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.

©Copyright 2013Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.