Story

(substituting for & correcting previous story in Daily GPI, April 20)

BP plc’s CEO told shareholders and analysts Thursday that the story of 2003 was about maintaining the strength of the assets, but going forward, the oil and gas giant has set its course toward maintaining its asset and customer advantage in oil and gas markets around the world.

(Editor’s Note: This story originally ran in the March 7 edition of Daily GPI)

(Editor’s Note: This story originally ran in the March 7 edition of Daily GPI)

Cabot Oil and Gas took issue with the negative way in which it’s 2002 financial and performance results were characterized in a story that ran in Daily GPI on Feb. 25. Although Cabot’s net income per share declined to 65 cents last year from $1.71 the prior year, its fourth quarter net income per share was up to 36 cents from to a loss in 4Q2001 of 34 cents. The company also showed strong performance results. “When you look at year over year, it was not as good as the year before in terms of dollars. But in terms of production, we produced a double digit production jump of 12%, we had our second highest level of discretionary cash flow and we reduced debt by $28 million,” said Cabot spokeswoman Karin Thorton. “Those are all positive.” Lower realized commodity prices were the main factor in the decline in reported results, the company said. Its average realized natural gas price fell more than 30% in 2002 to $3.02/Mcf compared to an average realization of $4.36/Mcf in 2001. Oil prices declined from $24.91 to $23.79 per barrel. For 2002, Cabot reported equivalent production of 91.1 Bcfe, compared to 81.1 Bcfe produced in 2001.

Stating that the local distribution company (LDC) story from the buyer’s perspective is one of “growth and more growth,” Nick Stavropoulos, president of KeySpan Energy Delivery New England, said that at the end of the day, LDCs will “remain the key link” to the natural gas customer, ensuring reliable gas service.

Stating that the local distribution company (LDC) story from the buyer’s perspective is one of “growth and more growth,” Nick Stavropoulos, president of KeySpan Energy Delivery New England, said that at the end of the day, LDCs will “remain the key link” to the natural gas customer, ensuring reliable gas service.

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 story “Rush to LNG in Baja Raises Questions About Demand, Infrastructure” published on Thursday, March 7, in the 8th paragraph, note that Sempra’s proposed LNG terminal will be south of Rosarito and north of Ensenada.