Asset

Houston Exploration Co. plans to revise its second and third quarter cash flow statements by $60 million because it misclassified a component of its asset exchange with KeySpan Corp. in June. KeySpan announced last year it would sell its ownership stake in the producer, and last May the companies completed a $449 million share transfer exchange that reduced KeySpan’s ownership from 55% to 24% (see Daily GPI, May 26, Nov. 22).

The Oil & Gas Asset Clearinghouse sold more than $39 million in properties at the hybrid auction held Nov. 10 in Houston, offering 282 lots for sale. About 330 registered bidders competed for properties, with 32% bidding via the Internet.

TransCanada Corp. CEO Hal Kvisle stressed the stability of existing Western Canadian gas production and the promise of new supply from the Mackenzie Delta and Alaska in announcing the completion of its purchase of Gas Transmission Northwest Corp. (GTNC) from National Energy & Gas Transmission Inc. (NEGT) for US$1.7 billion, including US$500 million of assumed debt.

TransCanada Corp. CEO Hal Kvisle stressed the stability of existing Western Canadian gas production and the promise of new supply from the Mackenzie Delta and Alaska in announcing the completion of its purchase of Gas Transmission Northwest Corp. (GTNC) from National Energy & Gas Transmission Inc. for US$1.7 billion, including US$500 million of assumed debt.

TransCanada Corp. CEO Hal Kvisle stressed the stability of existing Western Canadian gas production and the promise of new supply from the Mackenzie Delta and Alaska in announcing the completion of its purchase of Gas Transmission Northwest Corp. (GTNC) from National Energy & Gas Transmission Inc. for US$1.7 billion, including US$500 million of assumed debt.

In an effort to put its reserves revaluation scandal behind it, Royal Dutch/Shell kicked off a major asset sale program, putting its InterGen global power joint venture with Bechtel on the auction block last week along with the previously announced potential sale of its liquefied petroleum gas (LPG) business.

In an effort to put its reserves revaluation scandal behind it, Royal Dutch/Shell has kicked off a major asset sale program, putting its InterGen global power joint venture with Bechtel on the auction block this week along with the previously announced potential sale of its liquefied petroleum gas (LPG) business.

Devon Energy Corp., on the asset acquisition trail since 1988, believes it has all the bases covered in terms of natural gas assets, expertise and overall size and is focusing going forward almost exclusively on developing those predominantly North American assets and paying down the debt it accumulated during the acquisition phase.

Plains Exploration & Production Co. said Thursday it is selling some non-core properties on and offshore California, as well as nearly all of its assets in South Texas and New Mexico to reduce its unit cost structure. The transactions, which represent about 11% of the company’s production volumes but 20% of total cash production expenses, are expected to close by the end of this year.