Planning on growth of 20 to 30% to its Houston workforce by2001, Enron announced plans for a 40-story office tower on adowntown Houston city block adjacent to its existing 50-storytower. “In the past three years, we have experienced annualemployment growth of about 10%, and we expect this to continue intothe next century due to the strength of all our businesses,” saidCEO Kenneth L. Lay. “This new world-class building will allow us tobring in the latest technologies to support our businesses, and itwill assist us in recruiting and retaining the best and thebrightest employees.”
Articles from City
The Commodity Futures Trading Commission approved a change inthe Kansas City Board of Trade’s last trading day for its westernnatural gas futures contract that will place KCBT contractexpiration on the same day as Henry Hub futures go off the board atthe New York Mercantile Exchange. The last trading day will now bethe third business day prior to the first day of the deliverymonth. Formerly, it was the second business day prior to the firstday of the delivery month.
KN Energy International Inc. bought an interest in IntegratedGas Services of Mexico LLC (Igasamex), a Mexico City-based companythat is involved in helping Mexican industry convert to natural gasfrom alternative fuels – such as diesel, propane or fuel oil -through development of supply and transportation projects. It alsoprovides third-party inspection of pipeline construction, andprovides pipeline management services in Mexico. Terms of theacquisition were not disclosed.
Shareowners of Western Resources and Kansas City Power &Light approved the merger of the companies to form Westar Energy.Approval required a majority of Western Resources common shares andtwo-thirds of KCPL outstanding common shares. About 98% of thevoting Western shares approved the transaction, representing 77% ofall shares outstanding. Nearly 94% of KCPL shares represented andvoting approved the transaction, representing 74.4% of alloutstanding KCPL shares.
The Commodity Futures Trading Commission has approved a proposalby the Kansas City Board of trade to increase the number ofconsecutive Western Natural Gas contract months listed on theexchange to 36 from 18. The additional months will be listed fortrade beginning today.
The Kansas City Board of Trade expects to fan the flames ofinterest in its Western Natural Gas Futures Contract by offering asecond round of two-year gas trading permits for $1,000 each plusapplication fees of $300. Twenty trading permits are being offeredto non-KCBT members. Currently about 15-20 traders are active inthe gas pit so the offering potentially could double the exchange’sgas trading activity.
Chesapeake Energy of Oklahoma City has signed a unique agreementwith Gothic Energy Corp., Tulsa, which includes the right for fiveyears to develop 50% of Gothic’s current and subsequently acquiredundeveloped reserves. This includes 60 Bcfe of proved undevelopedreserves and a substantial amount of probable and possiblereserves.
The Western Natural Gas Futures contract on the Kansas CityBoard of Trade has continued its rapid expansion, with openinterest surpassing 9,000 contracts for the first time everTuesday. KCBT said long-time participants have been “putting onincreasingly large positions” and “a number of new participantsalso have entered the market.” A floor trader mentioned PG&Eand Southern Energy Marketing as being two big players. KN Energy,Oneok and Duke alsowere reported as recent big entrants.