Racked by larger expenses than during last year’s quarter and an $11 million after-tax impairment charge related to its investment in the National Commodity and Derivatives Exchange (NCDEX) of India, IntercontinentalExchange Inc. (ICE), the Atlanta-based operator of regulated global exchanges, clearing houses and over-the-counter (OTC) markets, reported Tuesday a 15% drop in net income. The company recorded 2Q2009 net income of $72.1 million (97 cents/share) down from $84.9 million ($1.19) during 2Q2008.
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Rally Capped, But Futures Retain Most of Monday’s Gains
The entire energy complex took its foot off the accelerator on Tuesday following the significant gains racked up in Monday’s session. September natural gas futures ended up dropping three pennies to $4.001, while September crude futures backed off 16 cents to $71.42/bbl.
ICE 2Q Profit Falls 15% on Expenses, Charges
Racked by larger expenses than during last year’s quarter and an $11 million after-tax impairment charge related to its investment in the National Commodity and Derivatives Exchange (NCDEX) of India, IntercontinentalExchange Inc. (ICE), the Atlanta-based operator of regulated global exchanges, clearing houses and over-the-counter (OTC) markets, reported Tuesday a 15% drop in net income. The company recorded 2Q2009 net income of $72.1 million (97 cents/share) down from $84.9 million ($1.19) during 2Q2008.
SemGroup Implosion Brings More Questions than Answers
Lawyers are beginning to circle following SemGroup LP’s Tuesday bankruptcy filing after the company racked up a reported $3.2 billion in trading losses on the New York Mercantile Exchange and over-the-counter energy derivative markets.
El Paso Says Hedging Losses Argue Against Market Power
El Paso Merchant Energy racked up a total of $691 million in hedging losses in the first 13 months of its contract for 1.2 Bcf/d of capacity on affiliate El Paso Natural Gas, making it imperative for the trading arm to flow as much gas as it could to California to help make up those losses, the company revealed in a Federal Energy Regulatory Commission hearing this week.