Quarterly

Despite the positive spin Mirant put on its quarterly earnings report, the numbers show it was a very tough quarter for the energy merchant and power producer. It reported a 9-cent/share ($42 million) net loss after special charges, compared to net income of 53 cents/share ($180 million) in the first quarter of last year. Mirant said its net income from continuing operations exceeded by 10% its prior guidance, but it still fell 35% to 33 cents per share from the 51 cents per share it earned in 1Q2001.

Enron? Enron who? That may well be the response by the leaders in NGI ‘s quarterly ranking of North American gas marketers after the former market leader, which had led the rankings since 1997, was displaced by companies that have traditionally done well but never grabbed the brass ring in gas sales. Mirant, which last year bought TransCanada — another top 20 contender in year-end rankings — pulled to the top of the list in the final quarter of 2001, with a near-111% jump in sales, followed closely by Aquila, which saw its sales increase 35%.

Enron? Enron who? That may well be the response by the leaders in NGI’s quarterly ranking of North American gas marketers after the former market leader, which had led the rankings since 1997, was displaced by companies that have traditionally done well but never grabbed the brass ring in gas sales. Mirant, which last year bought TransCanada — another top 20 contender in year-end rankings — pulled to the top of the list in the final quarter of 2001, with a near-111% jump in sales, followed closely by Aquila, which saw its sales increase 35%.

DTE Energy Co. reported a 39% increase in fourth quarter earnings per share, including special items, but a 33% drop in earnings per share for the year, including $1.13/share special charge related to its merger with MCN Energy. Operating earnings for the year before special charges were $536 million, or $3.48 per diluted share, compared to $484 million, or $3.39 per diluted share.

Following its quarterly study, the Energy Performance Review (EPR) found that 10 of the largest US-based integrated petroleum companies reported consolidated earnings before special items totaling $11 billion for the third quarter of 2001, off one-third from the near-record $15.6 billion posted for the second quarter of the year. The mark also reflects nearly a one-third reduction from the $15.9 billion posted for the third quarter of 2000, according to the group’s most recent data.

Following its quarterly study, the Energy Performance Review (EPR) found that ten of the largest United States-based integrated petroleum companies reported consolidated earnings before special items totaling $11 billion for the third quarter of 2001, off one-third from the near-record $15.6 billion posted for the second quarter of the year. The mark also reflects nearly a one-third reduction from the $15.9 billion posted for the third quarter of 2000, according to the groups most recent data.

Although quarterly net income for AGL Resources declined sharply from $17.4 million last year to $4.8 million for the quarter ending Sept. 30, the company said it posted record earnings for its fiscal year ending Sept. 30. Net income for the year was $88.9 million ($1.63 per share) compared with net income of $71.1 million ($1.29 per share) for the prior fiscal year.

Although quarterly net income for AGL Resources declined sharply from $17.4 million last year to $4.8 million for the quarter ending Sept. 30, the company said it posted record earnings for its fiscal year ending Sept. 30. Net income for the year was $88.9 million ($1.63 per share) compared with net income of $71.1 million ($1.29 per share) for the prior fiscal year.

The sharp downturn in the economy since the Sept. 11 terrorist attacks caused a significant reassessment of quarterly and annual earnings expectations among energy companies last week. AES had the worst news with expectations of dramatically lower earnings because of its currency exposure in Brazil, changes in the power market in the United Kingdom and events affecting some of its domestic operations. Exelon also will suffer and will reduce its work force by another 450 jobs. Meanwhile, Duke Energy, PPL, NRG and Entergy all reaffirmed their earnings expectations.