Reports

For a third straight month, Pacific Gas and Electric Co., San Francisco, reported Thursday that natural gas prices have settled into their “historical averages,” as the utility’s retail natural gas prices through the end of March this year are about 60% below last year’s record levels. In March, the PG&E utility announced that the average residential bill for natural gas will be $39.23, a 59% drop from March 2001 when the average residential bill was $95.06.

If you’re planning to come to Washington, DC to visit the Enron exhibit at the Smithsonian Institution, you might want to re-think that trip. There’s not going to be any Enron display, says a museum official, who noted that news stories about an Enron display were, to put it mildly, greatly exaggerated.

After two large one-time charges, ONEOK Inc. reported 2001 earnings of $101.6 million ($0.85 per diluted share), compared with $145.6 million ($1.23 per diluted share) for the previous year. Earnings included a pretax charge of $34.6 million for outstanding gas costs from the winter of 2000/2001 and a $37.4 million pretax charge related to the company’s exposure in the Enron bankruptcy.

The Houston Exploration Co., a subsidiary of Brooklyn-based KeySpan Corp. announced Tuesday that it has recently received positive Securities and Exchange Commission (SEC) guidance on its 2001 impairment charge, resulting in higher earnings in the fourth quarter and full 2001.

Sequent Energy Management, AGL Resources’ wholesale marketing and supply arm, is not being shy about benefiting from Enron’s demise. The company announced that it has experienced rapid growth in wholesale volumes since Enron entered a downward spiral last fall, including a 300% increase in daily gas volumes in December and another 25% jump in January to 2.5 Bcf/d.

With 2001 earning results out of the way, Denver-based Western Gas Resources Inc. announced its Dec. 31, 2001 reserve additions and its capital budget and hedging positions for 2002. The company replaced 275% of 2001 production of 36.3 Bcfe. Net production increased 31% in 2001 compared to 2000.

With 2001 earning results out of the way, Denver-based Western Gas Resources Inc. announced Thursday its Dec. 31, 2001 reserve additions and its capital budget and hedging positions for 2002. The company replaced 275% of 2001 production of 36.3 Bcfe. Net production increased 31% in 2001 compared to 2000.

Anadarko Petroleum Corp., committed to spending US$270 million on Canadian E&P this year, announced early success Monday in its winter drilling program in northeastern British Columbia and northern Alberta, with three natural gas discoveries and several successful oil field development projects.

DTE Energy Co. reported a 39% increase in fourth quarter earnings per share, including special items, but a 33% drop in earnings per share for the year, including $1.13/share special charge related to its merger with MCN Energy. Operating earnings for the year before special charges were $536 million, or $3.48 per diluted share, compared to $484 million, or $3.39 per diluted share.