Charm

The second time proved a charm for Bear Stearns Cos. Inc., which Friday closed a deal to purchase substantially all of the power assets and the trading book of Williams.

The second time proved a charm for Bear Stearns Cos. Inc., which Friday closed a deal to purchase substantially all of the power assets and the trading book of Williams.

Proving that the fourth time really is the charm, prompt month natural gas futures settled above $8 on Thursday for the first time since Dec. 1, 2006. June natural gas bounced on either side of the long-term resistance level for most of the day following the Energy Information Administration’s (EIA) report that 95 Bcf was injected into underground storage for the week ended May 11.

For the third day in a row, flat pricing dominated the cash market Thursday. A bit of approaching moderation of winter weather in the Northeast was approximately balanced by the previous day’s strength throughout Nymex’s energy futures group.

After its first attempt collapsed in October, Harken Energy Corp. said Monday that it has sold the majority of its oil and gas properties located in the Panhandle region of Texas for approximately $7 million in cash.

The third time was not a charm for full-requirements (FR) shippers on El Paso Natural Gas. After postponing the deadline twice in response to FR customers’ pleas, FERC last Wednesday said the systemwide conversion of FR service to contract demand (CD) service on El Paso will go forward as planned on Sept. 1.

The third time was not a charm for full-requirements (FR) shippers on El Paso Natural Gas. After postponing the deadline twice in response to FR customers’ pleas, the FERC on Wednesday said the systemwide conversion of FR service to contract demand (CD) service on El Paso will go ahead as planned on Sept. 1.

The third offer proved the charm for Unocal Corp., which finally obtained an agreement to acquire the remaining 35% interest in Pure Resources Inc. that it does not already own. Pure Resources had twice rejected an exchange share offer from the El Segundo, CA-based producer, but was finally persuaded by an offer that gave its shareholders a 35% premium and Unocal sole control.

The third offer proved the charm for Unocal Corp., which finally obtained an agreement to acquire the remaining 35% interest in Pure Resources Inc. that it does not already own. Pure Resources had twice rejected an exchange share offer from the El Segundo, CA-based producer, but was finally persuaded by an offer that gave its shareholders a 35% premium and Unocal sole control.