Bridgeline Holdings LP, a partnership between Enron and Texaco, signed a deal to supply 165 Bcf of gas over five years to Occidental Chemical Corp.’s 778 MW cogeneration facilities in Taft, LA. Terms of the transaction were not released. Bridgeline operates 1,000 miles of pipeline from the Texas/Louisiana border to New Orleans, serving industrial and utility industry customers. It also has 13 Bcf of salt dome storage capacity in the region with broad access to significant Gulf of Mexico pipeline production and wellhead supply. Bridgeline said the deal is a key element in building on its strength to serve the new electrical generation demand throughout the region. This market requires firm, high-volume and deep-swing natural gas service to effectively meet the needs of this new class of merchant electricity generators. “We are eager to commence natural gas deliveries to the Taft facility and feel our unique combination of assets and merchant capabilities are well-positioned to serve this growing market,” stated Hugh H. Connett, vice president of marketing and supply for Bridgeline.

Mirant Corp. said on Monday that it is upping its earnings per diluted share expectations for the third quarter 2001 by $0.05, from $0.60 to “at least $0.65.” In conjunction with the announcement, the company added that it is forecasting year-end 2001 earnings per diluted share of at least $1.95, up from the previous forecast of $1.90. Mirant stated that it continues to project 2002 earnings per diluted share of $2.55 to $2.65 after adding approximately 20 cents per share for new accounting rules pertaining to good will and intangibles. The company’s board of directors also approved the repurchase of up to 10 million shares of Mirant common stock, effective immediately, for the next 30 days. Repurchases may be made in the open market, in privately negotiated transactions and/or in block transactions, from time-to-time, depending on market conditions and may be discontinued at any time, Mirant said.

Tosco Corp., the largest independent refiner and petroleum marketer in the United States, has completed its merger with Phillips Petroleum Co. after receiving approval from the Federal Trade Commission Monday. Phillips is the second largest refiner and third largest gasoline retailer in North America. Under the merger agreement, Old Greenwich, CT-based Tosco’s shareholders will receive $7.3 billion of Phillips shares for their equity, a 35.4% premium over Tosco’s closing price preceding the transaction announced in February 2001 (see Daily GPI, Feb. 6). Tosco CEO Thomas D. O’Malley will become a vice chairman of Phillips.

Colorado Wyoming Reserve Co. has received an interpreted 3-D seismic survey covering a 26-square mile portion of its leasehold position in the Northern Paradox Basin of southeastern Utah indicating that further exploratory work should be done. Under a seismic acquisition and farmout agreement, Colorado Wyoming has assigned a 50% ownership interest in the project to three privately held companies. It owns a 42.5% share in the project area, which includes about 55,000 acres with the delivery of the seismic. Future operating plans and capital needs also are being discussed. Colorado Wyoming is a 3-D seismic-oriented Rocky Mountain exploration company headquartered in Grand Junction, CO.

©Copyright 2001 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.