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Combating its poor first quarter performance, Houston-basedApache Corp. dramatically grew its asset base Thursday, paying $715million and transferring one million common shares of stock toShell in exchange for 22 fields in the Outer Continental Shelf ofthe Gulf of Mexico (GOM). Apache expects the transaction to add 20cents/share of value in 1999. The acquisition will go into effectretroactive to March 1.

Dallas-based Panda Energy International announced plans to builda 1,000 MW generation plant in Coweta, OK, near Tulsa. The plant’smaximum daily quantity for gas consumption will be about 170,000MMBtu/d. Gas supply and transportation agreements are expected tobe finalized in the next several months.

Calgary-based TransCanada Gas Processing Ltd., the generalpartner of TransCanada Gas Processing LP, said processing volumesat the Cutbank Joule-Thompson (J-T) plant have increasedsignificantly since operations began last month due to tie-in ofChevron Canada Resources production four months ahead of schedule.

Oneok increased its offer to acquire Southwest Gas by $1.50Monday, winning the Southwest Gas board of directors’ approval anddefeating an unsolicited bid from Austin, TX-based Southern UnionCo. The new monetary total of the merger is $1.8 billion or$30/share of common Southwest Gas stock. Southern Union had acompeting, unsolicited bid for Southwest of $32/share on the table,but Southwest had reservations concerning Southern Union’stimetable for the deal’s completion.

Michael I. German has been elected president and COO of New YorkState Electric & Gas based in Ithaca, NY. German joined NYSEGin 1994 as senior vice president of the company’s Gas BusinessUnit. Prior to that he was senior vice president of the AmericanGas Association in Washington. NYSEG is the primary subsidiary ofEnergy East Corp., which offered to buy Connecticut Energy Corp.for $617 million last Friday.

The $1.9 billion sale in March of Panhandle Eastern Pipe Lineand Trunkline Gas to Michigan-based CMS Energy resulted in aone-time gain of $1.82 per share for the first quarter and anafter-tax gain of $660 million, putting Duke earnings for thequarter over results in the same quarter last year. Duke reportedearnings of $2.65 per share, compared with 87 cents in 1Q98.Without the sale, and the absence of an extraordinary item fromlast year’s quarter, basic first-quarter earnings were 83 cents pershare versus 89 cents last year.

The $1.9 billion sale in March of Panhandle Eastern Pipe LineCo. and Trunkline Gas Co. to Michigan-based CMS Energy resulted ina one-time gain of $1.82 per share for the first quarter and anafter-tax gain of $660 million, putting Duke earnings for thequarter over results in the same quarter last year. Duke reportedearnings of $2.65 per share, compared with 87 cents in 1Q98.Without the sale, and the absence of an extraordinary item fromlast year’s quarter, basic first-quarter earnings were 83 cents pershare versus 89 cents last year.

Unocal Corp. subsidiary Unocal Canada Resources is buying a 46%stake in Calgary-based Northrock Resources Ltd. for C$265 million(US$175 million). The company has average daily gross production of160 MMcf/d of gas and 11,000 b/d of crude oil and gas liquids andholds net proved reserves of 35 million bbl of oil and liquids and363 Bcf of gas. Northrock also has valued its exploration assets(land and seismic) at C$132 million (US$88 million).

Unocal Corp. subsidiary Unocal Canada Resources is buying a 46%stake in Calgary-based Northrock Resources Ltd. for C$265 million(US$175 million). The company has average daily gross production of160 MMcf/d of gas and 11,000 b/d of crude oil and gas liquids andholds net proved reserves of 35 million bbl of oil and liquids and363 Bcf of gas. Northrock also has valued its exploration assets(land and seismic) at C$132 million (US$88 million).