Asset

Tying the ribbon around its previously announced transaction, Crosstex Energy LP said last week that it has completed the acquisition of a package of assets in Mississippi, Texas, Alabama and Louisiana from Duke Energy Field Services LP (DEFS) for $67.35 million, after the effect of certain purchase price adjustments.

Tying the ribbon around its previously announced transaction, Crosstex Energy LP said Tuesday that it has completed the acquisition of a package of assets in Mississippi, Texas, Alabama and Louisiana from Duke Energy Field Services LP (DEFS) for $67.35 million, after the effect of certain purchase price adjustments.

Chesapeake Energy Corp. has upped its asset strength in the Midcontinent region through several closed and pending acquisitions that added an estimated 135 Bcfe of proved reserves to its coffers. Current production from the properties is approximately 35 MMcfe/d, the reserves-to-production index is 10.6 years, 99% are natural gas and 75% are proved developed.

Chesapeake Energy Corp. has upped its asset strength in the Midcontinent region through several closed and pending acquisitions that added an estimated 135 Bcfe of proved reserves to its coffers. Current production from the properties is approximately 35 MMcfe/d, the reserves-to-production index is 10.6 years, 99% are natural gas and 75% are proved developed.

Columbus, OH-based American Electric Power (AEP) announced Wednesday that it is soliciting bids for all 29 of the power generation units (4,497 MW) of its AEP Texas Central Co. subsidiary (formerly known as Central Power and Light) in an effort to accurately determine their market value and the company’s associated stranded costs. The assets include 12 separate plant sites with a net book value of $1.8 billion as of Dec. 31, 2001.

Denver-based United States Exploration Inc. (UXP), whose oil and gas assets are concentrated in northeastern Colorado, Tuesday said it is considering selling some assets to increase the value and liquidity of the company.

Although still revenue and asset-strong, the nation’s largest municipal utility, the City of Los Angeles Department of Water and Power (LADWP) is facing increased local political pressure to tighten up its operations with the giant muni’s creation of a $100 million contingent budget item to cover a “worst case” scenario of higher-than-expected natural gas costs.

Although still revenue and asset-strong, Los Angeles Department of Water and Power (LADWP), the nation’s largest municipal utility, is facing increased local political pressure to prepare for a worst-case scenario of higher than expected natural gas prices. The city wants LADWP to tighten up its operations with the creation of a $100 million contingent budget item as a reserve for high gas costs.

With an enviable gas-rich exploration and production asset base and a growing natural gas storage network, EnCana Corp. remains steadfast in its prediction that it will grow about 10% a year through 2006, according to the president of its U.S. division. However, EnCana’s growth most likely will come from non-conventional drilling methods, including extracting coalbed methane (CBM) gas and multi-zone, tight gas exploitation.