Raymond

Raymond James analysts have an “unusually high degree of confidence” that domestic natural gas-driven stock prices will move up in an “unusually short period of time,” and now believe that there is a better than 75% probability that gas leveraged energy stocks will move up significantly in the next six to eight weeks.

Apache Corp. Chairman Raymond Plank said Thursday that G. Steven Farris has been elected to the position of CEO, adding to his current duties as president and COO. Plank, Apache’s founder, announced the change at Apache’s annual meeting and said he will continue to participate in the management of the company. He said the move would become effective May 29, as he turns 80. Always known to speak his mind, Plank used part of the annual meeting to blame Enron Corp. and Dynegy Inc. for manipulating natural gas prices. Last week, Plank blasted the “unholy alliance between the brethren” of marketers, that operate as middlemen between producers and consumers to create volatility. The marketers claim, “volatility is what we make money on,” but actually, they are “merely manipulating prices to their advantage,” he said (see Daily GPI, April 25 ). Farris, who is 54, has been Apache’s president and COO since 1994. He joined Apache in June 1988 as vice president of domestic exploration and production and was promoted to senior vice president in 1991. In December 1954, Plank, along with Truman Anderson and Charles Arnao, established Apache Oil Corp. in Minneapolis, MN. The public company began with 41 investors, six employees and $250,000 of seed capital.

Despite the sharp downturn in natural gas prices, Mirant CFO Raymond D. Hill said his company is on a substantial gas expansion program. Mirant expects to double its participation in the gas market over the next four years.

Despite the sharp downturn in natural gas prices, Mirant CFO Raymond D. Hill said his company is on a substantial gas expansion program. Mirant expects to double its participation in the gas market over the next four years.