Acquisitions

After completing 27 mergers and acquisitions in 15 years, Devon Energy Corp. always thought it had a surplus of people, but those coming in the door masked the exodus of early retirees and others. Now, with 10% of Devon’s workforce eligible for early retirement and nearly 60% eligible to leave within 10 years, the producer is joining its peers to step up recruiting and retention efforts.

After completing 27 mergers and acquisitions in 15 years, Devon Energy Corp. always had a surplus of people, but the “new” people masked a problem that began to surface about two years ago, the company’s manager of project support said Wednesday. Ten percent of Devon’s workforce now is eligible for early retirement and nearly 60% will be eligible to leave within 10 years, and the producer now is stepping up its recruitment and retention program.

After totaling more than $420 million in natural gas asset acquisitions last week, Houston-based Eagle Rock Energy Partners LP. had a little change in luck Monday as the company announced that its senior vice president and CFO Richard W. FitzGerald suffered a serious accident while on vacation.

Duke Energy Corp. has petitioned the Federal Trade Commission (FTC) to relieve it of reporting obligations placed on the company when the FTC approved two of its acquisitions in 2000.

Duke Energy Corp. has petitioned the Federal Trade Commission (FTC) to relieve it of reporting obligations placed on the company when the FTC approved two of its acquisitions in 2000.

Continuing to display its voracious appetite for acquisitions and mergers, Atlanta-based IntercontinentalExchange Inc. (ICE) — an electronic energy marketplace and soft commodity exchange — said Monday it has entered into a definitive agreement to acquire Houston-based ChemConnect Inc.’s commodity trading business.

Pirate Capital LLC, owner of about 17.6 million shares of Aquila Inc. — the target of two friendly acquisitions announced this week — said Friday it opposes Aquila’s proposed deals with Great Plains Energy and Black Hills Corp. (see Daily GPI, Feb. 8).

Farmers often pray for rain. These days at least some who farm the oil and gas patch are praying for M&A — mergers and acquisitions, that is — the thunderclouds from which oil and gas properties fall.

Farmers often pray for rain. These days at least some who farm the oil and gas patch are praying for M&A — mergers and acquisitions, that is — the thunderclouds from which oil and gas properties fall.