Shaves

BC Gas Inc. said its earnings were up 40% for the first nine months of 2002 to C$49.8 million or C$1.17/share mainly because of its acquisition of Centra Gas British Columbia Inc (see Daily GPI, Jan. 2). However, the company reported a third quarter loss of C$19.1 million or C$0.44 per share compared to a loss of C$22.3 million or C$0.58 per share in 3Q2001.

Continuing weakness in the gas market due to a sharp drop indemand prompted Lehman Brothers to lower its gas price forecastsfor the first quarter and for the years 2001 and 2002. However, itmaintained its gas price forecast for 2003 and raised its crude oilprice forecasts.

Continuing weakness in the gas market due to a sharp drop indemand prompted Lehman Brothers to lower its gas price forecastsfor the first quarter and for the years 2001 and 2002. However, itmaintained its gas price forecast for 2003 and raised its crude oilprice forecasts.

MCN Energy said last week deliberate financial miscalculationsby several former employees at CoEnergy trading, its unregulatedgas marketing subsidiary, led to a net loss of $2.7 million,significantly lower earnings in 1997 and 1998, and slightly higherearnings in 1Q99.

MCN Energy said yesterday it has had to chop millions from its 1997and 1998 earnings reports and raise slightly its 1Q99 results becauseof deliberate financial miscalculations by several former employees atCoEnergy trading, its unregulated gas marketing subsidiary. MCNdiscovered the problem last month and fired three employees, includingtwo subsidiary officers (see Daily GPI, May18), for falsely showing good financial results from marketing.