Sharp

Despite the sharp downturn in natural gas prices, Mirant CFO Raymond D. Hill said his company is on a substantial gas expansion program. Mirant expects to double its participation in the gas market over the next four years.

“It’s like prices are wandering aimlessly in the wilderness,”one trader remarked of Tuesday’s sharp reversal from the marketstrength that opened the week. All points were on the same downhillpage as declines ranged from about 15 cents to 90 cents but withmost of them clustered in the range of 30-50 cents.

The sharp rise in natural gas and oil prices and production have sent Apache Corp.’s earnings skyrocketing, and the CEO said last week that the Houston-based independent would easily beat Wall Street estimates.

The sharp rise in natural gas and oil prices have sent Apache Corp.’s earnings skyrocketing, and the CEO said yesterday the Houston-based independent would easily beat Wall Street estimates. Analysts have predicted earnings per share of $4.86, but CEO Raymond Plank said the company expects to earn $5.50 per share, about 20% higher than predicted.

Despite 1999 production revenue increases of 51% and cash flow increases of 43%, Calgary-based Canadian 88 took a sharp hit to its bottom line by a natural gas forward sales contract, which resulted in the company posting a loss of $6.5 million ($0.06 per share). The company had reported earnings of $1.8 million ($0.02 per share) in 1998.

Despite 1999 production revenue increases of 51% and cash flowincreases of 43%, Calgary-based Canadian 88 took a sharp hit to itsbottom line by a natural gas forward sales contract, which resultedin the company posting a loss of $6.5 million ($0.06 per share).The company had reported earnings of $1.8 million ($0.02 per share)in 1998.

The Department of Transportation’s Office of Pipeline Safety(OPS) came under sharp attack last week on Capitol Hill, withcritics lashing out against the agency for its “poor record” ofensuring the safe operation of the hundreds of thousands of milesof natural gas and hazardous liquids pipelines that criss-cross thenation.

The Department of Transportation’s Office of Pipeline Safety(OPS) came under sharp attack yesterday on Capitol Hill, withcritics lashing out against the agency for its “poor record” ofensuring the safe operation of the hundreds of thousands of milesof natural gas and hazardous liquids pipelines that criss-cross thenation.

There has been a sharp increase in market power in theelectricity market and merger activity is poised to skyrocket withthe spread of electric deregulation, Federal Trade CommissionChairman Robert Pitofsky told the Federal Energy RegulatoryCommission last week.