Record

Futures Eke Out Small Gain in Quiet Session

Follow-through on last week’s gains and record-settingtemperatures put bulls squarely in control Monday in the Nymex gaspit. Locals and commercials were good buyers in the first hour oftrading yesterday as they buoyed the market to its highest level insix months. However, after the initial surge the market could notattract fresh buying and was left to chop sideways amid arelatively light 59,236 in estimated volume. The July contractfinished at $2.442, up 0.5 cents for the day.

June 8, 1999

Industry Briefs

Conoco yesterday held its first meeting of stockholders in 18years following the company’s record-setting $4.4 billion initialpublic offering in October 1998, that launched Conoco’s eventualseparation from DuPont. Conoco CEO Archie Dunham said the finalsplit-off from DuPont is expected to occur in the third quarter ofthis year when DuPont will offer its shareholders the opportunityto exchange DuPont shares for Conoco shares.

May 13, 1999

Gulf Growth to be Tempered by Prices, Depletions

Despite advances in drilling technology that tripled the waterdepth record for gas and oil production to 5,376 feet in 1997,near-term gas production may suffer because of low 1998 gas pricesdue in part to the crude oil price collapse.

March 10, 1999

Coastal to Cut 200-300 Staff Positions

Despite record earnings last year, Coastal Corp. CEO David A.Arledge admitted in January that 1999 would be a “challengingyear.” Coastal began to prepare for that challenge last week bystarting a corporate belt-tightening program that will include awork-force reduction.

March 1, 1999

Range-Bound Trading Continues at NYMEX

Not forecasts calling for cooling temperatures, nor record lowsset in the nearby heating oil contract could entice the natural gasfutures market to break out of its month long trading rangeTuesday, as many traders decided instead to play it safe and waitfor a more clearly defined price signal. The March contract drifted1.2 cents lower to settle at $1.795 after being limited to a narrow5-cent trading range.

February 17, 1999

U.S. Gas Prices Plummet 17% in ’98, But Canada Holds Its Ground

The gas market actually did pretty well last year considering itwas the warmest year on record, but it may take an ice age toreduce the surplus storage gas bequeathed to 1999. Spotdelivered-to-pipeline gas prices in the U.S. averaged $2.02/MMBtuin 1998, down 41 cents, or 17%, from 1997. Some points fared betterthan others and the West generally did better than the East. Canadaactually came out ahead.

January 11, 1999

Gas Prices Plummet 17% in ’98; But Canada Avoids the Drop

The gas market actually did pretty well last year considering itwas the warmest year on record, but it may take an ice age toreduce the surplus storage gas bequeathed to 1999. Spotdelivered-to-pipeline gas prices averaged $2.02/MMBtu in 1998, down41 cents, or 17%, from 1997. Some points faired better than othersand the West generally did better than the East. Canada actuallycame out ahead.

January 11, 1999

Dynegy Doubles Gas, Power Marketing Earnings

Record earnings from wholesale power marketing and generationand a 19% increase in operating margin from gas marketinghighlighted Dynegy Inc.’s sterling third quarter results.Continuing difficulties in the company’s liquids division anduncertainty over Nova Corp.’s plan to divest its 26% share in thecompany were more than counterbalanced by a three-fold increase inoperating margin from power marketing and trading.

November 2, 1998

Dynegy Doubles Gas, Power Earnings

Record earnings from wholesale power marketing and generationand a 19% increase in operating margin from gas marketinghighlighted Dynegy Inc.’s sterling third quarter results.Continuing difficulties in the company’s liquids division anduncertainty over Nova Corp.’s plan to divest its 26% share in thecompany were more than counterbalanced by a three-fold increase inoperating margin from power marketing and trading.

October 28, 1998

Enron Production Up, Prices, Revenues Down

Despite record production Enron Oil & Gas (EOG) reportedthird quarter net income of $5.9 million, down from $31.2 millionin the third quarter of 1997.

October 13, 1998