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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