Substantially

Williams, which restructured to concentrate on its core domestic natural gas businesses — exploration, midstream and gas pipelines — agreed last week to cast off substantially all of its power assets to Bear Energy LP, a unit of The Bear Stearns Cos. Inc., in a deal valued at $512 million. The transaction includes 7,700 MW of gas-fired tolling capacity, 1,800 MW of full requirements power supply contracts and a trading book.

Williams, which restructured its business to concentrate on its core natural gas businesses — exploration, midstream and gas pipelines — agreed Monday to cast off substantially all of its power assets to Bear Energy LP, a unit of The Bear Stearns Cos. Inc., in a deal valued at $512 million. The transaction includes 7,700 MW of gas-fired tolling capacity, 1,800 MW of full requirements power supply contracts and a trading book.

Tucson, AZ-based UniSource Energy Corp. reported first-quarter results early in May that were down substantially compared to the same period in 2006, but the downturn was mitigated somewhat by nearly $5 million net income from the company’s relatively small natural gas utility operations in its UNS Gas unit. Tucson Electric Power (TEP) is UniSource’s primary subsidiary and reported first-quarter profits of $800,000, compared to $16.6 million for the same period last year.

Tucson, AZ-based UniSource Energy Corp. reported first-quarter results that were down substantially compared to the same period in 2006, but the downturn was mitigated somewhat by nearly $5 million net income from the company’s relatively small natural gas utility operations in its UNS Gas unit. Tucson Electric Power (TEP) is UniSource’s primary subsidiary and reported first-quarter profits of $800,000, compared to $16.6 million for the same period last year.

The cash market continued to move higher at most points Friday, but at a substantially reduced rate from the spikes seen on Monday, Tuesday and Thursday of last week. Several locations were flat to nearly a quarter lower, reflecting forecasts that some areas would see a bit of moderation from cold weather over the weekend and the typical drop of industrial load.

EOG Resources Inc. reported second-quarter net income to common shares of $329.6 million, ($1.34/share), up substantially from $247.6 million, ($1.02/share), in the year-ago period. Strong results in the Barnett Shale were a big part of the improvement. Gas production was up modestly overall and gas liquids prices were up sharply.

The Houston Exploration Co., which plans to focus its efforts in the U.S. onshore, on Thursday reported it has completed the sale of substantially all of the Louisiana portion of its Gulf of Mexico (GOM) assets for $590 million ($530.8 million net). At year-end 2005, the assets, which were sold to a private company, had proved reserves estimated at 186.1 Bcfe.

New York-based Hess Corp. has agreed to sell substantially all of its onshore oil and natural gas assets along the Gulf Coast of Texas, Louisiana and Mississippi to an undisclosed privately held company. Financial details were not disclosed.

Rapid City, SD-based Black Hills Corp. reported substantially increased first quarter earnings, boosted by a $7.6 million, or 23 cents/share, profit from discontinued operations, including an after-tax gain on the sale of oil marketing and transportation assets last March.