Pioneer Natural Resources Co. of Dallas closed a $62.3 million
sale of South Texas gas properties to CNG Producing Co. Proceeds
will retire bank debt. Pioneer also agreed to sell a West Texas
property for $35 million to EnerQuest Oil & Gas of Midland, TX.
The property is the last waterflood field operated by Pioneer.
Selling the higher-cost field cuts Pioneer's operating costs. The
transaction is scheduled to close by the end of the third quarter
with a Jan. 1, 1999 effective date. Pioneer announced the property
sales in June. Pioneer property divestitures in Canada are
progressing as expected, and the company expects to close the last
of several Canadian deals this month. Pioneer has major operations
in the United States, Canada and Argentina.
TransCanada PipeLines Ltd. has agreed to sell subsidiary ANGUS
Chemical Co. to Dow Chemical for an undisclosed sum. "Although
ANGUS Chemical is an excellent asset, it does not fit with our
strategic direction," said TransCanada CEO Doug Baldwin.
Headquartered in Buffalo Grove, IL, ANGUS specializes in
manufacturing and marketing nitroparaffins and their derivatives.
The sale is part of a reorganization that is expected to also
include the sale of TransCanada's Gulf Coast midstream facilities
and its U.S. petroleum and products marketing and trading
Northern States Power Co. issued a request for proposals (RFP)
for up to 1,200 MW of power generation capacity and associated
energy for a period of 10 years, beginning sometime between May 1,
2003, and May 1, 2005. NSP will use the additional resources to
meet increased retail customer demand. NSP is seeking peaking,
intermediate and base-load resources. The RFP is open to all
sources of power, including renewable resources. NSP will select
winning proposals based on cost, environmental impact and delivery
guarantees. Before awarding the contract(s), NSP will submit the
evaluation of the proposals to the Minnesota Public Utilities
Commission (MPUC) for review. For a copy of the RFP or more
information, contact David L. Zuck at (612) 330-6452. He also may
be reached via fax at (612) 330-5868.
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