Progressing

Southwest Gas said pipe maintenance being performed near its interconnect with Transwestern and El Paso is not progressing as quickly as anticipated, causing the maintenance schedule to be extended. It is anticipated that the pipeline will return to service on Thursday this week instead of Tuesday (April 14) as previously indicated, Southwest said. Deliveries into Las Vegas from El Paso and Transwestern are not available while the work continues, the LDC added.

El Paso Corp. said it is progressing toward a fourth quarter 2007 initial public offering of a pipeline master limited partnership (MLP). The Houston-based company intends to file a registration statement with the Securities and Exchange Commission for the offer and sale of $500 million of common units, representing limited partner interest in subsidiary El Paso Pipeline Partners LP.

Repair of the second rupture on TransCanada Pipeline Ltd.’s Nova system is progressing and the company said it expects that the section will be ready “sometime Thursday” for commercial operation, barring any unforeseen delays.

Burlington Resources’ North American asset repositioning started to pay off in the fourth quarter 2002, with earnings of $157 million or $0.78 per diluted share, compared to a prior-year 4Q loss of $79 million or $0.39 per diluted share. And it’s just the beginning, company officials said, pointing to continued improved results it expects from its San Juan Basin and Barnett shale properties in the U.S. and further development of its Canadian acquisitions.

Burlington Resources’ North American asset repositioning started to pay off in the fourth quarter 2002, with earnings of $157 million or $0.78 per diluted share, compared to a prior-year 4Q loss of $79 million or $0.39 per diluted share. And it’s just the beginning, company officials said, pointing to continued improved results it expects from its San Juan Basin and Barnett shale properties in the U.S. and further development of its Canadian acquisitions.