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Ignoring protests from some shareholders who want a complete separation from Dynegy Inc., ChevronTexaco Corp. Tuesday offered its strongest public endorsement to date, writing down a total of $631 million in second-quarter earnings related to its stake in the marketer, and reiterating that all of its U.S. natural gas agreements remain in place and will remain in place for at least the near term. ChevronTexaco’s profits were down 78% compared to the second quarter a year ago, and part of the loss related to a $531 million special-item charge for the company’s investment in Dynegy’s common and preferred stock to its estimated fair value as of June 30, 2002, and $100 million related to its share of Dynegy’s own writedown.

Ignoring protests from some shareholders who want a complete separation from Dynegy Inc., ChevronTexaco Corp. Tuesday offered its strongest public endorsement to date, writing down a total of $631 million in second-quarter earnings related to its stake in the marketer, and reiterating that all of its U.S. natural gas agreements remain in place and will remain in place for at least the near term. ChevronTexaco’s profits were down 78% compared to the second quarter a year ago, and part of the loss related to a $531 million special-item charge for the company’s investment in Dynegy’s common and preferred stock to its estimated fair value as of June 30, 2002, and $100 million related to its share of Dynegy’s own writedown.

Reiterating that it does not own or want to own an energy trading business, Kinder Morgan Inc. (KMI)and Kinder Morgan Energy Partners LP (KMP) reaffirmed their comfort with consensus earnings estimates for both the second quarter and the year.

Texas consumer groups filed a petition with the state’s Public Utility Commission (PUC) Thursday asking for an investigation of NewPower’s financial status. Because of its sagging financial health, NewPower announced it would no longer sign up new customers from Texas and other parts of the country, but instead concentrate on its current ones. NewPower is the state’s leading retail provider of customers that switched from incumbent utilities after Texas deregulated January 1. It currently has more than 70,000 of the 200,000 Texas customers who have switched.

If you’re planning to come to Washington, DC to visit the Enron exhibit at the Smithsonian Institution, you might want to re-think that trip. There’s not going to be any Enron display, says a museum official, who noted that news stories about an Enron display were, to put it mildly, greatly exaggerated.

The first northern pipeline proposal to reach Canadian regulators includes an unintended reminder of who controls the Arctic natural gas agenda — producers rather than transporters.

The first northern pipeline proposal to reach Canadian regulators includes an unintended reminder of who controls the Arctic natural gas agenda — producers rather than transporters.

In light of the “national importance” and “precedent-setting character” of the pending bid-rigging and price-manipulation complaint against El Paso Natural Gas, California regulators and the state’s three principal utilities have asked that they be given a chance to make a pitch for their case before the full FERC.

In light of the “national importance” and “precedent-setting character” of the pending bid-rigging and price-manipulation complaint against El Paso Natural Gas, California regulators and the state’s three principal utilities have asked that they be given a chance to make a pitch for their case before the full FERC.