Tops

Enron Corp.’s Official Unsecured Creditors’ Committee has filed a motion requesting the bankruptcy court reject a $2.2 billion offer by NuCoastal LLC to acquire its CrossCountry Energy business unit. In the proposed “stalking horse” transaction, an unnamed company has submitted a counteroffer for $55 million more, according to the motion.

Anticipated weekend blasts of cold (including the potential for frozen precipitation in parts of Louisiana and Texas) and the after-effects of a bullish storage report had more price-boosting impact Friday than many had expected.

In yet another record year that was spurred by its upstream operations, ExxonMobil Corp. boosted its fourth quarter income 63% over a year ago, reporting $6.65 billion ($1.01/share), an increase of $2.56 billion year-over-year. Excluding still-lingering merger effects, discontinued operations and special items, ExxonMobil’s earnings were up $630 million from 4Q2002.

With more than 67 Bcf of proposed working storage capacity, Louisiana tops the list of states and provinces in North America with the most proposed storage, followed closely by Texas with 65.3 Bcf, Alabama with 62.5 Bcf and Mississippi with 55.6 Bcf, according to a new gas storage and liquefied natural gas (LNG) database and map produced by Intelligence Press Inc. Despite the big numbers, however, storage developers say it isn’t exactly a boom time for the storage sector.

With more than 67 Bcf of working capacity proposed, Louisiana tops the list of states and provinces in North America with the most proposed gas storage, followed closely by Texas with 65.3 Bcf, Alabama with 62.5 Bcf and Mississippi with 55.6 Bcf of proposed working gas storage capacity, according to a new gas storage and LNG database and map produced by Intelligence Press, Inc. Despite the big numbers, however, storage developers say it isn’t exactly a boom time for the storage sector.

With first half earnings for 2003 up nearly 50% over a year ago, Bismarck, ND-based MDU Resources Group, Inc. announced last Thursday it would be splitting its common stock on a three-for-two basis, if regulators approve. The stock split — in the form of a 50% stock dividend — is expected to be effective on Oct. 29 for shareholders of record on Oct. 10.

With first half earnings for 2003 up nearly 50% over a year ago, Bismarck, ND-based MDU Resources Group, Inc. announced Thursday it would be splitting its common stock on a three-for-two basis, if regulators approve. The stock split — in the form of a 50% stock dividend — is expected to be effective on Oct. 29 for shareholders of record on Oct. 10.

Stung by lower-than-expected first quarter results made worse by one-time charges due to accounting changes, Sempra Energy CEO Steve Baum Thursday predicted his energy trading operation would rebound in the short term from the first quarter loss. He also predicted his company would be North America’s largest importer of liquefied natural gas (LNG) by 2007.

Stung by lower-than-expected first quarter results worsened by one-time charges due to accounting changes, Sempra Energy CEO Steve Baum Thursday predicted his energy trading operation would rebound in the short term from the first quarter loss. He also predicted his company would be North America’s largest importer of liquefied natural gas (LNG) by 2007.