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As Williams Cos. reported a drop in second quarter earnings (see related story), Williams Energy Partners L.P. said it had an operating profit of $36.7 million for the quarter, a 9.6% increase compared with $33.5 million in 2001. The company also reported net income for the second-quarter 2002 of $24.6 million compared with $22.9 million for 2001. This increase was attributed to reduced income taxes due to the partnership structure, offset by transaction fees and increased interest expense associated with the Williams Pipe Line acquisition.

In the wake of the current turmoil surrounding Williams Cos., Williams Energy Partners LP took the chance to inform the investment community that it is an “extremely healthy” stand-alone company. The partnership held an unscheduled conference call last week to address investment concerns that dropped the company’s stock price by $6 (more than 19%) in Tuesday trading.

In the wake of the current turmoil surrounding Williams Cos., Williams Energy Partners LP took the chance to inform the investment community that it is an “extremely healthy” stand-alone company. The partnership held an unscheduled conference call to address investment concerns that dropped the company’s stock price by $6.00 (more than 19%) in Tuesday trading.

In the wake of the current turmoil surrounding Williams Cos., Williams Energy Partners LP took the chance to inform the investment community that it is an “extremely healthy” stand-alone company. The partnership held an unscheduled conference call to address investment concerns that dropped the company’s stock price by $6.00 (more than 19%) in Tuesday trading.

A ranking of top power marketers by first quarter sales volumes shows very little movement among the ranks from the fourth quarter and a continuing increase in volumes, which were up 72% from the first quarter of last year, according to data collected by Energy Performance Review and NGI. However, the picture should change significantly this year as the market begins to shrink, trading counterparties are reduced in number, companies scale back their trading volumes due to closer scrutiny by regulators and the removal of “round-trip” or “wash” trades, and some companies exit the marketing and trading (M&T) business entirely, according to industry experts.

California’s often-fragmented five-member regulatory commission Thursday approved an extension of Southern California Gas Co.’s six-year-old gas-purchase incentive program, including slashing by more than two-thirds the amount of incentives due to shareholders through the programs recent successes in lower overall supply costs. However, it made the unanimous (5-0) vote only after a split 3-2 vote defeated a preferred option by the panel’s chief regulator.

Demonstrating a newfound consensus often absent over the past 12-15 months, California’s regulatory commission last week unanimously approved a half-dozen energy items on its regular business meeting agenda, including added debt authority for Las Vegas-based Southwest Gas Corp. and a new statewide hearing process looking at the potential rate impact of the two alternative reorganization plans in Pacific Gas and Electric Co.’s ongoing Chapter 11 bankruptcy case.

During the week ended Nov. 2, Houston-based Baker Hughes reported that the number of rigs searching for oil and gas in the United States fell by five from the previous week to 1,058. Of the U.S. rigs, 874 were drilling for natural gas and 184 were searching for oil. Research from a year ago showed that the country’s rig count was notched at 1,078.

Reflecting what is fast becoming an industry trend, Reliant Resources Inc. late last week reported a slight drop in its third quarter 2001 earnings after seeing lower margins in wholesale energy trading and operating losses in retail and European energy operations. However, the company raised its earnings guidance for the year based on expanded wholesale activity and improvements in retail operations.