Minneapolis-based Northern States Power Co. will add about 5,000natural gas and 15,000 propane customers in four states through theacquisition of Natrogas Inc., also of Minneapolis. The dealrequires regulatory approval.
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Cabot LNG to be Separated From Cabot Corp.
Cabot LNG, the energy division of the Boston-based industrial chemical manufacturer Cabot Corp., will be separated from the parent company with the issuance of a targeted stock as part of slimming and trimming “value enhancement” initiatives announced recently.
AZ Regulator Accused of Tampering with Southwest Merger
The bloody battle over the right to merge with Southwest GasCorp. has recently claimed another victim: Arizona CorporationCommissioner (ACC) Jim Irvin. Federal and state authorities areinvestigating allegations that the state regulator illegallyinfluenced Southwest Gas to go with Oneok Inc. as a merger partnerinstead of rival suitor Southern Union Co.
Columbia E&P Joins Canadian Maritimes Ventures
Columbia Natural Resources Canada (CNRC) has joined with twosmall Canadian producers targeting onshore Maritimes production tofeed the nearly completed Maritimes & Northeast Pipeline.
Eastern May Sell Assets, Entire Company
Eastern Enterprises stock price jumped more than 13% last weekto more than $44/share on news it is evaluating strategicalternatives that could include share repurchases, joint venturesor a sale of all or part of the company.
Screen, ‘Storm Hype’ Accelerate Price Increases
Although “storm hype” was a popular phrase in market discussionsThursday, the hype factor was beginning to fade in the afternoon asTropical Storm Bret achieved named status, prompting the Mexicangovernment to post coastal storm warnings from Tampico southward.Some strengthening of Bret is likely over the next 24 hours, theNational Hurricane Center said in a 4 p.m. CDT advisory.
First Storms Of Season Buoy Futures to $2.90
Fueled by the season’s first hurricane hype and gains tacked onduring the Wednesday evening Access trading session, natural gasfutures gapped higher for the second day in a row yesterday asshort-covering and fresh buying created a tempest of bullishtrading activity. That buying pressure continued throughout much ofthe session, allowing the September contract to notch a new high of$2.905 before finishing at $2.898, up 10.6 cents from Wednesday’sclose.
Producers Seek Stay of Sea Robin Decision
Major gas producers have called for FERC to stay theeffectiveness of its controversial remand decision on Sea RobinPipeline pending rehearing, citing the “enormous impact” that itcould have on offshore production and transportation activities ifit’s implemented prior to being reviewed by FERC.
Northern States to Grow With Natrogas Merger
About 20,000 Natrogas Inc. gas and propane customers in fourstates will be added to Northern States Power Co.’s (NSP) utilitybusiness pending regulatory approval of a merger announcedyesterday.
Questar Expects Southern Trails Delay
The proposed Southern Trails Pipeline from the Paradox Basin ofNew Mexico to Long Beach, CA, could be delayed three to six monthsbecause of additional environmental assessment work underway aspart the federal and state regulatory processes, according to aSalt Lake City-based spokesperson for Questar Corp., which boughtthe pipeline for $40 million last year from ARCO. Nevertheless, theconverted 700-mile pipeline should be bringing 120 to 130 MMcf/d ofgas into California by the end of next year at the latest.