Coming off of a year highlighted by milder than normal weather, El Paso Energy Partners LP. reported a 51% increase in 2001 pro forma cash flow, as measured by adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), of $161.4 million compared with $107.0 million in 2000. Pro forma net income, which also excludes non-recurring items, was $61.8 million ($0.58 per unit) for 2001 — more than triple the $20.5 million (loss of $0.03 per unit) in 2000. The company’s net income was $55.1 million ($0.38 per unit) for 2001 and includes non-recurring charges of $6.7 million ($0.19 per unit) primarily related to asset sales in 2001.
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General Post-Holiday Firmness Is Strongest in West
Essentially ignoring an expiration-day dive by the June futures contract, eastern points (except for moderately weaker Midwest citygates, Appalachian pipes and Trunkline in Louisiana) tended to range from barely lower to as much as about a nickel higher in late-May swing trading Tuesday. Most increases, though, were little above flat.
Pipelines ‘Troubled’ by Change in Senate’s Pipe Safety Bill
By 98-0, the Senate last week voted out what one lawmaker dubbedthe “strongest and most comprehensive” pipeline-safety bill everpassed in Congress, with provisions calling for stepped-upinspections for natural gas and hazardous liquid lines and stifferpenalties against safety violators.
Conoco’s 4Q Profits Up 77%
Fourth quarter profits for Conoco were up 77%, benefiting fromits strongest oil and gas prices in almost a decade. TheHouston-based energy company said that before special items, netincome was $574 million, or 91 cents per diluted share, whichtopped First Call/Thomson Financial’s consensus of 85 cents ashare. In 1999, quarterly earnings were $324 million, or 51 centsper share.
Arctic Gas: Bonanza or Boondoggle?
Prospects for Arctic natural gas development in both Alaska andCanada’s Northwest Territories are running at their strongest sincethe dawn of the idea three decades ago, but how it will happenremains up in the air.
Arctic Gas: Bonanza or Boondoggle?
Prospects for Arctic natural gas development in both Alaska andCanada’s Northwest Territories are running at their strongest sincethe dawn of the idea three decades ago, but how it will happenremains up in the air.
California, Northeast Strongest Among Price Gains
Prices emerged from the weekend to move higher in fairly quietactivity Monday, mostly in amounts of a nickel or less. Theoutperforming points were concentrated in California and theNortheast.
Mild Weather Causes Mild Price Fall; West Strongest
Despite a Wednesday afternoon storage report that many tradersconsidered modestly bullish, most prices fell by up to a nickelThursday. California and a few Rockies and South Texas points, withflat to slightly higher showings, defied the overall trend.
West Pricing Strongest; Power Alert Effects Minimal
Monday’s spot trading yielded a hodgepodge of results, with hotweather in both the East and West being the primary market force.Despite an appeal for electricity conservation in New England asregional power utilities strained to meet demand, gas prices thereshowed little change. But a western heat wave had quotes rangingfrom flat to more than a nickel higher.
Mild Price Rally Is Strongest in Rockies, San Juan
A lot of cash points came close to matching the screen’s rise ofalmost a nickel Wednesday, give or take a penny or two. In additionto the futures influence, there was “a little bit” of cold here andthere to help generate a modest price rally, though still notenough cold to help much, sources said.