Tumbled

Dynegy Inc. shares tumbled sharply last week, dipping to less than $3 at times, after the company cut its full-year earnings guidance estimate to ($0.07) to $0.01 per share from the $0.10 to $0.18 per share it predicted in April and reported that its liquidity position fell about $364 million since last month to $1.7 billion, including $644 million in cash.

Dynegy Inc. shares tumbled more than 4% to $3.04 Wednesday after the company cut its full-year earnings guidance estimate to ($0.07) to $0.01 per share from the $0.10 to $0.18 per share it predicted in April and reported that its liquidity position fell about $364 million since last month to $1.7 billion, including $644 million in cash.

As has often been the case on Thursdays this summer, natural gas futures prices tumbled lower on the news that the market had injected another hefty volume of gas (83 Bcf) into underground storage facilities. The August contract was hardest hit by the sell-off as it fell to a new seven-month prompt contract low at $4.66. A small rebound was seen near the close, leaving the contract to finish the session at $4.731, down 14.5 cents for the day and nearly two dollars off its high from early last month.

Shares of Westar Energy tumbled more than 7% last Monday after the Kansas-based power company disclosed that it will be required to transfer certain of its utility operations to a utility-only subsidiary by the start of August 2003 under an order recently issued by the Kansas Corporation Commission (KCC). The decision also requires that the consolidated debt of all of the company’s utility businesses not exceed $1.67 billion.

Natural gas futures tumbled lower Thursday in what one trader described as an “orderly price rout.” After vacillating wildly in the 10 minutes after the storage report was released (featuring a 11 Bcf injection), the market paused in the low $4.30s and then proceeded to fall 23.3 cents on the day to $4.156, December’s lowest close in three weeks.

Natural gas drilling fell significantly during the second quarter compared to the same period a year ago, according to a report from Washington, DC-based American Petroleum Institute (API).

Natural gas drilling fell significantly during the second quarter compared to the same period a year ago, according to a report from Washington, DC-based American Petroleum Institute (API).

Natural gas drilling fell significantly during the second quarter compared to the same period a year ago, according to a report from Washington, DC-based American Petroleum Institute (API).

Plummeting gas prices took a toll on Burlington Resources’ first quarter net income, which tumbled to $48 million, or $0.24 per diluted share, compared to $336 million, or $1.56/share in the first quarter of 2001. Despite a 13% production increase to a record of 2,716 MMcfe/d, including volumes from recently acquired properties, natural gas price realizations averaged only $2.88/Mcf compared to $5.71 in the first quarter of 2001.