Revealed

Upper Midwest combination utility NorthWestern Corp. revealed Tuesday that it will take about $880 million in special charges in 2002, which is $180 million more than previously announced. It expects to post a $900 million net loss for the year compared with net earnings of $37.5 million in 2001.

In a delayed reaction to bearish storage data released Thursday that revealed the first net refill of the 2003 injection season, natural gas futures dipped lower Friday as commercial traders continued to liquidate their long positions. Not even double-digit rises in physical market prices could support May futures, which lacked originality by closing at the same price — $5.146 — as the final expiration of the April contract Thursday. At 44,630, estimated volume was extremely light ahead of the weekend.

IDACORP Inc. revealed in a federal filing that it has received and will respond to a new request for information about natural gas prices that it has provided to unnamed industry publications. The company said, however, it did not engage in any illegal transactions and believes data it supplied to publications was bona fide. Federal officials did not disclose any other details of the investigation.

IDACORP Inc. revealed in a federal filing that it has received and will respond to a new request for information about natural gas prices that it has provided to unnamed industry publications. The company said, however, it did not engage in any illegal transactions and believes data it supplied to publications was bona fide. Federal officials did not disclose any other details of the investigation.

Chesapeake Energy Corp. revealed that it was the mystery buyer late last month of $300 million in Midcontinent gas reserves from Oneok Inc. subsidiary Oneok Resources (see NGI, Dec. 2). Oklahoma City-based Chesapeake said the purchase included 200 Bcfe of proved gas reserves, 60 Bcfe of probable and possible gas reserves and current gas production of 47,000 Mcfe/d. The company added that it expects the transaction to close on Jan. 31, 2003.

Chesapeake Energy Corp. revealed that it was the mystery buyer late last month of $300 million in Midcontinent gas reserves from Oneok Inc. subsidiary Oneok Resources (see Daily GPI, Nov. 26). Oklahoma City-based Chesapeake said the purchase included 200 Bcfe of proved gas reserves, 60 Bcfe of probable and possible gas reserves and current gas production of 47,000 Mcfe/d. The company said it expects the transaction to close on Jan. 31, 2003.

Morgan Stanley Capital Group Inc. revealed in a filing with the Securities and Exchange Commission last week that it has been subpoenaed by the Commodity Futures Trading Commission (CFTC) as part of an energy trading investigation. The company, which markets gas and power, said it would cooperate with the CFTC but failed to provide further details about the investigation.

Morgan Stanley Capital Group Inc. revealed in a filing with the Securities and Exchange Commission that it has been subpoenaed by the Commodity Futures Trading Commission (CFTC) in an energy trading investigation. The company, which markets gas and power, said it would cooperate with the CFTC but failed to provide further details about the investigation.

In a company meeting in Houston last Thursday, Enron CEO Stephen Cooper revealed that the company owes creditors at least $11 billion more than it estimated in its original bankruptcy filing, but the figure could go as high as $50 billion more. Enron listed $31.2 billion in debts when it filed for bankruptcy in December.