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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 29, 2009
Page
15
ConocoPhillips posts a $21.37 per share loss for the October-December quarter as asset writedowns and weaker crude prices crush earnings. Revenue drops 18 percent to $44.5 billion. CEO Jim Mulva warns of a significant multiyear recession and a difficult 2009 2010 for energy.
The Labor Department reports 21,137 mass layoffs in 2008, the highest since 2001, with Boeing cutting 5,500 and AOL removing up to 700, as major firms announce thousands of layoffs amid a slowing economy. Analysts foresee further losses into 2009 even with Obama stimulus.
Alliant explores a long term plan for downtown steam after Prairie Creek Boiler No. 1 begins steam production this week and Boiler No. 2 next week. The Sixth Street plant may host a natural gas peaking unit in coming years to provide intermittent steam.
Boeing plans 10000 job cuts after reporting a surprise fourth quarter loss of 56 million dollars. The cuts follow an earlier 4500 position reduction in Seattle and target the defense division, as orders dropped and earnings outlook for 2009 trails analyst forecasts.
Industry executives expect demand weakness and steady supply to keep natural gas prices subdued in 2009 after a summer spike above 10 per 1 000 cubic feet. February gas settled at 4 48, while comments note potential stimulus support for energy efficiency and LIHEAP funding for the sector.
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