Periods

Industry Brief

MCN Energy reported a third-quarter loss of $24.9 million or$0.28 per share compared with a net loss of $23.2 million or $0.27per share, in 3Q99. Both periods were affected by unusual items, aswell as recently adopted accounting treatment of non-regulatedstorage activities. Before unusual items and costs related to thecompany’s proposed merger with DTE Energy, the loss totaled $17.4million or $0.19 per share, and compared with $19.4 million or$0.22/share in 3Q99. Gas distribution reported a third-quarteroperating and joint venture loss of $11.8 million, which includes a$9.7 million pre-tax charge related to the decision to sell itsheating, ventilation and air conditioning business, as well as $1.8million of merger-related costs. Pipelines and processing hadoperating and joint venture income of $5.4 million. Electricpower’s operating and joint venture income was $0.9 million, downfrom $6.6 million in the 1999 third quarter due to asset salesrequired to complete MCN’s pending merger with DTE. Energymarketing reported an operating and joint venture loss of $3.4million. Exploration and production had operating income of $4million. MCN’s largest subsidiary is Michigan Consolidated Gas, agas utility serving 1.2 million customers in Michigan.

November 14, 2000

Weekend Market All Mixed Up; Keith Debuts as Storm

In the hodgepodge of trading for split weekend periods Friday,little trend was evident other than the October aftermarket wasstarting out below indexes in nearly all cases. However, a fellownamed Keith could play a large part in reversing the generallysofter market as early as today.

October 2, 2000

NEB Approves Export Licenses

Canada’s National Energy Board approved six applications foreight licenses to export some 1.2 Tcf of gas for periods of two toten years:

March 5, 1998
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