Recession

With a nod to the recession, NiSource Inc. business segment NiSource Gas Transmission & Storage (NGT&S) said it plans to cut 370-380 positions across its 16-state operating territory during the course of 2009. The operating segment, which houses Columbia Gas Transmission LLC, Columbia Gulf Transmission Co. and Crossroads Pipeline and holds partnership interests in Central Kentucky Transmission Co., Hardy Storage Co. and Millennium Pipeline LLC, said the structural changes are “designed to enhance operational efficiency, support growth initiatives and maintain safe, reliable service to customers.” The changes include: (1) focusing company resources on core business functions, consolidating and improving efficiency; and (2); implementing technology and process improvements across the organization. “Employee teams from across our organization have been evaluating all aspects of our existing business structure and work processes over the past few months,” said NGT&S President Christopher Helms. Of the job cuts, Helms said eligible employees will be offered a severance package and outplacement assistance, while certain employee groups will be eligible for voluntary severance. Combined, the NGT&S companies operate about 15,000 miles of interstate gas pipeline and 37 underground gas storage fields, delivering more than 1 Tcf of gas per year.

PG&E Corp. managed to avoid being added to the recession’s casualty list on Tuesday as proceeds from a multi-year tax settlement pushed 4Q2008 consolidated net income to $517 million, or $1.37/share, which is more than double the $203 million, or 56 cents/share, in the same quarter of 2007.

The recession and credit crisis have caused the postponement of a $79 million pipeline project in Nebraska proposed by Nebraska Resources Co. LLC (NRC), a unit of Seminole Energy Services, the company said recently. Collapse of the ethanol industry, which the pipeline would have served, was largely blamed.

With fourth quarter profits hit hard last year by the recession, Tulsa-based Williams’ CEO told financial analysts last Thursday on an earnings conference call that the company was forced to look at possibly restructuring its three major business lines — exploration and production (E&P), midstream and natural gas pipeline units — but has decided to stay the course and reduce its capital expenditures this year to position itself to seize on opportunities when the economy improves.

The recession and credit crisis have caused the postponement of a $79 million pipeline project in Nebraska proposed by Nebraska Resources Co. LLC (NRC), a unit of Seminole Energy Services, the company said recently. Collapse of the ethanol industry, which the pipeline would have served, was largely blamed.

With fourth quarter profits hit hard last year by the recession, Tulsa-based Williams’ CEO told financial analysts Thursday on an earnings conference call that the company was forced to look at possibly restructuring its three major business lines — exploration and production (E&P), midstream and natural gas pipeline units — but has decided to stay the course and reduce its capital expenditures this year to position itself to seize on opportunities when the economy improves.

Despite absorbing the two-headed blow from mild weather and the economic recession, Richmond, VA-based Dominion Resources posted 4Q2008 unaudited net income of $348 million, or 60 cents per share, up 16% from net income of $299 million, or 52 cents per share, for the same period in 2007.

Despite the global economic recession and a tumultuous period for some of the top North American natural gas marketers, third quarter volumes for the companies still in the business showed impressive growth as BP once again claimed the No. 1 spot by transacting 29.9 Bcf/d, according to NGI’s 3Q2008 Top North American Gas Marketers Ranking.

Despite the global economic recession and a tumultuous period for some of the top North American natural gas marketers, third quarter volumes for the companies still in the business showed impressive growth as BP once again claimed the No. 1 spot by transacting 29.9 Bcf/d, according to NGI’s 3Q2008 Top North American Gas Marketers Ranking.