Assets

Hanover Compressor Co., which rents, repairs and services natural gas compressors worldwide, broadened its customer base Thursday, agreeing to acquire several compression and gas handling joint venture projects of Schlumberger for $761 million. Hanover will pay Schlumberger $270 million in cash, $150 million in a long-term loan and issue shares worth $283 million, effectively giving Schlumberger a 10% stake in the company.

In a cash deal, Anadarko Petroleum Corp. is acquiring Canadian-based Gulfstream Resources Canada Ltd., an international oil and gas company whose assets are centered in Qatar and Oman. Anadarko will pay C$2.65 a share for the company, making it work about US$137 million, and will add an estimated 70 MMboe of proved reserves and 4,700 b/d of production to its portfolio.

El Paso Corp. is continuing to look for ways to incorporate the All American Pipeline assets it purchased last year from Arco into its California pipeline systems. The company announced that its Mojave Pipeline subsidiary is holding an open season to support expansions to serve central California.

El Paso Corp. is continuing to look for ways to incorporate the All American Pipeline assets it purchased last year from Arco into its California pipeline systems. The company announced that its Mojave Pipeline subsidiary is holding an open season to support expansions to serve central California.

It’s liquidity for energy markets, not ownership of transmission assets, that California should be focusing its efforts on as the state grapples with its ongoing energy crisis, according to David Sokol, chairman and chief executive officer of MidAmerican Energy Holdings Co.

It’s liquidity for energy markets, not ownership of transmission assets, that California should be focusing its efforts on as the state grapples with its ongoing energy crisis, according to David Sokol, chairman and chief executive officer of MidAmerican Energy Holdings Co.

To strengthen its capital structure before an anticipated spinoff this year, Tulsa-based Williams Communications exchanged assetsfor shares of stock with its parent company Williams yesterday. Inthe agreement, Williams received 24.3 million common shares ofWilliams Communications, bringing its total ownership to 420million shares, or 86% of the outstanding stock. In return forequity, Williams Communications will purchase its outstandingpromissory note from Williams and acquire the 15-story,750,000-square-foot Williams Technology Center, scheduled forcompletion this summer adjacent to Williams’ headquarters in Tulsa.

While the California governor’s press people were promising anannouncement and then reneging late Thursday afternoon, at leastone other power supplier, Williams, announced signing a 10-year,1,400-MW deal with the state water resources department (DWR).Meanwhile, supply shortages eased considerably yesterday for thefirst time in about six weeks.

Starting 2001 with a rush of activity, Burlington Resources (BR)announced that it has entered into separate agreements totalingapproximately $385 million with Petrobank Energy and Resources Ltd.and ATCO Gas for properties in the Western Canadian SedimentaryBasin with combined net proved and net probable reserves of 497Bcfe. The company also reported that it raised its net income from$1 million for the full year 1999, to $675 million for the fullyear 2000.