Reaffirms

Coming off a tough month in which the company admitted that 10% of its energy trading revenues over the past three years came from “round-trip” transactions (see NGI, May 20), Reliant Resources CEO Steve Letbetter last week told the investment community that the company still expects to hit its 2002 earnings target of $1.80-2.00.

Reiterating that it does not own or want to own an energy trading business, Kinder Morgan Inc. (KMI)and Kinder Morgan Energy Partners LP (KMP) reaffirmed their comfort with consensus earnings estimates for both the second quarter and the year.

Citing a number of factors affecting the energy industry currently, Bedminster, NJ-based NUI Corp. reported earnings from continuing operations of $16.7 million ($1.18 per share) for the second quarter ended March 31, compared to $18.3 million ($1.41 per share) for the same quarter last year. Despite the decline, the company said it is not changing its current guidance of $1.80 – $1.90 per share for fiscal 2002, excluding the effect of the change in accounting and all non-recurring and discontinued items.

Portland, OR-based Northwest Natural Gas Corp. told state regulators Thursday that it’s still interested in buying Portland General Electric, which bankruptcy-mired Enron Corp. still wants to sell. The gas utility made these points in a strongly worded response to questions raised in the ongoing state regulatory proceedings by large industrial customers who recently recommended the state proceedings be suspended, pending more clarity from Enron’s Chapter 11 bankruptcy proceedings in a New York federal court.

Portland, OR-based Northwest Natural Gas Corp. told state regulators Thursday that it’s still interested in buying Portland General Electric, which bankruptcy-mired Enron Corp. still wants to sell. The gas utility made these points in a strongly worded response to questions raised in the ongoing state regulatory proceedings by large industrial customers who recently recommended the state proceedings be suspended, pending more clarity from Enron’s Chapter 11 bankruptcy proceedings in a New York federal court.

The Williams Companies got an early Christmas gift last Wednesday when the Federal Energy Regulatory Commission reaffirmed its Oct. 12 certificate that allowed Williams to reopen and expand the Cove Point LNG import terminal in Lusby, MD. The company faced the possibility of losing the certificate when the Commission, in response to sharp criticism from Sen. Barbara A. Mikulski (D-MD), initiated a review of the national security concerns associated with reactivating the LNG facility.

The Williams Companies should be in the holiday spirit after Wednesday’s decision by the Federal Energy Regulatory Commission reaffirming an Oct. 12 certificate that allowed Williams to reopen the Cove Point LNG import terminal in Lusby, MD. The Commission reviewed its original decision after Maryland Sen. Barbara A. Mikulski charged that it would permit “flammable” LNG to be imported to a site within four miles of the nuclear facility in her state.

Contrary to reports that Devon Energy Corp.’s plans to acquire Mitchell Energy & Development Corp. as well as Anderson Exploration Co. are falling apart as its stock falls, Devon CEO Larry Nichols assuaged investors on Wednesday during a conference call and reaffirmed his company’s commitment to completing both deals. When the deals are consummated — expected within the next three months — Oklahoma City-based Devon would become the largest independent in the United States.

Contrary to reports that Devon Energy Corp.’s plans to acquire Mitchell Energy & Development Corp. as well as Anderson Exploration Co. are falling apart as its stock falls, Devon CEO Larry Nichols assuaged investors on Wednesday during a conference call and reaffirmed his company’s commitment to completing both deals. When the deals are consummated — expected within the next three months — Oklahoma City-based Devon would become the largest independent in the United States.