Banker

El Paso Corp. on Wednesday said it acquired the interest held by one of its partners, a wholly-owned subsidiary of investment banker Lehman Brothers, in a joint drilling venture, which is developing oil and natural gas properties in the Gulf of Mexico, South Texas and the ArkLaTex regions. The purchase price was reported at $62.5 million.

El Paso Corp. is teaming up with investment banker Lehman Brothers and drilling operator Nabors Industries Ltd. for about $500 million worth of drilling activity in two unspecified locations in the next nine to 12 months.

El Paso Corp. is teaming up with investment banker Lehman Brothers and drilling operator Nabors Industries Ltd. for about $500 million worth of drilling activity in two unspecified locations in the next nine to 12 months.

Investment banker UBS Warburg last week lowered its estimates for Marathon Oil Corp.’s 12-month price target and earnings-per-share (EPS) in 2003 and 2004 following the producer’s announcement last week that it expects lower production levels in the next two years.

Investment banker UBS Warburg lowered its estimates for Marathon Oil Corp.’s 12-month price target and earnings-per-share (EPS) in 2003 and 2004 following the producer’s announcement last week that it expects lower production levels in the next two years.

Swiss-based investment banker UBS, which was recently given the green light by the U.S. Bankruptcy Court in New York to acquire Enron Corp.’s wholesale energy and marketing unit, apparently will trim 300 of its 800 jobs in the unit once the transaction is completed, according to UBS CEO Peter Wuffli.