Assets

Dominion Resources Inc. last week announced a new corporatestructure that will integrate the assets of Consolidated NaturalGas Co., which it merged with in January, and will streamlineoperations.

TXU of Dallas sold substantially all of the assets of its gasprocessing subsidiary in Texas, TXU Processing Co. (TXUP), toCantera Resources Inc. for $105 million. TXUP (previously known asEnserch Processing Inc.) has 162 full-time employees, now bound forCantera, and owns and operates nine gas processing plants suppliedby more than 1,800 miles of company-controlled gathering lines withinstalled gathering compression of more than 34,500 horsepower.

As part of its portfolio rationalization effort, Texaco saidlast week that it has agreed to sell $161.1 million worth ofsouthwestern and Midcontinent properties to Bargo Energy. Theeffective date of the purchase was Jan. 1, 2000 and closing isexpected to occur late in the first quarter of this year.

As part of its portfolio rationalization effort, Texaco saidyesterday that it has agreed to sell $161.1 million worth ofsouthwestern and Midcontinent properties to Bargo Energy. Theeffective date of the purchase is January 1, 2000 and closing isexpected to occur late in the first quarter of this year.

“Opportunities in the regulated utility business have never beenbetter,” according to UtiliCorp United Chairman Richard C. Green,Jr.

“Opportunities in the regulated utility business have never beenbetter,” according to UtiliCorp United Chairman Richard C. Green,Jr.

Newfield Exploration Co. said it would buy interests inproducing gas assets in south Texas from an undisclosed seller for$142 million. The producing gas fields are located in Hidalgo,Brooks and Kenedy counties. The effective date of the transactionis Jan. 1, 2000 and the deal is expected to close in late February.

Conectiv Energy Supply, Inc. has purchased the assets of thePennsylvania office of Black Hills Energy Resources, a gasmarketing operation that was a subsidiary of Black Hills Corp. Thepurchase brings Conectiv an office located in Allentown, PA, thatserves more than 300 gas customers in the tri-state area. Thecustomers primarily are industrial and commercial consumers in theUGI, PECO, Penn Fuel, and Columbia of Pennsylvania service areas.

Ocean Energy, Inc. said yesterday that it has agreed to sell allof its interests and assets in its East Bay Complex for $86million. The buyer’s identity was not disclosed. The propertiesconsist of South Pass 24, South Pass 27 and South Pass 39 Fields,located in the Mississippi Delta Region of the Gulf of Mexico. Thetransaction is expected to close March 31 subject to normal andcustomary conditions. CEO James Hackett said in a statement thatthe move was made in order to high-grade Ocean’s balance sheet andgain capital so that it could accumulate higher margin inventory.