Apache Corp.’s definitive agreement to purchase FletcherChallenge Energy’s Canadian and Argentina assets has been in placesince last October, and a company spokesman said yesterday it wasstill a “done deal,” despite an announcement that a consortium madeup of Fletcher investors has made a counter offer to purchase theNew Zealand-based company.
Articles from Acquisition
El Paso Energy Corp. completed its $24 billion acquisition of The Coastal Corp. last Monday within hours of the Federal Trade Commission (FTC) giving its blessing to the mega-deal, creating the fourth largest energy company in the United States after ExxonMobil, a combined Texaco-Chevron and Enron Corp.
El Paso Energy Corp. last week completed its acquisition of some PG&E GT transmission lines following approval of a consent agreement by the Federal Trade Commission (FTC) and the Texas Attorney General. El Paso Field Services will pick up 8,500 miles of natural gas transmission pipelines that transport 2.8 Bcf/d, nine natural gas processing plants that now process 1.5 Bcf/d and a 7.2 Bcf natural gas storage field.
Williams was selected last week by a consortium of deep-waterGulf of Mexico producers to handle about 500 MMcf/d of gasproduction that is scheduled to come on stream in mid-2002. Toaccommodate the projected volumes, Williams will build, operate andown the Canyon Station, a production handling platform in the EastMain Pass area south of Mobile Bay.
NiSource Inc. is losing no time in preparing for the expectedNov. 1 completion of its Columbia Energy acquisition, announcingThursday that about 5% or 800 of the employees of the two companieshave been notified their positions will be eliminated Dec. 1.
Baker Hughes and Schlumberger plan to create a new seismic venture called Western GECO that would combine and own the seismic acquisition assets, data processing assets, and multi-client seismic libraries and other assets of their existing subsidiaries Western Geophysical and GECO-Prakla. The transaction is expected to be completed before the end of the year and is subject to regulatory approvals.
In an acquisition that CEO Jack E. Wheeler calls “very strategicand synergistic,” the Aspen Group Resources Corp. has acquired 100%of Old Dominion Oil Corp.’s Anadarko Basin producing wells, leases,property and equipment, of which about 90% are natural gasreserves, in an all-cash transaction. Terms of the transaction werenot disclosed.
Phillips Petroleum Co. completed its acquisition of ARCO’s Alaskanbusinesses and gained Federal Trade Commission approval of the deal,which became effective retroactive to Jan. 1. The deal was announcedin March (see Daily GPI, March 17).
Oneok Inc. closed on the acquisition of a wide range ofMidcontinent gas assets from Kinder Morgan Inc. (KMI) lastWednesday after FERC ruled that the operations included in the salewere exempt from the terms of a recent consent agreement, whichimposed a number of restrictions on KMI companies for affiliateviolations [IN00-1]. This transaction, together with Oneok’spurchase of midstream assets from Dynegy Inc. last month, makes thecompany one of the biggest players in the Midcontinent gas market.
El Paso Energy Corp. completed its acquisition of Crystal GasStorage Inc. of Shreveport, LA. Each holder of Crystal Gas Storagecommon stock received $57 per share in cash in a deal worth $224.6million. “The Crystal assets provide the flexibility, highdeliverability, and multiple pipeline interconnects necessary tomeet the gas supply demands of new plants in the competitive powermarket,” said El Paso CEO William A. Wise.