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After selling $2.1 billion in assets in 2003 with proceeds of $850 million, CMS posted a net loss of $44 million (30 cents/share) for the year compared to a negative $650 million ($4.68/share) in 2002. The company reported net income of $8 million in the fourth quarter compared to a net loss of $44 million in 4Q2002.

Rep. Joseph Barton (R-TX), the new chairman of the powerful House Energy and Commerce Committee, created two new posts — Whip and Coalition Director — in his first week on the job.

Rep. Joseph Barton (R-TX), the new chairman of the powerful House Energy and Commerce Committee, has created two new posts — Whip and Coalition Director — in his first week on the job.

While the losses continued last year at Reliant Resources, the company was able to slow the bleeding in the fourth quarter of 2003 to a loss of $29 million, or $0.10 per share, from continuing operations compared to a loss of $176 million, or $0.60 per share, for 4Q2002. Reliant reported net income of $32.5 million (11 cents/share) in the fourth quarter compared to a net loss of $648.6 million ($2.23/share) in 4Q2002.

While the losses continued last year at Reliant Resources, the company was able to slow the bleeding in the fourth quarter of 2003 to ($29 million), or ($0.10) per share, from continuing operations compared to ($176 million), or ($0.60) per share, for 4Q2002. Reliant reported net income of $32.5 million (11 cents/share) in the fourth quarter compared to a net loss of $648.6 million ($2.23/share) in 4Q2002.

Ushering in some stability back into its business, TXU recorded 2003 earnings from continuing operations — before cumulative effect of changes in accounting principles, net of preference stock dividends — of $715 million, or $2.03 per diluted share of common stock. Comparable earnings before extraordinary charges in 2002 were $160 million, or $0.58 per diluted share of common stock.

Ushering in some stability back into its business, TXU recorded 2003 earnings from continuing operations — before cumulative effect of changes in accounting principles, net of preference stock dividends — of $715 million, or $2.03 per diluted share of common stock. Comparable earnings before extraordinary charges in 2002 were $160 million, or $0.58 per diluted share of common stock.

Riding the wave of higher prices and increased overseas production, Unocal Corp. Tuesday reported 2003 unaudited net earnings of $643 million, or $2.46 per share, nearly doubling the $331 million, or $1.34 per share recorded for 2002. The company also logged a 79% increase in 4Q2003 results, posting preliminary net earnings of $180 million, or 68 cents per share.

Hindered by absorbing $3.4 billion in pre-tax charges during the fourth quarter due to actions taken to reduce exposure to merchant generation and international businesses, Duke Energy reported a 2003 net loss of $1.3 billion, or ($1.48) per share, compared to net income of $1 billion, or $1.22 per share in 2002. For the fourth quarter, Duke Energy posted a $2 billion loss, or ($2.23) per share, compared to a $52 million loss, or ($0.06) per share in fourth quarter 2002.