Became

Consent order in hand, Chevron Corp. and Texaco Inc. became the latest of the majors to merge, after the U.S. Federal Trade Commission (FTC) gave its approval on Friday. The new company, ChevronTexaco Corp., moves to fifth place on the majors’ list, following arduous negotiations that began more than two years ago (see Daily GPI, June 4, 1999). The companies finally came to terms last October and cinched the deal after Texaco agreed to spin off several of its businesses (see Daily GPI, Aug. 13; Oct. 17, 2000).

Atmos Energy (ATO) last week became the country’s largest gas-only utility company by completing its $1.9 billion purchase of the natural gas distribution and pipeline operations of TXU Gas Co.

Atmos Energy (ATO) on Friday became the country’s largest gas-only utility company by completing its $1.9 billion purchase of the natural gas distribution and pipeline operations of TXU Gas Co.

Coral Energy Resources, a Shell subsidiary, on Thursday became what may be one of the last of many energy trading companies to have settled charges by the Commodity Futures Trading Commission (CFTC) of false price reporting and attempted manipulation of the natural gas market. Coral paid a $30 million civil penalty in the settlement but neither admitted nor denied the charges.

Coral Energy Resources, a Shell subsidiary, on Thursday became what may be one of the last of many energy trading companies to have settled charges from the Commodity Futures Trading Commission (CFTC) of false price reporting and attempted manipulation of the natural gas market. Coral paid a $30 million civil penalty in the settlement but neither admitted nor denied the charges.

Oklahoma City-based Kerr-McGee Corp. on Thursday became the latest independent to commission a third-party review of its proved and probable reserves. Until now, the producer had been one of the few in its peer group, which includes Anadarko Petroleum Corp. and Pioneer Natural Resources Corp., to not use a third party to review its reserves bookings on a regular basis.

Oklahoma City-based Kerr-McGee Corp. on Thursday became the latest independent to commission a third-party review of its proved and probable reserves. Until now, the producer had been one of the few in its peer group, which includes Anadarko Petroleum Corp. and Pioneer Natural Resources Corp., to not use a third party to review its reserves bookings on a regular basis.

Calgary-based Petro-Canada last week became the third producer in two months to buy substantial assets in the U.S. Rocky Mountains, with the acquisition of Denver-based Prima Energy Corp. for $534 million (C$719 million). Prima, an unconventional natural gas producer, is debt free, and will have about $60 million in cash at closing.

Calgary-based Petro-Canada on Wednesday became the third producer in two months to buy substantial assets in the U.S. Rocky Mountains, with the acquisition of Denver-based Prima Energy Corp. for $534 million (C$719 million). Prima, an unconventional natural gas producer, is debt free, and will have about $60 million in cash at closing.