Williams’ exploration and production division increased the sizeof its gas reserve holdings by nearly 30% last week, buying 184Bcfe of proved reserves with 30 MMcf/d of production and 192,000undeveloped acres in the Rocky Mountain region from MCN Energy for$106 million. An additional 35 Bcfe of proved reserves in theRockies were sold by MCN to other unnamed buyers.
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Williams Grows Reserves 26% with MCN Purchase
Williams’ exploration and production division increased the sizeof its gas reserve holdings by nearly 30% yesterday, buying 184Bcfe of proved reserves with 30 MMcf/d of production and 192,000undeveloped acres in the Rocky Mountain region from MCN Energy for$106 million. An additional 35 Bcfe of proved reserves in theRockies were sold by MCN to other unnamed buyers.
MCN Buys Howard Energy’s Retail Marketing Assets
Less than a week after buying the gas marketing operations ofSemco Energy, MCN Energy subsidiary CoEnergy Trading announced thepurchase of Michigan-based Howard Energy Marketing’s retail gasmarketing assets for an undisclosed amount. The purchases aredesigned to bolster MCN’s unregulated marketing operations and itsinterest in the proposed Vector and Millennium Pipeline projects,which will add 1 Bcf/d of new gas transportation capacity throughthe region starting in November 2000, the company said.
Midcoast Targeting Canadian Midstream
Midcoast Energy of Houston continued an ongoing buying spree last week. This time, however, the company has set its sights to the North. Subsidiary Midcoast Canada Operating Corp. bought the Calmar gas treating plant and gathering system in Alberta from Probe Exploration Inc. for C$20 million (US$13.2 million). The company said it has its sights on similar acquisitions in the future.
El Paso Expands Services by Buying En Cap
El Paso Field Services entered the energy project financingarena with Wednesday’s purchase of En Cap Investment Co. for $52million in cash and stock. Robert Phillips, El Paso Field Services’president, said all regulatory issues have been settled and thedeal will be accretive to El Paso’s earnings beginning April 1.
Edison International Buying ComEd Power Plants for $5 B
Edison International’s wholly-owned independent power subsidiarywill acquire all the fossil-fuel generating assets of CommonwealthEdison. The company will pay about $5 billion for a package of coaland gas-fired plants with total capacity of 9,772 megawatts (MW).Edison Mission Energy has also committed to build 500 MW ofgas-fired generating capacity in Chicago.
PNM Buying Stock, Rate Cut Rejected
Public Service Co. of New Mexico (PNM) said it embarked on a$17.3 million stock repurchase plan last week after announcing theNew Mexico Supreme Court rejected a $112 million rate cut imposedby the state’s outgoing Public Utility Commission (PUC) late lastyear.
PNM Buying Stock, Rate Cut Rejected
Public Service Co. of New Mexico (PNM) said it embarked on a$17.3 million stock repurchase plan Tuesday after announcing theNew Mexico Supreme Court rejected a $112 million rate cut imposedby the state’s outgoing Public Utility Commission (PUC) late lastyear.
ONEOK Buying Koch OK Midstream Assets
ONEOK Inc. is building up its midstream presence by agreeing toacquire all the Oklahoma midstream gas gathering and processingassets of Koch Midstream Enterprises for $285 million in cash.
Dominion Buying Canadian Producer
Dominion Resources Inc. (DRI) made its third move of 1999 andits second in less than a week to position itself as a major gasand power player in the Northeast and Midwest. Following on theheels of Monday’s announcement that DRI will acquire ConsolidatedNatural Gas (CNG), subsidiary Dominion Energy said Wednesday itwill make a $34 million (C$50 million) cash offer for RemingtonEnergy Ltd., a publicly traded gas E&P company headquartered inCalgary, AB.