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PG&E Woos Kinder Morgan Executive
In a move to strengthen its still under-performing Texas naturalgas assets, PG&E Corp. yesterday named Thomas B. King presidentand COO of unregulated subsidiary PG&E Gas Transmission, whichis based in Houston. King, formerly president of Kinder MorganEnergy Partners, takes on his new duties Nov. 23. He is filling aposition left vacant by the sudden death of Joseph Kearney, aPG&E executive who suffered a heart attack in September. Kingwill be replaced at Kinder Morgan by Vice Chairman Bill Morgan.
“This move recognizes that we needed someone on the ground inHouston where the bulk of our natural gas assets are now centered,”said PG&E spokesman Greg Pruett, noting some of the assets havebeen “under-performing” so far. “We need someone who can make athorough assessment of those assets and develop a strategy thatwill result in obtaining the maximum value from them that we can.”
King will be responsible for both PG&E’s Texas and PacificNorthwest gas operations, following his experience integrating theoperations of the $1.4 billion Santa Fe Pacific Pipeline Partnersliquids lines into Kinder Morgan’s products pipelines in the lastyear. Earlier in his career, he had a series of senior operatingpositions with Enron Liquid Services Corp., and Enron’s NorthernNatural Gas, Transwestern Pipeline and Northern Border Pipeline,along with Cabot Corp.’s natural gas unit.
“Tom King brings an exceptional background in the gas pipelineand supply business and will be an outstanding leader for thisimportant component of our national energy strategy,” said RobertD. Glynn Jr., PG&E Corp. CEO.
PG&E announced in September it was restructuring its Texas management to make it more profitable. The company purchased the8,000 mile Texas system, Valero Natural Gas, in mid-1997. By thissummer PG&E management was considering selling it, but havesince backed off, saying they intend to make it a profitableoperation.(See Daily GPI, Sept. 10, 1998)
At Kinder Morgan, Bill Morgan, currently vice chairman of thecompany, will assume the additional title of president. Morgan hasbeen the president of three major pipeline companies: Florida GasTransmission, Transwestern, and Northern Natural. Morgan andRichard Kinder, a former Enron executive, set up the partnershiptwo years ago with the purchase of Enron’s products pipeline unit.
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