Times

When the going gets tough, the tough turn to gas. That’s oneconclusion that can be drawn from results of Arthur Andersen’s 11thannual U.S. Oil and Gas Industry Outlook Survey. While 70% of the83 companies responding to the survey said they plan to cutexploration spending or hold it at current levels in the comingyear, gas will get a bigger share of the attention. Nearly half ofthe respondents (49%) plan to focus on gas exploration, an increaseof 20% from a year ago. Another 39% of respondents said they willbalance efforts between oil and gas.

New Jersey utility holding company GPU Inc. has sold itsnon-nuclear generating assets for $2.62 billion – 2.5 times bookvalue or $510 per kilowatt. The majority of generating assets werebought by French- and Japanese-owned Sithe Energies Inc. of NewYork City, which bought assets in New Jersey, Pennsylvania andMaryland. The deal will make Sithe the largest U.S. independentpower producer.

After tapping on the brakes a few times Wednesday, theresurgence in November prices had its foot back on the acceleratorThursday. While not quite pedal-to-the-metal as in Tuesday’s gainsthat often hit 30 cents or more, double-digit increases againdominated the cash market.

Another class action suit was filed against Triton Energy onbehalf of shareholders alleging the company misrepresented thevalue of its assets and prospects for the company. The most recentsuit, filed in U.S. District Court for the Eastern District ofTexas on behalf of those who acquired common stock on or betweenMarch 30 and July 17, says statements by the company and certainexecutives drove its stock price up during the class period.