Moody’s Says Raised Unocal Bid Won’t Impact Chevron’s Ratings

Chevron Corp.’s sweetened bid for Unocal Corp. won’t affect Chevron’s credit ratings (Aa2 senior long-term, Prime-1 commercial paper), Moody’s Investors Service said Thursday. Chevron increased the cash portion of its offer for Unocal on Wednesday to $7.5 billion from $4.4 billion, valuing the total transaction at $17.8 billion, including a reduced amount of net debt to be assumed (see Daily GPI, July 21). Unocal’s board has recommended that its shareholders approve the proposed merger in a special meeting scheduled for Aug. 10.

July 22, 2005

Trial Date for Former Reliant Energy Trader Pushed Back to August 2005

The trial date for one of five former natural gas traders who were indicted in late November on charges of reporting false trades has been pushed back to August from February, according to a published report. The trials of four other ex-traders also may be rescheduled.

December 29, 2004

Lawmakers Reach Compromise on Pipeline Integrity Inspections

Lawmakers meeting last Thursday to craft a comprehensive energy bill reached a compromise related to pipeline integrity inspections under which facilities with the highest risk factors will be given priority for completing inspections within a five-year period.

September 16, 2002

CA Power Crisis Continues in Courts, Legislature

Decisions that could affect the continued supply of power toCalifornia consumers and the price of that power could be renderedthis week in separate cases in federal courts in Los Angeles andSacramento.

February 12, 2001

Conectiv’s Restructuring Will Not Affect Gas Operations

Conectiv, a Mid-Atlantic electric and gas utility, announcedsweeping changes in its strategic focus earlier this week, but didnot alter its plan for gas operations. Conectiv said the changeswere made due to a clearing regulatory picture in the areas itserves.

May 13, 1999

Tejas, Enterprise Eye Expanding NGL Lines

Depressed gas liquids prices don’t affect the need foradditional liquids transportation capacity in the Gulf of Mexicoregion in the view of two companies that last week joined to expandLouisiana pipeline facilities.

January 11, 1999
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