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Industry Briefs

Industry Briefs

Houston-based Anadarko Petroleum Corp. announced a common stock offering of 6.25 million shares. Proceeds of about $240.6 million before expenses are to be used for general purposes, including U.S. gas and oil projects. The offering is Anadarko's first since it was spun off from Panhandle Eastern Pipe Line in 1986. Moody's Investors Service changed its rating outlook for Anadarko's fixed income securities to stable from negative based on increasing production, reserve replacement at reasonable finding costs, as well as the common equity issuance. Anadarko has replaced more than 200% of production for the past five years and in 1998 replaced more than 500% of production at finding costs below most of the industry, Moody's said. The addition of mainly gas reserves last year lowered oil reserves to about 53% of the total.

TransCanada PipeLines introduced a new corporate brand and logo at its annual shareholders meeting last week. "Our new brand embodies the dynamic, world class energy solutions organization we are creating," said CEO George Watson. The circular logo accompanies the TransCanada name.

Baltimore, MD-based Constellation Energy Group is slated to begin operations today, trading under the ticker symbol CEG on the New York, Chicago, and Pacific stock exchanges. "Constellation Energy Group is focused on becoming a leader in wholesale power marketing and generation in North America. The company also has a presence as a generator and supplier of energy in Latin America," said Christian H. Poindexter, CEO. "We will continue to offer premier utility services to Maryland through Baltimore Gas and Electric while transitioning to a competitive marketplace."

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