Rob Black's Energy Market Roundup For May 3 (APL, CMS, NI, PTEN, ILA, PCG, MUR)

The Energy Department said motor gasoline inventories rose 2.1 million barrels for the week to total 202.7 million. It was the first climb in the fuel's supply in nine weeks after losing a total of 25.3 million barrels in eight weeks. They are still 4.8% below the year-ago level.

Crude stocks rose 1.7 million barrels to total 346.7 million barrels -- 5.3% above the year-ago level. Distillate supplies fell 1.1 million barrels to 114.5 million. They're 9.6% above the year-ago level. June unleaded gas lost 3.76 cents to $2.1375 a gallon and June heating oil shed 2.08 cents to $2.058 a gallon.

Atlas Pipeline (APL) reported earnings of $0.46 per share which was $0.09 worse than the consensus of $0.55. Revenues rose 149.0% year/year to $117.8 million versus the $138.5 million single analyst estimate.

PG&E (PCG) said income fell to $214 million from $218 million a share in the year-earlier period, when there were more shares outstanding. Revenue rose 18% to $3.15 billion from $2.67 billion. PG&E also affirmed its previous earnings outlook for 2006.

Friedman, Billings, Ramsey upgraded Murphy Oil Corp. (MUR) to Outperform with a $63 target. They believe the class action lawsuit will be seen as immaterial to the overall financial condition, there are high-impact plays in the Gulf of Mexico and the analyst meeting is historically a positive stock catalyst.

NiSource (NI) earned $172.9 million in the first quarter dwn from $206.3 million in the same period a year ago. Revenue dipped to $981.1 million from $1.01 billion. Operating revenue stood at $1.02 billion.

CMS Energy Corp. (CMS) took a first-quarter loss of $27 million contrasting with year-earlier net income of $150 million, citing the reversal of gains recorded and year before and lower gas and electric sales. Revenue rose to $2.03 billion from $1.85 billion.

Patterson-UTI Energy Inc. (PTEN) reported earnings of $159 million up from a year-ago profit of $58 million. Revenue jumped 70% in the latest three months to $598 million from $351 million in the same period a year earlier. The contract drilling services also said its board approved a doubling of the quarterly cash dividend to 8 cents a share.

Aquila Inc. (ILA) reported a loss of $1.1 million vs. earnings of $700,000 in the year-earlier period. Revenue rose to $431 million from last year's $352.9 million. Natural gas operations sales increased to $263 million from $231.5 million.