Acquisitions

Energy East, Connecticut Energy Merge

Energy East Corp. has announced the successful completion of itsmerger with Connecticut Energy Corp., the first of four New Englandutility acquisitions initiated by the New York-based company in1999.

February 22, 2000

Cross Timbers Shakes Up Portfolio

Cross Timbers Oil Co. executed a series of acquisitions, salesand closings last week in an attempt to tidy its portfolio andreduce debt. Through all the activity, the Texas-based producergained full control of Oklahoma City-based Spring Holdings Co. andclosed a previously announced $231 million deal with Ocean Energy.Cross Timbers said the net result of all this activity was anincreased reserve base, without deviation from its debt reductionplan.

September 20, 1999

Vector Goes From Oil & Gas to Dot-Com

Vector Energy Corp., created just over a year ago through oiland gas asset acquisitions, is leaving drill bits behind in favorof dot-coms and ISPs. “Nobody cares about oil and gas,” said VectorFounder and President Sam Skipper. Over the next several yearsVector will be either divesting its oil and gas properties ormerging them into another company, he said. Meanwhile it’s headingfor Internet territory, with a letter of intent to acquire onepublicly-held Internet Service Provider (ISP) and promises of anagreement with another with 8,000 subscribers.

August 6, 1999

Foreign Acquisitions of U.S. Utilities Get FERC Nod

The foreign invasion of the U.S. electric utility market got abig shot in the arm yesterday when the Federal Energy RegulatoryCommission approved two separate transactions valued at $10-$11billion.

June 17, 1999

CMS Settles with FTC, Acquisitions to Close Soon

CMS Energy settled Federal Trade Commission charges on Fridaythat threaten to hold up its acquisition of Panhandle Eastern andTrunkline Pipeline from Duke Energy. The FTC charged the purchasewould limit pipeline competition in 54 counties in Michigan. Thesettlement allows CMS to close the deal basically unchanged, but itdid delay the closing by many weeks, a CMS official said.

March 22, 1999

Scarcity of Suitable Gas Partners Driving M&As

The pace of announced mergers and acquisitions (M&ampA) haspicked up steam in the last few weeks because electric utilitiesare realizing that the pool of potential natural gas targets isquickly dwindling, according to a Merrill Lynch &amp Co. report.

March 8, 1999

Dominion Fishes Deals Upstream and Down

Fanning the flames of the convergence-consolidation bonfire,Dominion Resources (DRI) last week announced two plannedacquisitions that would add both wellheads and burner tips, not tomention assets in between.

March 1, 1999

Texaco Joins Ranks of Producer Cost-Cutters

Texaco joined the growing crowd of producers revising downwardcapital expenditures for 1999. The company said its 1999 capexwould total $3.7 billion, including subsidiaries and affiliates,down $600 million from its original $4.3 billion plan. Chevron,Arco and Unocal announced similar reductions last month.

January 11, 1999
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