Provider

Costa Mesa, CA-based Commerce Energy Group Inc., which bills itself as the nation’s largest independent retail energy provider, announced Tuesday it has signed a major natural gas supply agreement with the Los Angeles Unified School District (LAUSD), the nation’s second largest public school system. Commerce officials refused to give any details on the volumes or terms of the gas supply deal, which starts in July. The agreement covers 217 campuses within the LAUSD.

Spring-like cool temperatures could extend through July for a majority of the northern U.S., according to WSI Corp., an Andover, MA-based provider of weather-driven business solutions,

Spring-like cool temperatures could extend through July for a majority of the northern U.S., according to WSI Corp., an Andover, MA-based provider of weather-driven business solutions,

Asserting that it is seeking to prevent anticompetitive activities, widespread market manipulation and collusion to fix electricity prices, retail electric provider (REP) Utility Choice Electric (UCE) on Thursday said that it has filed a lawsuit in the U.S. District Court-Houston Division against TXU, American Electric Power (AEP), APX and Reliant, among other defendants.

Energy services provider New Jersey Resources last week reported that voluntary retirement programs being offered to company officers as part of a restructuring plan will result in a first quarter charge against earnings, but said it still expects to meet its previously projected earnings for fiscal 2005.

Public Service Company of New Mexico (PNM), the state’s largest electricity and natural gas provider, said it has signed a 15-year gas supply agreement with two power plants in the City of Farmington, NM. The company estimates the contract, which takes effect in January 2005, will produce about $550,000 in annual revenues. Under the terms of the agreement, PNM will transport a daily minimum of 15,000 MMBtu of gas to fuel an existing power plant and a second plant now under construction. The city has contributed $2.7 million for construction of a gas line to serve the new plant.

Contract drilling provider, Rowan Companies Inc., posted fourth quarter 2003 net income of $4.4 million, or $0.05 per share, on revenues of $195.8 million, compared to a net loss of $2.8 million, or $0.03 per share, on revenues of $146.8 million in the fourth quarter of 2002. However, for full-year 2003, Rowan incurred a net loss of $7.8 million, or $0.08 per share, compared to net income of $86.3 million, or $0.90 per share in 2002. The company noted that prior year results included net proceeds from the settlement of the Gorilla V contract dispute, which increased net income by approximately $102 million, or $1.07 per share. Excluding that special item, the company’s 2002 results would have been a net loss of approximately $16 million, or $0.17 per share. Rowan’s offshore rig utilization was 92% during the fourth quarter of 2003, versus 94% in the third quarter and 88% in the year-earlier period. For the fourth quarter, the company’s average Gulf of Mexico day rate of $42,400 increased by $3,300, or 9%, from the third quarter and by $6,900, or 19%, from the year-earlier period. “We are optimistic that 2004 will continue this trend and are confident that Rowan rigs will continue to lead deep-shelf drilling efforts in the ever-tightening Gulf of Mexico market,” said CEO Danny McNease. “Our optimism is supported by recent reports of declining domestic natural gas production and increased estimates of deep-shelf gas reserves. With continuing high oil and natural gas prices, drilling activity should increase. A recent survey of independent operators indicated that 2004 exploration and production activities will exceed 2003 levels by nearly 25%.”

With the state’s deregulated marketplace just one year old, retail electric provider (REP) Texas Commercial Energy (TCE) on Thursday filed for Chapter 11 protection. The company claimed that “significantly higher volatility and uncertainty in the Texas wholesale power supply market” since the beginning of 2003 made it “necessary” to protect its estimated 1,500 customers.

Drilling and oil field services company BJ Services is buying Lafayette, LA-based OSCA Inc. for $28/share or about $420 million. OSCA is a major provider of oil and gas well completion fluids, completion services and downhole completion tools in the United States and select international markets, and will give BJ Services another solid completion product line to market to its broad geographic area.