Appropriately

TEPPCO Partners LP has turned down a $2.8 billion takeover proposal from Enterprise Products Partners LP but “remains willing to consider a revised proposal that appropriately recognizes the value of TEPPCO,” the company said Wednesday.

The Bush administration favors opening up additional oil and natural gas resources for development on the Outer Continental Shelf (OCS) and would support an “appropriately structured revenue-sharing” plan with energy-friendly coastal states, an Interior Department told a House committee Wednesday.

Appropriately for the first full day of spring, moderate springtime weather dominated both Friday’s weather picture and the weekend outlook. That was reflected in cash prices ranging from flat to down nearly 30 cents. Declines in the middle (a dime to 20 cents) were in the majority.

It was appropriately Halloween when the clock struck midnight for California’s electricity financing woes. A short-term, $4.3 billion “bridge” loan for buying wholesale electricity supplies reverted to a higher-interest, three-year term loan, adding to the costs of the state’s foray into power buying at a time when a statewide economic summit was scheduled to take place over the weekend to re-energize the state’s economy.