Acquisitions

El Paso Partners Credits Asset Buys for Big Bounce in Quarterly Earnings

Buoyed largely by “significant asset acquisitions” completed during the past year, Houston-based El Paso Energy Partners LP reported last week a 77% jump in net income for the third quarter over a year ago. The company said approximately $2.2 million, or five cents per unit, had been shaved from its quarterly earnings due to disruptions caused by Hurricane Isadore and a loss associated with a natural gas hedging transaction.

October 28, 2002

El Paso Energy Credits Asset Buys for Big Bounce in Quarterly Earnings

Buoyed largely by “significant asset acquisitions” completed during the past year, Houston-based El Paso Energy Partners LP reported Monday a 77% jump in net income for the third quarter over a year ago. The company said approximately $2.2 million, or five cents per unit, had been shaved from its quarterly earnings due to disruptions caused by Hurricane Isadore and a loss associated with a natural gas hedging transaction.

October 22, 2002

Sempra Eyes Possible Acquisitions as Competitors Sell Assets

An economic reality of the energy sector’s ongoing woes is that companies with cash and creditworthiness will be buying the assets of troubled companies who have been forced to sell to restore their tattered balance sheets. San Diego-based Sempra Energy’s CEO said his company will be among the buyers.

July 29, 2002

Sempra Eyes Possible Acquisitions as Competitors Sell Assets

An economic reality of the energy sector’s ongoing woes is that companies with cash and creditworthiness will be buying the assets of troubled companies who have been forced to sell to restore their tattered balance sheets. San Diego-based Sempra Energy’s CEO said his company will be among the buyers.

July 25, 2002

Sempra Eyes Possible Acquisitions as Competitors Sell Assets

An economic reality of the energy sector’s ongoing woes is that companies with cash and creditworthiness will be buying the assets of troubled companies who have been forced to sell to restore their tattered balance sheets. San Diego-based Sempra Energy’s CEO said his company will be among the buyers.

July 25, 2002

Questar’s Rattie Sees Rockies, Midcontinent as Growth Platforms

Questar Corp. plans to continue investing heavily in exploration and production (E&P) and reserve acquisitions in the Rocky Mountains and Midcontinent regions over the next few years to maintain its “good returns” on capital in its nonregulated businesses, and to lift the returns on its lagging regulated businesses. It also intends to sell off non-core energy assets to lighten its debt load, said the company’s new CEO Keith O. Rattie.

May 13, 2002

Stone Energy Completes Gulf Property Acquisitions

Stone Energy Corp. has announced that the acquisition of interests in eight producing oil and gas properties and related assets located in the Gulf of Mexico was completed on Dec. 31, 2001. The final aggregate purchase price, as previously announced, was $299.7 million and was financed with net proceeds from Stone’s recently completed offering of $200 million of 8.25% senior subordinated notes due 2011, and borrowings under its bank credit facility.

January 7, 2002

Stone Energy Completes Gulf Property Acquisitions

Stone Energy Corp. announced Wednesday that the acquisition of interests in eight producing oil and gas properties and related assets located in the Gulf of Mexico was completed on Dec. 31, 2001. The final aggregate purchase price, as previously announced, was $299.7 million and was financed with net proceeds from Stone’s recently completed offering of $200 million of 8.25% senior subordinated notes due 2011, and borrowings under its bank credit facility.

January 3, 2002

Raymond James Sees Need to Focus on Hard Assets, Not Trading

Raymond James & Associates expects another wave of mergers and acquisitions in the wake of the Enron catastrophe, as marketing and trading companies come to the realization that hard physical assets are much more desirable than heavily leveraging a balance sheet to a trading desk.

December 11, 2001

Dynegy Apparently Wants to Offer Enron 40% Less

In a move usually reserved for the late stages of acquisitions — and unheard of less than a month after an initial agreement — Dynegy Corp. is in advanced discussions with Enron Corp. to renegotiate its merger offer of Nov. 9 to acquire the Houston-based rival. According to sources, Dynegy wants to reduce the all-stock transaction price by more than 40%, which would put its share price at about $6. Enron closed at $4.11 on Tuesday, 10 cents above its Monday close.

November 28, 2001