Williams maintains a “more conservative” trading philosophy than many of its peers, Chairman Keith E. Bailey told analysts Monday, saying short term volatility in spark spreads and commodity prices have had much less impact on results since the company tends toward longer, structured transactions and is “much more fully hedged” than most.
Peers
Articles from Peers
Phillips Joins Peers, Trumps Earnings Forecast
Phillips Petroleum Co., which holds down fifth place on the list of oil and gas companies worldwide, said its second quarter profits were up more than expected, jumping 37% on crude oil, natural gas and gasoline commodity pricing. Phillips, in the process of acquiring Tosco Corp., said income excluding special items was up to $601 million, or $2.33 a share, compared with $439 million, or $1.72 a share for the second quarter of 2000. However, revenues were lower, falling to $5 billion from $5.4 billion a year ago.
SSB Lowers Gas Price Outlook, Merrill Lynch Stays Firm
Following recent movement by some of their peers, top industry analysts with Salomon Smith Barney (SSB) and Merrill Lynch downgraded their 2002 forecasts for several U.S. exploration and production (E&P) company stocks late last week. SSB’s Robert Morris also decided to lower his natural gas price forecast for 2002, while Merrill Lynch’s Donato Eassey stuck to his gas price projections.
Chevron Cuts Spending, Expenses
In a move similar to those of its peers, Chevron Corp. announcedit would cut expenses by $500 million next year, including someunspecified staff reductions, and spend about $5.1 billion, 8% lessthan was spent in 1998. Cuts in 1999 capital spending will beaccomplished primarily in the company’s mature North AmericanE&P business, as well as in refining and marketing and inchemicals.