Acquire

Chevron Corp.’s proposal to acquire Texaco Inc. for $35.7billion in stock, if given the green light by federal regulators,would put the merged company into the “Super Major League” ofproducers worldwide and domestically. In the United States alone,it would become the third largest natural gas and oil producer.

Two weeks after Perry Gas filed for bankruptcy and sued its retail client billing provider, PowerTrust.com, the marketer confirmed it has dropped the lawsuit and is selling its residential energy marketing units to that same provider (see NGI, Sept. 4).

Two weeks after Perry Gas filed for bankruptcy and sued its retailclient billing provider, PowerTrust.com, the marketer confirmed it hasdropped the lawsuit and is selling its residential energy marketingunits to that same provider (see Daily GPI, Aug. 31).

Denver’s Key Production Co. has agreed to acquire all of theoutstanding common stock of Columbus Energy Corp. in exchange for1.3 million shares of Key common stock. When complete, Columbusshareholders will own about 10% of the combined company, with Keyshareholders owning the rest.

Northern Border Partners have entered into a letter ofunderstanding with Enron North America (ENA) to purchase gasgathering facilities in the Powder River and Wind River Basins inWyoming for almost $200 million.

Wall Street was awash in reports Monday that Akron, OH-basedFirstEnergy Corp. was negotiating to acquire GPU Inc. ofMorristown, NJ, for more than $10 billion in a transaction thatwould create one of the top energy utility companies in the nation.

Calpine announced that it will purchase 21 model 7FB turbinesfrom GE Power Systems and take delivery over the next three years.Calpine hopes that the acquisition will help it reach its five-yearstrategic plan of 40,000 MW of power generation by the end of 2004.GE will deliver the first 12 turbines in 2003, with the other ninefollowing sometime in 2004. The 21 turbines when operated incombined cycle have a total generating capacity of 5,600 MW.

Calpine announced yesterday that it will purchase 21 model 7FBturbines from GE Power Systems and take delivery over the nextthree years. Calpine hopes that the acquisition will help it reachits five-year strategic plan of 40,000 MW of power generation bythe end of 2004. GE will deliver the first 12 turbines in 2003,with the other nine following sometime in 2004. The 21 turbineswhen operated in combined cycle have a total generating capacity of5,600 MW.

Living up to a commitment to make 2000 the “year of the drillbit,” Apache Corp. said last week it will acquire long-livedproducing properties in the Permian Basin and South Texas for morethan $300 million in a definitive agreement with Collins & WareInc., based in Midland, TX.