Takes

Trade groups representing major producers and local distribution companies (LDC) have called on FERC to give industry more time to reach a consensus on the hot-button issues involving the energy content of the domestic gas stream and imported liquefied natural gas (LNG), but they did not say how much more time would be needed.

The Securities and Exchange Commission (SEC) is taking a broad look at oil and natural gas companies’ reserve accounting practices, sparked largely by recent disclosures of Royal Dutch/Shell Group and El Paso Corp. that they inflated their proven reserves.

Rep. Joe Barton (R-TX) last Thursday was approved by unanimous consent as the new chairman of the powerful House Energy and Commerce Committee, succeeding Rep. W.J. “Billy” Tauzin (R-LA) who relinquished the top spot in mid-February.

As was widely expected, Rep. Joe Barton (R-TX) on Thursday was approved by unanimous consent as the new chairman of the powerful House Energy and Commerce Committee. He replaces Rep. W.J. “Billy” Tauzin (R-LA), who gave up the position earlier this month.

Rumors of a possible Securities and Exchange Commission (SEC) inquiry, credit ratings downgrades and dire analyst forecasts pummeled El Paso Corp.’s share price on Wednesday, the day after the Houston-based company revised its proved oil and gas reserves downward by 41%. By market’s close, El Paso shares had fallen more than 17%, down $1.55 to stand at $7.26.

Peoples Energy Corp. acknowledged in a 10Q filing with the Securities and Exchange Commission Tuesday that it has received a subpoena from the Illinois attorney general regarding transactions between the company and Enron Corp. or its affiliates.

Peoples Energy Corp. acknowledged in a 10Q filing with the Securities and Exchange Commission Tuesday that it has received a subpoena from the Illinois attorney general regarding transactions between the company and Enron Corp. or its affiliates.

The Department of Transportation’s Office of Pipeline Safety (OPS), which has come under attack for failing to collect penalties for major pipeline safety violations, reported Tuesday it settled with Shell Pipeline Co. LP this month for $250,000 in connection with the 1999 blast on Olympic Pipe Line Co. that killed three persons.

Duke Energy defied analysts’ expectations by announcing last Wednesday that it would maintain its $1.10/share annual dividend. However, new CEO Paul Anderson outlined a major restructuring plan and said the company would have to take a $3.3 billion fourth quarter 2003 pretax charge as a result of asset impairments.