Slashed

ConocoPhillips has slashed its capital budget for 2007, and it warned that if service costs continue to escalate, its medium-term oil and natural gas production likely will be impacted.

Soaring fuel prices, which slashed the value of unwinding energy trading contracts collapsed Williams’ 3Q earnings by 96%, the company reported Thursday. However, the Tulsa-based company raised its profit forecast for the year on the continued strong performances of its other three major business units: exploration and production (E&P), natural gas pipelines and midstream processing.

Soaring fuel prices, which slashed the value of unwinding energy trading contracts collapsed Williams’ 3Q earnings by 96%, the company reported Thursday. However, the Tulsa-based company raised its profit forecast for the year on the continued strong performances of its other three major business units: exploration and production (E&P), natural gas pipelines and midstream processing.

Denver-based Forest Oil Corp. last week slashed its estimated Alaskan oil reserves by 86% and warned that other oil and gas field estimates may be cut. In addition, the independent forecast a fourth quarter write off of some of its overseas assets.

Denver-based Forest Oil Corp. on Tuesday slashed its estimated Alaskan oil reserves by 86% and warned that other oil and gas field estimates may be cut. In addition, the independent forecast a fourth quarter write off of some of its overseas assets.

Puget Energy Inc. shares fell more than $2 last week to near $20/share on Friday after the company warned in an 8-K filing with the Securities and Exchange Commission that drought conditions and low hydroelectric production in the Pacific Northwest would force it to buy high-cost replacement power, which probably would have a negative impact on 2003 earnings.

Enron Oil & Gas Co. (EOG) 1998 net income was less than halfwhat it was in 1997, which could be considered additional evidencethe company really is considering an “unsolicited offer” to buy thecompany.