Program

Southwest Gas Corp.’s management said it has teamed with Pima County, AZ Attorney’s 88-CRIME program to offer a reward of up to $100,000.00 for information that leads to the arrest and indictment of the individual or individuals responsible for the sabotage of Southwest Gas’ natural gas distribution system.

Checking off three more asset divestitures last week, El Paso Corp. announced it has completed or announced more than $1.35 billion in sales so far this year, approximately 40% of the company’s recently expanded asset sales goal of $3.4 billion for calendar year 2003.

Checking off two more asset divestitures Monday, El Paso Corp. announced it has completed or announced $1.35 billion in sales so far this year, approximately 40% of the company’s recently expanded asset sales goal of $3.4 billion for calendar year 2003.

El Paso Corp. continued its asset sales program Tuesday with its Florida petroleum terminals and tug and barge operations. The Florida assets, which were acquired in the Coastal Corp. merger in 2001, were sold to TransMontaigne Inc. for $155 million, including an estimated $35 million of product inventory value at closing.

El Paso Corp. continued its asset sales program Tuesday with its Florida petroleum terminals and tug and barge operations. The Florida assets, which were acquired in the Coastal Corp. merger in 2001, were sold to TransMontaigne Inc. for $155 million, including an estimated $35 million of product inventory value at closing.

Williams took another big step in its asset sales program Tuesday with the sale of its Memphis, TN, refinery and other related operations to Premcor Inc. for $465 million cash. Premcor will pay $315 million cash for the refinery and related fixed assets at closing and will purchase petroleum inventories estimated at about $150 million.

Williams took another big step in its asset sales program Tuesday with the sale of its Memphis, TN, refinery and other related operations to Premcor Inc. for $465 million cash. Premcor will pay $315 million cash for the refinery and related fixed assets at closing and will purchase petroleum inventories estimated at about $150 million.

Coming closer by the day to reaching its planned $1 billion asset divestiture goal, Aquila Inc. said Friday that its subsidiary UtiliCorp NZ Ltd. has completed the sale of its 70.2% interest in UnitedNetworks Ltd., a New Zealand-based energy company, to Vector Ltd. for approximately $503 million. Kansas City, MO-based Aquila said it expects to book a fourth quarter gain on the transaction estimated at approximately $28 million.

After scaling back its drilling program in the first half of the year, Fort Worth-based Quicksilver Resources Inc. said it plans to step up its drilling efforts in the United States and Canada in the second half. The company also said it expects to see results from its cost-cutting efforts in the coming months. Quicksilver reported second quarter net income of $3.7 million, or 18 cents/share, including a 2 cent/share charge for a writedown of an equity investment. Second quarter 2001 net income was $5 million, or 26 cents/share. Net income for the first six months of 2002 was down 59% from the same period last year mainly because of significantly lower commodity prices. Quicksilver’s gas production for the second quarter fell to 7.9 Bcf, or 87 MMcf/d, from 8.3 Bcf in 2Q2001. Realized prices fell 12% to $2.71/Mcf compared to $3.09/Mcf in 2Q2001. The company’s crude oil production fell 25% to 231,000 bbl and realized oil prices averaged $22.28/bbl compared to $23.01 in 2Q2001. Natural gas liquids production fell 24% to 34,000 bbl and liquids prices were down 12%. Quicksilver has drilled 58 gross (36 net) successful development and exploration wells this year, many of them (23 net) in the company’s Michigan Antrim shale project and its Corydon project in Indiana. Through Canadian coalbed methane joint ventures, Quicksilver has participated in 120 total wells in Alberta since late 2000. “We will be accelerating our development drilling both domestically and in Canada in the coming months, which will result in solid reserve growth for the company,” said CEO Glenn Darden. “We are seeing the early results of our previously initiated streamlining efforts to lower costs. Benefits should become more evident in future months.”