Gulf of Mexico explorer McMoRan Exploration Co. (MMR) is no longer a publicly traded stock after shareholders on Monday (June 3) approved a merger with a subsidiary of affiliated conglomerate Freeport-McMoRan Copper & Gold Inc. Under a friendly agreement in late 2012, Freeport agreed to pay close to $3 billion for MMR and more than $9 billion including debt for Plains Exploration & Production Co.; the Plains deal closed at the end of May (see Daily GPI, June 3; Dec. 6, 2012). Freeport Chairman Jim Bob Moffatt co-chaired McMoRan with Freeport CEO Richard Adkerson. MMR shareholders are to receive $14.75/share in cash, or $2.2 billion for shares not owned by Freeport, as well as 1.15 units in Gulf Coast Ultra Deep Royalty Trust, which would hold a 5% overriding royalty stake in future output from 20 specified ultra-deep exploration targets.
Illinois-based Dillon Transport is adding 25 liquefied natural gas (LNG)-fueled Kenworth T800 short-hood tractors with Cummins Westport ISX12 G natural gas engines to its fleet operating from Dallas. The new trucks would haul asphalt, sand and other bulk products with a range of about 600 miles and would be refueled in Dallas at a Clean Energy Fuels Corp. facility.
NGVAmerica said the LNG Excise Tax Equalization Act of 2013 (HR 2202) has been introduced in Congress to remove the a discrepancy between liquefied natural gas and diesel taxation on an energy equivalent basis. The federal effort is being matched in several states, including Texas and Oklahoma, the trade group said.
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