Kansas City Power & Light Co. (KCPL) threw in the whitetowel earlier this week, canceling its proposed merger with thefinancially troubled Western Resources citing doubts aboutWestern’s growth and increasing shareholder opposition to thetransaction. KCPL canceled the merger using a stipulation in theoriginal agreement requiring the merger to have all regulatoryapprovals completed by Dec. 31, 1999. The merger suffered fromregulatory delays and never received a final okay from the FederalEnergy Regulatory Commission.
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Kerr-McGee Plans for 2000, Takes Stock of 1999
At an analyst meeting yesterday, executives from theOklahoma-City based Kerr-McGee, a major independent oil and gasproducer, outlined the company’s performance in 1999 and allowed afew glimpses into its strategy for next year.
Chesapeake Energy Turns A Profit This 3Q
Chesapeake Energy Corp. of Oklahoma City generated third-quarternet income of $18.1 million and cash flow from operations of $43.4million on 32.7 Bcfe of production. Average commodity pricesrealized during the quarter were $18.90/barrel of oil and $2.26/Mcfof gas for a gas equivalent price of $2.40/Mcfe.
KCBT Converting Western Contract to Basis
Hoping to stir up liquidity on its western gas futures contract,The Kansas City Board of Trade (KCBT) filed Oct. 8 with theCommodity Futures Trading Commission (CFTC) to convert the contractfrom flat-price to basis. The exchange plans to begin trading basisfutures with the February 2000 contract month upon CFTC approval.The expected start date of basis futures is Nov. 29.
KCBT Converting Western Contract to Basis
In a move it hopes will boost liquidity on its western gasfutures contract, The Kansas City Board of Trade (KCBT) filedFriday with the Commodity Futures Trading Commission (CFTC) toconvert the contract from flat-price to basis. The exchange plansto begin trading basis futures with the February 2000 contractmonth upon CFTC approval. The expected start date of basis futuresis Nov. 29.
Buccaneer Is First to File in Race to Florida
While a FERC filing does not a pipeline make, it’s still a step in the right direction. Williams’ Buccaneer Gas Pipeline last week became the first of three competing projects to serve Florida power generation demand to file with the FERC.
KCC Blesses Western-KCPL Union With Conditions
Western Resources Inc. and Kansas City Power and Light (KCPL) -could be reaching the end of their long-fought merger battle as theKansas Corporation Commission (KCC) approved the merger with someconditions.
FERC Approves Western-KCPL Merger
Kansas City Power & Light and Western Resources successfully reached an agreement with the FERC settling all merger-related issues, Western Resources said last week. The company also said the agreement forged between the merging parties and the Missouri Public Service Commission staff is currently being reviewed by the Missouri commissioners. Only the Kansas Corporation Commission (KCC) approval stands in the way of the merger’s completion, the company said.
FERC Approves Western-KCPL Merger
Kansas City Power & Light and Western Resources successfullyreached an agreement with the FERC settling all merger-relatedissues, Western Resources said yesterday. The company also said theagreement forged between the merging parties and the MissouriPublic Service Commission staff is currently being reviewed by theMissouri commissioners. Only the Kansas Corporation Commission(KCC) approval stands in the way of the merger’s completion, thecompany said.
Greenwood, SC, Looking For Energy Provider
The Greenwood Commissioners of Public Works (CPW), the municipalorganization responsible for the energy needs for the city ofGreenwood, SC, said last week it has entered the market for a totalenergy provider. The CPW is searching for companies with tangibleassets to provide comprehensive energy supply services, includingpower supply and gas supply. Energy supply proposals may includealternatives ranging from full requirements service to thedevelopment of owned generating resources, the CPW said.