Penny

Showing improvement, albeit modest, Sierra Pacific Resources Friday reported earnings for the first quarter of $1.2 million, or a penny/share, compared to a $9.5 million loss, or an 8 cents/share, for the same period last year. There was continued strong growth at both of the company’s Nevada utilities, but the largest utility, Nevada Power Co., still recorded a loss in the first quarter.

Falcon Natural Gas Corp. (FNGC) shares gained a penny Thursday to end the day at $1.25 after a geological consulting firm concluded that its gas prospect in South Texas “will most likely be the next giant field discovered in the United States.” However, the company has not even done any exploration on field and provided few details to back up that statement.

Prices failed to move much more than a penny or two up or downMonday at most eastern points, but power generation load was strongenough to support moderate upticks in the West. Trading activitywas slow for both June swing and July gas, said a marketer who sawGulf Coast pipes come off 3-4 cents from their early-morning highs.Cash was essentially waiting for something to happen, he added,”because neither it [cash market] nor the screen is going anywherethese days.”

Enough gas got traded early Thursday at prices within a penny ortwo of flat that late weakness reported at many points failed todrag down averages from Wednesday. However, the late downturns weretaken as a harbinger of continued softening today, especially withthe market subject to the normal drop in weekend demand. Themarket felt kind of juiced up Wednesday but was losing its steamThursday, according to a Southwest trader. He saw “some realsoftness” at the end in Permian Basin.

The natural gas producing segment will lose $200 millionannually for every penny increase in transportation costs that’srealized from the lighter handed regulatory initiatives – such asnegotiated terms and conditions and capacity auctioning – proposedby FERC, an official with a leading independent producer groupprojected.