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El Paso Corp.’s securities filing late last week revealed thatits Merchant Energy segment, which includes the company’s tradingand risk management functions, posted an astounding increase in2000 earnings before interest and taxes over 1999. The segmentposted $3 million in EBIT in 1999, compared with $563 million for2000.

Joining the growing list of oil and gas industry companies thatenjoyed growth during 2000, AES Corp. reported strong growth in itsfourth quarter and year-end results. The diversified energy companyrecorded net income before a one-time environmental fine of $658million a 189% increase over 1999. Diluted earnings before specialcharges were $1.46 per share compared to $0.62 per share in 1999.

Joining the growing list of oil and gas industry companies thatenjoyed growth during 2000, AES Corp. reported strong growth in itsfourth quarter and year-end results. The diversified energy companyrecorded net income before a one-time environmental fine of $658million a 189% increase over 1999. Diluted earnings before specialcharges were $1.46 per share compared to $0.62 per share in 1999.

After a busy 2000, Cinergy Corp. reported a slight decrease from1999 levels in net income in the fourth quarter, but the company’send-of-year net income showed growth over the year before. Netincome after taxes for the fourth quarter was approximately $92million ($0.58 per share), compared to about $93.5 million ($0.60per share) for the equivalent time period last year.

After a busy year of purchasing electricity generating capacity,Allegheny Energy reported growth in both fourth quarter earnings aswell as year-end totals over 1999 levels. The company posted recordyear-end earnings of $313.7 million ($2.84ÿper share), beforeextraordinary charges, an increase of 8% over comparable 1999earnings of $307.2 million ($2.64ÿper share).

After a busy 2000, Cinergy Corp. reported a slight decrease from1999 levels in net income in the fourth quarter, but the company’send-of-year net income showed growth over the year before. Netincome after taxes for the fourth quarter was approximately $92million ($0.58 per share), comparedÿto about $93.5 million ($0.60per share) for the equivalent time period last year.

BP Amoco, the last of the big three majors in the oil and gasindustry to report second quarter earnings, yesterday revealed thatlike those that have already made their earnings public, theLondon-based giant had record results, posting a 164% increase tothe bottom line.

Despite continued extreme intra-day volatility, which producedan 18-cent trading range yesterday, the July natural gas futurescontract managed a relatively modest 5.2-cent gain to end theregular session on Nymex at $4.212, about 5.8 cents from its dailyhigh.

Consolidated Natural Gas paid a hefty price during the secondquarter for its proposed merger with Dominion Resources. Thecompany took a one-time $165.3 million, $1.12/share, charge relatedprimarily to cash-out of stock options and awards to about 700employees and took another $6.3 million charge, $0.04/share, for aworkforce reduction related to the merger. CNG reported a secondquarter loss from continuing operations of $80 million, or 83 centsa diluted share, compared with income of $46.8 million, or 49 centsa diluted share, a year earlier. The comparison was made worse by a$13.9 million, or $0.15/share, gain in 2Q98 related to a favorableregulatory decision. Excluding special items for both periods,income from continuing operations was 33 cents a diluted share in2Q99, compared to 34 cents in 2Q98. Wall Street consensus had CNGpegged quite a bit higher at $0.39/share.