Swung

Work on replacing natural gas as a fuel for Alberta oilsands production will accelerate under a research agreement between the provincial and United States governments, which is billed as a “milestone” for both sides

Work on replacing natural gas as a fuel for Alberta oilsands production will accelerate under a research agreement between the provincial and United States governments, which is billed as a “milestone” for both sides

Despite sagging revenues in 1Q2007, Dynegy Inc. last week reported that net income swung from a 1Q2006 loss of $4 million, or a loss of $0.01 per diluted share, to a gain of $14 million, or $0.03 per diluted share for the first quarter 2007. The first quarter profit, which marked the company’s first profitable period in the last five quarters, was attributed to the strong performance from its power generation portfolio and to higher power prices.

El Paso Corp. swung to a profit in the second quarter, led by a stronger-than-expected performance from its core natural gas pipeline division and from gains on price risk investments. The Houston-based company reported quarterly net income of $141 million (21 cents/diluted share), well ahead of its losses of $246 million (minus 38 cents) for the same period a year ago and 3 cents above Wall Street estimates.

El Paso Corp. swung to a profit in the second quarter, led by stronger-than-expected performance from its core natural gas pipeline division and from gains on some price risk investments. The Houston-based company reported quarterly net income of $141 million (21 cents/diluted share), well ahead of its losses of $246 million (minus 38 cents) for the same period a year ago and 3 cents above Wall Street estimates.

The first of the big three majors, third-ranked ConocoPhillips, swung to a profit in the fourth quarter after a year-ago loss, unhindered by the special charges from its mega merger in 2002. Meanwhile, Kerr McGee Corp. and Amerada Hess Corp. also reversed their losses from a year ago on higher commodity prices.

With an upbeat conference call and better-than-expected earnings for the first quarter, Dynegy Inc. swung to a profit for the first time in over a year, and further encouraged investors that it now expects to surpass 2003 guidance. The sector-leading stock soared on the day of its earnings announcement, with more than 34 million shares exchanging hands, sending Dynegy up 25% in one day to close higher than it had closed since last July.

With an upbeat conference call and better-than-expected earnings for the first quarter, Dynegy Inc. swung to a profit for the first time in over a year, and further encouraged investors that it now expects to surpass 2003 guidance. The sector-leading stock soared, with more than 34 million shares exchanging hands, sending Dynegy up 25% to close at $4.70 — its highest level since July 18, 2002, when it closed at $4.50.

The floodgates of customer choice for electric power users swungopen in New Jersey last week and among the first out the door was agroup, anchored by chemical manufacturers, of 64 large energy userstaking 360 MW and 843 federal government facilities, including theStatue of Liberty. (see report following)