Ownesboro, KY-based TGT Pipeline LLC, a subsidiary of Loews Corp., has changed its name to Boardwalk Pipelines LLC. The renamed company is the parent of two operating subsidiaries in the interstate gas pipeline industry, Texas Gas Transmission LLC and Gulf South Pipeline Co. LP, whose names will remain unchanged.
Noble Energy said Tuesday that its proposed purchase of Denver-based Patina Oil and Gas was granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 by the Antitrust Division of the Department of Justice and the Federal Trade Commission. The $3.4 billion cash and stock transaction remains subject to other approvals. It is expected to close during the second quarter. The combined company will have year-end 2003 proved reserves of 710 MMboe, weighted 63% to natural gas, with 55% of the total assets in the United States. Its initial production is estimated at 61,400 bbl/d and 602 MMcf/d, or 161,700 boe/d.
Strong customer growth, a key regulatory ruling and completion of the South Mist Pipeline Extention contributed to higher earnings for Northwest Natural Gas during the fourth quarter and full year of 2004. Fourth quarter earnings rose 24% to $27 million (97 cents/share) and earnings for the year rose 11% to $50.6 million ($1.86/share). "Our employees did an excellent job of compensating for the abnormally warm weather the Pacific Northwest experienced in the first half of 2004," said CEO Mark Dodson. Some highlights for the year included an upgrade in credit ratings to A+ by Standard and Poor's; completion of the 61-mile South Mist extension with timely regulatory approval for recovery of its costs through customer rates in both Oregon and Washington; the addition of 18,485 gas customers; and regulatory approval to recover and earn on pipeline integrity management costs in Oregon. Cheniere Energy Inc. BPU LNG Inc. Corpus Christi LNG LP.
Southern Union Co. announced that it has priced an offering of 14.9 million shares of common stock at $23.00 per share to pay down debt incurred with its investment in CCE Holdings, LLC, a joint venture with GE Energy Financial Services which purchased CrossCountry Energy LLC from Enron Corp. CCE paid Enron $2.45 billion in cash and assumed the debt for 7,400 miles of natural gas pipelines with 4.2 Bcf/d of transportation capacity. CrossCountry owns 100% of Transwestern Pipeline and 50% of Citrus Corp., which owns 100% of Florida Gas Transmission Co. The offering was underwritten by the joint book-running managers, Merrill Lynch, Pierce, Fenner & Smith Inc. and J.P. Morgan Securities Inc. A limited number of institutional investors have agreed to purchase the shares from the underwriters. In addition, Southern Union announced Monday it has launched an offering of $100 million of equity units at $50 per unit, also to pay off debt incurred in the pipeline purchase.
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