With the sale of the Zama assets to Apache Corp. coming to a closelast week, Phillips Petroleum announced yesterday that the companyexpects to realize approximately $470 million in after-tax proceedsfrom the $490 million dollar sale (see Daily GPI, Jan. 2, 2000).
Articles from 2001
Houston-based Newfield Exploration Co. entered the new Milleniumwith a bang, agreeing to buy rival Lariat Petroleum Inc. for nearly$333 million in cash, stock and assumed debt, and boosting itsreserves by about 40%. The properties, 90% in the Anadarko Basin ofOklahoma, produce 60 MMcf/d, and include 256 Bcf of reserves.
Californians looking for reason to celebrate over theThanksgiving holiday may have found it in a new report from theCalifornia Energy Commission, which claims that the state shouldhave enough power to meet its electricity demand next summer,barring extraordinarily hot weather.
Californians looking for something to give thanks for this weekmight want to read a new report from the California EnergyCommission, which claims that the state should have enough power tomeet its electricity demand next summer, barring extraordinarilyhot weather. The CEC’s findings relied in part on the addition ofnew generation that is expected to be available next year, most ofwhich is being built by Calpine Corp.
U.S. land drillers and rig manufacturers will benefit the mostin the next year as the nation’s rig count continues to outpaceexpectations, according to a research report released Monday byRaymond James & Associates. And even though the seismicbusiness has recently lagged, it also holds excellent earningsprospects for the future, said the analysts.
FERC last week gave Tennessee Gas Pipeline an extension untilJune 1, 2001 to complete construction of its Eastern ExpressProject 2000 expansion.
The Board of Directors of the Interstate Natural Gas Associationof America (INGAA) elected Stanley C. Horton, CEO of EnronTransportation Services Co., as INGAA’s chairman for 2001. Hortonsucceeds David A. Arledge, CEO of Coastal Corp. INGAA completed itsslate of officers by electing Michael E. J. Phelps, CEO ofWestcoast Energy Inc., as first vice chairman and John W.Somerhalder II, executive vice president of El Paso Energy PipelineGroup, as second vice chairman. Jerald V. Halvorsen was re-electedpresident of INGAA.
California Gov. Gray Davis’ $68 billion fiscal 2001 budgetproposal unveiled this week includes little or no emphasis onenergy issues, although some of the stated concerns about”infrastructure” may spill over into reliability issues in the gasand electricity transmission/distribution industries. For energyindustry observers there are mostly unanswered questions, includingpeople within state government.
CNG Transmission is holding an open season to solicit interestin 45-to-60-day firm storage service available in the 2001-2002winter season. The Market Choice Storage Project offers a limitedopportunity to obtain firm market-area storage on the CNGT system.The service includes up to three turns in the winter season, noratchets if inventory stays above 35 percent, and a five-year term.Price estimates are at projected General Storage Services and FirmTransportation rate schedules. CNGT’s pipeline system has access tosupply basins in Canada, the Gulf Coast, Midcontinent, andAppalachia for storage refill opportunities. The system offers keydelivery points, such as Leidy, Oakford, Ellisburg, Nokesville,numerous LDC citygates and its North and South points. The openseason began yesterday and concludes at 5 p.m. EDT April 30. CNGanticipates rolled-in pricing under Rate Schedule GSS. Forinformation, call Joe Kienle, director of business development,(412) 787-4248.