday by the bankruptcy court overseeing Enron’s massive case. The resolution will free up more than $62 million for Enron, which had been held in escrow since late last year.

Joining a growing list of peers that already have abandoned the legally ensnared Arthur Andersen LLP, Dynegy Corp., Apache Corp., Occidental Petroleum Corp. and Tom Brown Inc. said last week that they were cutting ties with the auditing firm. The announcements by the companies came within days of Arthur Andersen pleading not guilty to obstruction of justice in a Houston court.

London-based BP Plc, considered the third largest energy company in the world, joined its peers in reporting a third quarter profit slide, the first in more than two years, with earnings down 20% because of the decline in oil and gas prices. The global giant said it also does not expect to see high returns into the fourth quarter. Earnings were $3.05 billion, or 14 cents a share, down from $3.08 billion, or 17 cents a share for the same period in 2000. BP measures its earnings on a replacement cost basis, which excludes one-time items and goodwill costs.

London-based BP Plc, considered the third largest energy company in the world, joined its peers in reporting a third quarter profit slide, the first in more than two years, with earnings down 20% because of the decline in oil and gas prices. The global giant said it also does not expect to see high returns into the fourth quarter. Earnings were $3.05 billion, or 14 cents a share, down from $3.08 billion, or 17 cents a share for the same period in 2000. BP measures its earnings on a replacement cost basis, which excludes one-time items and goodwill costs.

Joining some of its peers, most notably EOG Resources, Newfield Exploration announced it is curtailing a small portion of its fourth quarter natural gas production in response to low gas prices. The company also reported that the action will allow it to take advantage of a likely further decline in service sector costs.

Joining some of its peers, most notably EOG Resources, Newfield Exploration announced it is curtailing a small portion of its fourth quarter natural gas production in response to low gas prices. The company also reported that the action will allow it to take advantage of a likely further decline in service sector costs.