Enron Oil & Gas (EOG) closed the share exchange to establishEOG as an independent company yesterday. Under the exchange, which wasannounced last month, Enron Corp. exchanged 62.27 million of its 82.27million shares of EOG common stock for EOG’s China and Indiaoperations (see story July 21). EOG alsocontributed $600 million to an India subsidiary that has beentransferred to Enron. In addition, EOG issued 27 million shares at$22.25 per share and received net proceeds of $578.3 million. Pendingcompletion of another convertible stock offering, Enron’s remaininginterest in the company will be less than 3%. EOG will soon adopt anew name EOG Resources Inc. Forrest E. Hoglund, EOG chairman, whoannounced his planned retirement in Sept. 1998, retired effectiveAug. 15. Mark G. Papa, formerly president and CEO, was electedchairman and CEO. Edmund P. Segner III, formerly vice chairman andchief of staff, was elected president and chief of staff.
The Natural Gas Supply Association (NGSA) yesterday filed abrief with the D.C. Circuit Court of Appeals supporting theEnvironmental Protection Agency’s (EPA) final rule that establishesfuel-neutral and output-based standards for utility boilers in aneffort to reduce overall nitrogen oxide (NOx) emissions. Thefuel-neutral approach requires that all boilers, regardless of fuelsource – coal, natural gas or oil – meet the same standard ofemissions. And the output-based standard, which would apply only tonew utility boilers, links the emission limit to the amount ofproduct (electricity) produced. The EPA rule “is being challenged[in court] by the very companies that have enjoyed 20 years ofpreferential treatment. Now that the coal industry will becompeting with the natural gas industry and using identicalemission standards, they’re protesting,” said NGSA President SkipHorvath in a prepared statement.
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