News that Amerada Hess would buy Dallas-based independent Triton Energy Ltd. was one of the few bright spots on the New York Stock Exchange Tuesday, with Triton’s stock soaring nearly 50% following the announcement, opening at $14.57 and closing at $44.43. New York-based Amerada Hess, one of the East Coast’s largest gasoline retailers, said it will pay $3.2 billion in a cash deal that will position it as one of the largest global independent E&P companies. It also agreed to assume $500 million of Triton’s debt.
Bright
Articles from Bright
SSB Warns of National Power Problems
The future is bright for investors in the power market, butrather dim for the nation’s power users, Salomon Smith Barney (SSB)warned in a new report titled “The U.S. Electric Shock.”
SSB Warns of National Power Problems
The future is bright for investors in the power market, butrather dim for the nation’s power users, Salomon Smith Barney (SSB)warned in a new report titled “The U.S. Electric Shock.” The powercrisis won’t be confined to California and the West for very long.Power shortages are going to spread to eastern states over the nextfew years not only because of delays in power plant constructionbut also because of delays in gas supply development andconstraints on the gas pipeline grid, the firm predicted.
Cheyenne, WY Had A ‘Bright’ New Year’s
New Year’s Eve 2000 will not be remembered as the “Night theLights Went Out in Cheyenne, WY.”
PG&E Executive: CA Progress Not Bad At All
Those bemoaning the lack of a competitive market for electricityin California should look on the bright side. Things are movingalong, and the process is not finished, said Daniel D. Richard Jr.,senior vice president government and regulatory relations forPacific Gas and Electric.
AGA Sees Promise in Regulatory Changes Ahead
Despite the increasing pressure of retail competition, thefuture is bright for gas utilities, American Gas AssociationChairman Dick Terry told investors last week. Terry, who also isCEO of Chicago-based Peoples Energy, told the New York Society ofSecurity Analysts he’s optimistic that federal and state regulatorsare headed in the right direction.