Aruba Petroleum Inc.’s motion for a new trial in a drilling/hydraulic fracturing (fracking) nuisance case has been denied by a Texas judge and the company plans to appeal the $2.95M judgment against it.
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El Paso Corp. has closed on the sale of its Aruba refinery and related marine, bunkering, and marketing affiliates to Valero Energy Corp. for $465 million plus $162 million for working capital. In connection with closing, El Paso retired a $366 million lease financing associated with the refinery. The sale supports El Paso’s long-range plan to reduce the company’s total debt, net of cash, to approximately $15 billion by year-end 2005. So far, the company has announced or closed $2.9 billion of the $3.3 billion to $3.9 billion of asset sales targeted under the plan.
March 8, 2004
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