Stabilizes

El Paso Corp.’s exploration and production (E&P) business hit bottom in 2004, but with a complete restructuring, improved drilling results, two bolt-on acquisitions — and a third expected to close this month — the “offense is back on the field,” said CEO Doug Foshee on Thursday.

Dynegy Inc. finally sparked the investor confidence it sorely needed last week following a teleconference ostensibly to report first quarter earnings. Instead, news that it had renewed its much-needed revolving credit line for $900 million 24 hours before the deadline — thus guaranteeing the company’s liquidity in even the worst case scenario — pulled the stock ahead nearly 30% in one day. Chairman Chuck Watson also appeared to soothe Wall Street nerves with his corporate-wide commitment to retain an investment credit rating, making it Dynegy’s top priority going forward.