Closed

El Paso Corp said it closed on oil and gas property sales totaling $525 million in the first quarter of 2002, and is on track to reach $2.25 billion in assets sales by this summer as part of its balance sheet strengthening program.

Houston-based TEPPCO Partners LP. said Friday that it has closed its previously announced acquisition of the Chaparral and Quanah NGL pipelines for approximately $132 million. Acquired from Diamond-Koch II LP and Diamond-Koch III LP, TEPPCO Partners projects first full-year earnings before interest, taxes, depreciation and amortization (EBITDA) from the systems to be approximately $16 million. The acquisition was first announced in early January (see Daily GPI, Jan. 10).

Dynegy Inc. last week closed its acquisition of Northern Natural Gas Pipeline Co. (NNG) and named a former Enron Corp. executive — and the pipeline’s former chief — as president. Dynegy acquired NNG under the terms of its failed merger agreement with Enron after settling a lawsuit with its former rival earlier this month (see NGI, Jan. 7). Enron maintains the option to repurchase the pipe from Dynegy until June 30, 2002 and will provide transition services through the end of the repurchase period.

Dynegy Inc. has closed its acquisition of Northern Natural Gas Pipeline Co. (NNG) and named a former Enron Corp. executive — and the pipeline’s former chief — as president. Dynegy acquired NNG under the terms of its failed merger agreement with Enron after settling a lawsuit with its former rival earlier this month (see Daily GPI, Jan. 7). Enron maintains the option to repurchase the pipe from Dynegy until June 30, 2002 and will provide transition services through the end of the repurchase period.

Last week’s market closed out Friday with a reversal of the previous day’s mild rally in fairly quiet activity. A large majority of the weekend price declines were on either side of a dime, but a few ranged up to about 15 cents. Florida citygates recorded a modest gain of about a nickel.

Mirant Canada Energy Marketing Ltd. closed its purchase of TransCanada Gas Services from TransCanada PipeLines Ltd. last week opening the biggest energy trading floor in Canada with 80 specialists swinging into action in downtown Calgary’s newest office tower. The changing fortunes among energy merchants propelled Mirant into prominence north of the border at a time of high expectations and anxiety among producers alarmed by the Enron debacle.

Mirant Canada Energy Marketing Ltd. closed its purchase of TransCanada Gas Services from TransCanada PipeLines Ltd. last week, opening the biggest energy trading floor in Canada with 80 specialists swinging into action in downtown Calgary’s newest office tower. The changing fortunes among energy merchants propelled Mirant into prominence north of the border at a time of high expectations and anxiety among producers alarmed by the Enron debacle.

Guardian Pipeline reported it has closed its $180 million project financing that was arranged by Prudential Capital Group for the construction of the 142-mile, 36-inch diameter pipe extending from Joliet to the Ixonia, WI, area. Prudential provided $125 million of the project financing, with GE Capital funding the remaining $55 million.

Last week’s market closed on a “relatively” sedate note Friday, at least relative to the preceding trading fireworks. But the downward price movement was still being measured in double digits in nearly all cases.