The Supreme Court last Tuesday rejected a petition for writ ofcertiorari filed by the California Public Utilities Commission(CPUC) and Southern California Gas (SoCalGas) after the partiesfailed to meet the deadline. The petitioners, which filed forreview on Nov. 5, missed the deadline by three days. The CPUC andSoCalGas had asked the high court to review a 1996 FERC decision -upheld by the D.C. Circuit Court of Appeals two years later – thatthey claimed amounted to a “power grab” of California’sjurisdiction by the federal agency.
Dynegy Inc. is combining its power generation operations withits trading and marketing organization to “further define andcapture opportunities presented by the convergence of the gas andpower industries.” The new organization will operate under the nameDynegy Marketing and Trade. Steve Bergstrom will serve as presidentand chief operating officer.
Sheridan Energy Inc. intends to form a joint venture withAmerada Hess Corp. to explore, develop and produce from all ofHess’s Sacramento Basin, CA, gas properties. The joint venture willalso seek to explore, develop and produce oil and gas from otherHess U.S. onshore and offshore properties. Sheridan has agreed tocontribute $58 million and other considerations, and Hess willcontribute its California properties along with certain other U.S.holdings. Current net production from the California properties isabout 20 MMcf/d. The agreement includes unitized and prospectacreage totaling 37,000 net acres.
Unocal Corp. said last week it expects to cut capital spending30 to 40% in 1999 from this year’s level. In addition, the companyis targeting cash expense reductions of $150 million, of whichabout $100 million has already been identified.
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