Wall

Occidental Petroleum earnings of $466 million ($1.25 per share) beat Wall Street estimates by more than 20 cents/share. The company posted a 34% gain in net income before special items from the same period a year ago mainly on higher western gas prices and improved chemicals operations.

Occidental Petroleum earnings of $466 million ($1.25 per share) beat Wall Street estimates by more than 20 cents/share. The company posted a 34% gain in net income before special items from the same period a year ago mainly on higher western gas prices and improved chemicals operations.

The Federal Energy Regulatory Commission picked up some kudos from Wall Street last week for “providing regulatory certainty and consistency, with incentives for growth and risk-taking.” The Commission should “stay the course,” Curt Launer, veteran energy analyst for Credit Suisse First Boston testified at the Commission’s technical conference on the California Natural Gas Transportation Infrastructure.

Discounting reports from other Wall Street analysts about permanent gas “demand destruction” and rapid supply growth being the causes of the current price collapse, Robert Christensen of First Albany Corp. said prices have fallen mainly in reaction to strong storage injections this spring and probably will rebound because of minimal supply growth. Christensen released a report last week titled “Still a `No Show’- Natural Gas Supply Growth” that makes a case for remaining bullish in the face of rapidly declining spot prices.

The Federal Energy Regulatory Commission picked up some kudos from Wall Street yesterday for “providing regulatory certainty and consistency, with incentives for growth and risk-taking.” The Commission should “stay the course,” Curt Launer, veteran energy analyst for Credit Suisse First Boston testified at the Commission’s technical conference on the California Natural Gas Transportation Infrastructure.

Discounting reports from other Wall Street analysts about permanent gas “demand destruction” and rapid supply growth being the causes of the current price collapse, Robert Christensen of First Albany Corp. said prices have fallen mainly in reaction to strong storage injections this spring and probably will rebound because of minimal supply growth. Christensen released a report this week titled “Still a ‘No Show’ – Natural Gas Supply Growth” that makes a case for remaining bullish in the face of rapidly declining spot prices.

Wall Street analysts continue to predict a rapid storage refill this summer and warn of the potential for a significantly bearish reaction in the market in the short-term. Analysts at Salomon Smith Barney (SSB) yesterday reiterated projections earlier in the week by Lehman Brothers that lower demand because of high prices will lead to sharply steeper storage injections this spring.

Officials at Potomac Electric Power Co. (Pepco) would notconfirm nor deny a report in The Wall Street Journal last week thatPepco has made an offer to buy Delaware-based Conectiv Inc. for $2billion in cash and stock. A spokesman said it might be a good ideato check back with the Washington, D.C.-based utility this week.The Journal reported the deal would be announced within a few days.

Officials at Potomac Electric Power Co. (Pepco) would notconfirm nor deny a report in The Wall Street Journal yesterday thatPepco has made an offer to buy Delaware-based Conectiv Inc. for $2billion in cash and stock. A spokesman said it might be a good ideato check back with the Washington, D.C.-based utility next week.The Journal reported the deal would be announced within a few days.