Tulsa-based Vintage Petroleum Inc., highly leveraged with Argentina assets negatively affected by the country’s economic problems, Tuesday said it is turning down a restructuring offer by 8.9% shareholder BP Capital Energy, which has proposed, among other things, that Vintage sell all of its North American assets and be based only in Latin America.
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Saying its overall linepack was low because Tropical Storm Barry had “significantly affected receipt gas” and market area demand was strong, Florida Gas Transmission issued an Overage Alert Day for Monday’s gas day with a 10% tolerance for negative daily imbalances.
Although the sky appears to be the limit for the current gasmarket, it apparently hasn’t affected the long-term optimism of theEnergy Information Administration. EIA actually predicts priceswill begin to decline in 2002 and basically flatten out through2020. That will occur, EIA believes, despite a massive increase ingas consumption to nearly 35 Tcf by 2020.
MCN Energy reported a third-quarter loss of $24.9 million or$0.28 per share compared with a net loss of $23.2 million or $0.27per share, in 3Q99. Both periods were affected by unusual items, aswell as recently adopted accounting treatment of non-regulatedstorage activities. Before unusual items and costs related to thecompany’s proposed merger with DTE Energy, the loss totaled $17.4million or $0.19 per share, and compared with $19.4 million or$0.22/share in 3Q99. Gas distribution reported a third-quarteroperating and joint venture loss of $11.8 million, which includes a$9.7 million pre-tax charge related to the decision to sell itsheating, ventilation and air conditioning business, as well as $1.8million of merger-related costs. Pipelines and processing hadoperating and joint venture income of $5.4 million. Electricpower’s operating and joint venture income was $0.9 million, downfrom $6.6 million in the 1999 third quarter due to asset salesrequired to complete MCN’s pending merger with DTE. Energymarketing reported an operating and joint venture loss of $3.4million. Exploration and production had operating income of $4million. MCN’s largest subsidiary is Michigan Consolidated Gas, agas utility serving 1.2 million customers in Michigan.
FERC has ruled the six-month suspension of Destin Pipeline Co.L.L.C.’s blanket certificate authority does not apply to theconstruction of interconnects for two projects currently beingbuilt in Mississippi.