EEX Corp. agreed to trade substantially all of its Permian Basinproperties in West Texas and Eastern New Mexico for the shallowwater properties located off the coast of Texas and Louisiana ofEnergen Resources Corp., the oil and gas subsidiary of EnergenCorp. In addition to the shelf properties, EEX will receive $9million in cash. “This trade is another step in our strategy toexit the onshore business and focus on offshore Gulf of Mexico.These new properties will improve near-term production of naturalgas and will contribute to improving our cost structure by loweringper unit production costs while eliminating overhead costs relatedto onshore properties,” said Tom Hamilton, EEX CEO.
Coast
Articles from Coast
Futures Not Able to Mimic Cash Gains
The futures market received an early boost from hot weatherspreading up the East coast and a strong over-the-counter marketMonday morning, but the buying ebbed sending Nymex spiraling lowerthroughout the day. “We shot up to $2.20 in a hurry, but the marketcould offer no follow-through above that level. At that point itwas a where-do-we-go-from-here mentality and the answer to thatquestion was down,” an analyst said. That left the August contractoff 7 cents to $2.095.
July 21, 1998
Cash Prices Join Screen in Falling Like a Rock
The futures screen “fell like a rock” Monday and, of course,cash prices then had to do likewise, said a Gulf Coast producer.Some points were essentially flat, such as Northwest (both domesticand Sumas) and NorAm-east. Others dropped 2-9 cents, with declinesof a nickel most common. Activity was fairly light, especiallysince some traders hadn’t returned yet from the holiday weekend, amarketer noted. But what prices lacked in volume they made up involatility as a number of points saw double-digit ranges. Onesource said his Chicago deals went from $2.64 early on to $2.49 atthe end.
April 14, 1998
Coral Expands Westward With Two Deals
Coral Energy expanded its gas and power marketing enterprisewith two West Coast acquisitions, which complement its Canadian gassupply position.
April 3, 1998
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