Despite the brouhaha in both Washington, DC and Wall Street on the dire outlook for natural gas in North America, a potential shortage — as in an inability to refill storage — is “extremely unlikely” for the coming winter heating season, said Credit Suisse First Boston (CSFB) analysts in a new report.
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PG&E Splits from NEG Bankruptcy; PG&E GT-NW Could be Sold
Part of Wall Street spoke quickly and cautiously last Tuesday despite the separation of the Canada-to-California interstate PG&E Gas Transmission-Northwest pipeline from the Chapter 11 bankruptcy filing made by its parent, the PG&E Corp.’s merchant energy group, earlier in the day. The pipeline still could be sold off in the bankruptcy proceeding, a spokesperson said.
PG&E Splits from NEG Bankruptcy; PG&E GT-NW Could be Sold
Part of Wall Street spoke quickly and cautiously late Tuesday despite the separation of the Canada-to-California interstate PG&E Gas Transmission-Northwest pipeline from the Chapter 11 bankruptcy filing made by its parent, the PG&E Corp.’s merchant energy group, earlier in the day. The pipeline still could be sold off in the bankruptcy proceeding, a spokesperson said.
Kinder Morgan Beats 2002 Consensus, But 4Q Earnings Slip 15%
Kinder Morgan Inc. (KMI) last week touted its business model and record 2002 earnings, which beat consensus Wall Street estimates. However, the company reported a 15% drop (10 cents/share) in fourth quarter net income due to special charges primarily related to a reduction in the carrying value of its power generation assets. Full-year 2002 KMI net income was up 35% to $302.7 million or $2.45/share.
Kinder Morgan Beats 2002 Consensus, But 4Q Earnings Slip 15%
Kinder Morgan Inc. (KMI) Wednesday touted its business model and record 2002 earnings, which beat consensus Wall Street estimates. However, the company reported a 15% drop (10 cents/share) in fourth quarter net income due to special charges primarily related to a reduction in the carrying value of its power generation assets. Full-year 2002 KMI net income was up 35% to $302.7 million or $2.45/share.
Energy Merchants Fall with Market; Record Trading in El Paso
Monday was a no good, very bad day across Wall Street, and as usual, the energy industry went along for the ride. For the energy merchants, however, it was more like getting hit by a truck.
Mirant Faces Informal Inquiry by SEC into Accounting, Trading Activities
Energy trading leader Mirant Corp.’s stock was pelted on Wall Street last week after it disclosed that the Atlanta district office of the Securities and Exchange Commission (SEC) had opened an informal inquiry into the company’s accounting and trading activities. The stock of the Atlanta-based company was trading at about $3.10 a share mid-day Friday, down from the closing price of $3.49 for the prior week.
Mirant Faces Informal Inquiry by SEC into Accounting, Trading Activities
Energy trading leader Mirant Corp.’s stock was pelted on Wall Street Monday after it disclosed that the Atlanta district office of the Securities and Exchange Commission (SEC) had opened an informal inquiry into the company’s accounting and trading activities. The stock of the Atlanta-based company fell 56 cents, or 16%, to close at $2.93 a share.
Utilities Move Up, Buoyed by Surging Market
It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.
Utilities Move Up, Buoyed by Surging Market
It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.