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The imbalance between natural gas production and gas consumption in Mexico “has already arrived at critical levels,” according to Raul Munoz, CEO of Petroleos Mexicanos (Pemex). Munoz, as point man for President Vicente Fox’s administration, is working to convince opponents that private investment is the best answer to ensuring Mexico’s energy future.

More than compensating for the company’s poor refining results, BP’s Exploration and Production (E&P) segment boosted net income to $651 million for the fourth quarter, compared to a loss of $603 million in the year earlier quarter. For full-year 2002, BP’s total net income increased to $6.85 billion from $6.56 billion in 2001. Sales on the year increased to $202.5 billion from $200 billion.

Scana Corp. recorded consolidated net income from ongoing operations in 2002 of $253 million, or $2.38 per share, compared to $225 million, or $2.15 per share, in 2001. However, in accordance with generally accepted accounting principles (GAAP), the Columbia, SC-based company reported a consolidated net loss for 2002 of $142 million, or $1.34 per share, compared to consolidated net income under GAAP of $539 million, or $5.15 per share, in 2001.

More than compensating for the company’s poor refining results, BP’s Exploration and Production (E&P) segment boosted net income to $651 million for the fourth quarter, compared to a loss of $603 million in the year earlier quarter. For full-year 2002, net income increased to $6.85 billion from $6.56 billion in 2001. Sales on the year increased to $202.5 billion from $200 billion.

After spending their first complete year as a merged entity, ChevronTexaco Corp. posted full-year 2002 net income of $1.1 billion ($1.07 per share — diluted), compared with $3.3 billion ($3.09 per share — diluted) in 2001. For the fourth quarter, the company — which tied the knot in October of 2001 (see Daily GPI, Sept. 10, 2001) — reported net income of $904 million ($0.85 per share diluted), compared with a net loss of $2.5 billion ($2.38 per share — diluted) in the year-ago quarter.

Sparked by warmer than normal weather last summer and colder than normal weather last fall, NiSource Inc. posted income from continuing operations for 2002 of $425.7 million, or $2.02 per share, compared to $226.4 million, or $1.10 per share, in fiscal year 2001. Net income for 2002 was $372.5 million, or $1.77 per share, compared to $216.2 million, or $1.05 per share, in 2001.

Abandoned chemical engineering projects, an exit from its forestry business and other asset impairments pushed Oklahoma City-based independent Kerr-McGee Corp. to a loss in the fourth quarter of 2002. For Occidental Petroleum Corp., however, strong production volumes and higher commodity prices helped the Los Angeles-based independent move into the black for the quarter.

Fourth quarter and year-end financial results for ConocoPhillips are good examples of how natural disasters and political turmoil can impact operations both for the long and short term. Newly merged major ConocoPhillips saw its earnings drop sharply because of natural disasters in the Gulf of Mexico and Alaska, and political unrest in Venezuela. Meanwhile, Unocal Corp.’s earnings were positively impacted by higher commodity prices and better-than-expected production.

Sparked primarily by customer conversion to natural gas and a colder than normal fourth quarter, KeySpan Corp. announced record 2002 consolidated earnings from continuing operations, less preferred stock dividends, of $391.6 million, or $2.77 per share, compared to earnings of $338.8 million, or $2.45 per share, for the same period in the prior year.