Dynegy, Illinova Announce $2 Billion Merger Deal

The merger bandwagon continued Monday with the announcement of a$2 billion deal that would bring together Illinois-headquarteredIllinova Corp., which has a strong Midwest power generation baseand a developing national energy services business, withHouston-based Dynegy Inc., a leading marketer of energy productsand services. The merged company would be called Dynegy.

June 15, 1999

Columbia Seeking New Marketing Exec

Columbia Energy Group is looking for a new executive to head itsColumbia Energy Services after the departure of CES President PaulFeldman. An announcement Friday said Feldman would be leaving topursue other opportunities. “Our CES operation has grownconsiderably over the last two years under Paul’s leadership,” saidColumbia Energy Group Chairman Oliver G. Richard III. “We thank himfor his contributions and wish him well.”

March 22, 1999

Duke Adds Canadian Midstream Assets

Taking its initial plunge into the Canadian Midstream market,Duke Energy announced last week its subsidiary, Duke EnergyServices Canada Ltd., acquired gas gathering and processing assetsfrom Calgary-based Cometra Energy. Financial terms were notdisclosed.

March 1, 1999

Industry Awaits Outcome of Exxon, Mobil Merger Talks

An announcement of the outcome of the merger talks between ExxonCorp. and Mobil Corp. is widely expected to occur today, with mostexpert industry-watchers anticipating the two energy behemoths willproduce a definitive deal, while a few say it’s still too close tocall.

December 1, 1998

ARCO Earnings, Excluding Items, Drop 81%

ARCO’s announcement last week that it will cut $500 million inexpenses and 900 jobs over the next two years was put inperspective yesterday when the company said third quarter earningsexcluding special items plummeted 81% to $61 million, or$0.19/share, compared to $313 million, or $0.96/share, in the thirdquarter of last year. Net income, including special items anddiscontinued operations, was $872 million, or $2.67 per dilutedshare, compared to $516 million, or $1.57/share in 3Q97.

October 23, 1998

Devon Energy Plans to Acquire Canada’s Northstar

The trend of Canadian producer acquisitions by U.S. companiescontinued Tuesday with the announcement that Devon Energy Corp.agreed to acquire Canada’s Northstar Energy Corp. and create anevenly balanced oil and gas producer with 53% of its reserves inthe U.S. and 47% in Canada.

July 1, 1998

DuPont’s Conoco Divestiture Was Expected

Analysts were not surprised by Monday’s announcement that DuPontintends to sell its stake in Conoco. In fact, some wondered whattook the company so long. “That’s something they’ve [talked about]for a long time and they’re finally acting on that,” said CarolFreedenthal of Houston-based Jofree Corp. “I guess they’ve just gotbetter places they can put their money than the oil and gasbusiness.”

May 13, 1998

Baker Hughes, Western Atlas to Merge

Consolidation in the drilling/oilfield services industrycontinued this week, with the announcement that Baker Hughes andWestern Atlas plan to merge in a tax-free, stock-for-stocktransaction valued at $5.5 billion. It will create a company with$6.5 billion in annual revenues and 36,000 employees.

May 12, 1998

PacifiCorp Drops Bid for Energy Group

PacifiCorp is throwing in the towel in its pursuit of Britain’sThe Energy Group (TEG) with the announcement it will not increaseits revised offer for the company. Energy Group Thursday recommended shareholders accept the 4.45 billion pounds ($7.4billion), 840 pence/share, cash offer made by Texas Utilities forthe company. “The Texas Utilities Offer represents excellent valuefor our shareholders and we recommend that they accept,” said DerekBonham, Energy Group chairman.

May 1, 1998

Retail Advancing at Snail’s Pace

Enron’s announcement last week that it will be terminating itsresidential power marketing efforts in several states should be awake up call for the gas industry as well, where the pace of changetoward retail competition has been a disappointment for manyobservers.

April 27, 1998
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