Houston-based Anadarko Petroleum Corp. announced a common stockoffering of 6.25 million shares. Proceeds of about $240.6 millionbefore expenses are to be used for general purposes, including U.S.gas and oil projects. The offering is Anadarko’s first since it wasspun off from Panhandle Eastern Pipe Line in 1986. Moody’sInvestors Service changed its rating outlook for Anadarko’s fixedincome securities to stable from negative based on increasingproduction, reserve replacement at reasonable finding costs, aswell as the common equity issuance. Anadarko has replaced more than200% of production for the past five years and in 1998 replacedmore than 500% of production at finding costs below most of theindustry, Moody’s said. The addition of mainly gas reserves lastyear lowered oil reserves to about 53% of the total.
TransCanada PipeLines introduced a new corporate brand and logoat its annual shareholders meeting last week. “Our new brandembodies the dynamic, world class energy solutions organization weare creating,” said CEO George Watson. The circular logoaccompanies the TransCanada name.
Baltimore, MD-based Constellation Energy Group is slated tobegin operations today, trading under the ticker symbol CEG on theNew York, Chicago, and Pacific stock exchanges. “ConstellationEnergy Group is focused on becoming a leader in wholesale powermarketing and generation in North America. The company also has apresence as a generator and supplier of energy in Latin America,”said Christian H. Poindexter, CEO. “We will continue to offerpremier utility services to Maryland through Baltimore Gas andElectric while transitioning to a competitive marketplace.”
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