Performances

Record second quarter earnings at Houston’s El Paso Energy Corp. came from “outstanding growth” in its merchant energy operations, and strong performances in the company’s other non-regulated segments, according to CEO William A. Wise.

Fueled by rapid growth in its unregulated energy businesses andstrong performances by electric and gas transmission operations,Duke Energy reported record earnings for 1999. Before interest andtaxes (EBIT), Duke posted a gain of $2.8 billion before a $660million after-tax gain on the sale of the Midwest Pipelines and aone-time charge of $800 million at Duke Power. EBIT for 1998 was$2.6 billion. Duke Energy set another record for revenues in 1999,reaching $21.7 billion. Fourth quarter revenues increased 48%.

Major pipeline-only companies for the most part turned in”better-than-expected” performances during the first quarter of theyear, while integrated pipelines took some big hits – particularlyin the oilpatch, gas analysts said. Fortunately for someintegrateds, the bigger profits from their unregulated activitieshelped to offset the losses.

Major pipeline-only companies for the most part turned in”better-than-expected” performances during the first quarter of theyear, while integrated pipelines took some big hits – particularlyin the oilpatch, gas analysts said. Fortunately for someintegrateds, the bigger profits from their unregulated activitieshelped to offset the losses.