Advantageous

In an effort to pay down debt, streamline operations and benefit from the advantageous tax regime in the United Kingdom, Kerr-McGee Corp. sold all of its North Sea assets, including 231 million boe of proved reserves, Monday for US$3.5 billion in cash, the assumption of $182 million in abandonment obligations and another $175 million in derivative liabilities.

With the company’s NRG Energy independent power producer unit leading the way, Xcel Energy Inc. is raising its earnings estimates for this year to $2.30 per share, up from previous estimates of $2.20 per share. Meanwhile, executives at the company Tuesday sought to allay any possible concerns about Xcel’s supply position heading into the summer months.

While FERC’s recent decision to call a technical conference onTriState Pipeline “obviously was not advantageous for us,” leadsponsor CMS Gas Transmission and Storage isn’t ready “at thispoint” to throw in the towel on the project, a company spokesmansaid.