Moderate softness permeated the cash market Wednesday as the screen turned in a negative performance and weather-related load remained stagnant in the East while fading a bit in the West. Small declines of about a nickel or less (with occasional flatness) were recorded at most points, but a cooldown from recent hot weather generated losses of 10-25 cents or so in much of the West (although that region also had a few points slightly to either side of flat).
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Lehman Brothers Raises Performance Estimates on Mid-Cap Producers
Lehman Brothers raised its earnings per share and cash flow estimates on a group of 16 mid-cap oil and gas production companies by 17% and 7%, respectively, because of higher Nymex gas and oil futures prices and higher Lehman Brothers spot price forecasts for the second quarter and the full year.
Lehman Brothers Raises Performance Estimates on Mid-Cap Producers
Lehman Brothers raised its earnings per share and cash flow estimates on a group of 16 mid-cap oil and gas production companies by 17% and 7%, respectively, because of higher Nymex gas and oil futures prices and higher Lehman Brothers spot price forecasts for the second quarter and the full year.
Nicor Overcharged IL Gas Users $15M, But Denies Fraud
There is no evidence that Nicor Inc. affiliate Nicor Gas committed criminal fraud in carrying out its performance-based rate (PBR) program for Illinois gas customers, but the local distribution company (LDC) did overcharge its customers by an estimated $15 million over the past couple of years, according to the results of an independent report commissioned by a special committee that was named by the company’s board of directors.
Nicor Says IL Gas Users Overcharged $15M, But Denies Fraud
There is no evidence that Nicor Inc. affiliate Nicor Gas engaged in criminal fraud in carrying out its performance-based rate (PBR) program for Illinois gas customers, but the local distribution company (LDC) did overcharge its customers by an estimated $15 million over the past couple of years, according to the results of an independent report commissioned by a special committee that was named by the company’s board of directors.
Aquila’s Cogentrix Buy Will Add Cash Flow, Double Generation
Aquila Inc. shareholders went on a roller coaster ride last week as ILA share prices plummeted $8, or 36%, from the $22.25 close on April 26 to last Tuesday’s low of $14.26 and then rebounded back above $17 on waves of bad and then good news. Moody’s Investor Service posted an outlook negative on the company’s credit April 26, putting Aquila in danger of falling below investment grade. After reaffirming its commitment to maintain an investment grade credit rating, Aquila announced it would buy Cogentrix Energy Inc., a large independent power producer with 3,496 MW of diverse power generation assets, for $1.5 billion, including debt assumption. The purchase, which was viewed favorably by Wall Street, overshadowed a negative earnings report the company released the following day.
Reliant Reports Lower Earnings, But Above Analysts’ Predictions
Reliant Energy Thursday posted second quarter earnings down from last year, but significantly above analysts’ predictions, leading to a 50% pop in its common stock following a dramatic two-day decline. Wholesale energy led the drop-off in earnings, bringing in $31 million in earnings before interest and taxes (EBIT), compared to $298 million EBIT in the second quarter of 2001.
Reliant Reports Lower Earnings, But Above Analysts’ Predictions
Reliant Energy Thursday posted second quarter earnings down from last year, but significantly above analysts’ predictions, leading to a 50% pop in its common stock following a dramatic two-day decline. Wholesale energy led the drop-off in earnings, bringing in $31 million in earnings before interest and taxes (EBIT), compared to $298 million EBIT in the second quarter of 2001.
CERA: Technology Key to Reducing Costs, Improving Margins
As energy companies come under continuing pressure to improve financial performance, despite volatile price swings in the oil and gas markets, technology is the crucial key in reducing costs and improving margins for both the upstream and downstream markets, according to a new study prepared by Cambridge Energy Research Associates (CERA) and Sun Microsystems.
Surprisingly Severe Wintry Weather Boosts Prices
From a mixed performance the day before, the cash market went to a virtually united show of strength Tuesday. A large majority of the upticks were in double digits, but some — mostly in the Gulf Coast — were less than a dime.