Reflecting

El Paso Energy Partners L.P. (EPN) reported its highest ever cash flow and net income in 2002, reflecting an array of acquisitions during the year which should contribute to continued high returns, company officials said.

El Paso Energy Partners L.P. (EPN) reported its highest ever cash flow and net income in 2002, reflecting an array of acquisitions during the year which should contribute to continued high returns, company officials said.

Reflecting heavy weather load in the Upper Plains and Upper Midwest, Northern Natural Gas declared a System Overrun Limitation for all market-area zones effective Thursday until further notice.

Reliant Resources Inc. (RRI) took another hit to its credit status on Wednesday after Fitch Ratings dropped the energy merchant’s ratings once again, reflecting the agency’s growing concern over the company’s ability to successfully refinance unsecured bank debt, including a $2.9 billion bridge financing that is due in February. The financing was used to acquire Orion Power Holdings — an acquisition whose value and access to cash lately have been sharply reduced.

Reflecting an expectation that planned asset sales will occur, Aquila Inc. retained a “stable” ratings outlook but had its debt downgraded to below investment grade by Moody’s Investors Service on Tuesday. In response, the Kansas City-based company said it was “prepared to respond to the potential effects” the downgrade to “Ba2” could bring.

Reflecting what is fast becoming an industry trend, Reliant Resources Inc. late last week reported a slight drop in its third quarter 2001 earnings after seeing lower margins in wholesale energy trading and operating losses in retail and European energy operations. However, the company raised its earnings guidance for the year based on expanded wholesale activity and improvements in retail operations.

Reflecting a “significant” decline in Gulf of Mexico rig demand, Houston-based ODS-Petrodata Group (OPG) said Wednesday that its Offshore Rig Date Rate Indices, updated monthly, continue to decline, which is having a “dramatic” impact on the region. The decline, it said, is related to a drop in domestic natural gas prices, with the jackup fleet utilization plummeting from 95% at the beginning of the second quarter to 74% this month.

Dynegy Inc. said Tuesday it has expanded its e-commerce site, Dynegydirect.com, into the United Kingdom energy market, reflecting the “increasing demand for Dynegy’s products in Europe as well as the successful launch…in North America last year,” said Gary Cardone, president of Dynegy Europe Ltd.

Reflecting the nose-dive in wholesale prices, Southern California Gas Co. in July whacked its retail prices to residential and small business customers by 48%, dropping from 52.1 cents/therm in June to 27 cents this month.