Sales

Indicative of its current push to acquire new assets and expand its reach in the Southwest, PNM Resources, the holding company for Public Service Company of New Mexico, on Thursday increased it financing capacity to $1 billion with a so-called “shelf registration” statement to the federal Securities and Exchange Commission. The latest registration was for an added $500 million.

With energy trading an established profit center and its South American utility assets on the sales block, Sempra Energy banks its immediate future on its two large California utilities and its looming liquefied natural gas (LNG) and gas storage business, Sempra’s CEO Steve Baum told analysts last week. Baum indicated Sempra is poised to grow no matter what happens in California’s still undecided energy market debate.

Plains Exploration & Production Co. said Thursday it is selling some non-core properties on and offshore California, as well as nearly all of its assets in South Texas and New Mexico to reduce its unit cost structure. The transactions, which represent about 11% of the company’s production volumes but 20% of total cash production expenses, are expected to close by the end of this year.

Plains Exploration & Production Co. said Thursday it is selling some non-core properties on and offshore California, as well as nearly all of its assets in South Texas and New Mexico to reduce its unit cost structure. The transactions, which represent about 11% of the company’s production volumes but 20% of total cash production expenses, are expected to close by the end of this year.

With energy trading an established profit center and its South American utility assets on the sales block, Sempra Energy banks its immediate future on its two large California utilities and its looming liquefied natural gas (LNG)/storage business, Sempra’s CEO Steve Baum told analysts Wednesday. Baum indicated Sempra is poised to grow no matter what happens in California’s still undecided energy market debate.

Senior management officials of Pacific Gas and Electric (PG&E) “have approved in principle” a sales agreement and auction protocol to pave the way for the sale of the company’s 500- to 600-mile natural gas gathering network in northern California to individual producers on its system.

Higher sales in the second quarter failed to offset a loss in the natural gas liquids (NGL) marketing business and higher energy costs, Enterprise Products Partners LP said Monday. The Houston-based company, which Wall Street had forecast would earn 22 cents/unit, instead reported quarterly net income was flat: $33.1 million (11 cents/unit), compared with net income of $33.1 million (14 cents) in 2Q2003.

NUI Corp., which put itself up for sale last year after struggling financially, on Thursday announced it had amended its Form 10-Qs for the first and second quarters of fiscal 2004 to reflect prepayments related to its natural gas supply. The Bedminster, NJ-based gas utility said it expects to sign a definitive agreement with a purchaser in the third quarter of this year.

Despite a $24 million loss taken on the sale of a UK-based retail energy marketer, San Diego-based Sempra Energy reported first quarter earnings that more than doubled results in the first quarter last year ($197 million, or 85 cents/share, versus $88 million, or 42 cents/share).