Completed

PG&E Energy Services all but completed its exit from theunregulated energy commodity and related services businesses withthe announcement Thursday that it has sold its remaining servicecontracts and related assets to a unit of Chevron Corp. Thecontracts cover commercial, industrial and institutional customersspread around the country. The two San Francisco-based companieswould not disclose terms of the deal, but said it is expected toclose in mid-July.

Nova Chemicals said yesterday it has completed the sale of its26% stake (38.8 million shares) in Dynegy Corp. receiving totalafter-tax cash proceeds of $605 million, which is about $140million more than was expected when the sale was first announced inAugust of 1998. It sold its stake to the public in three packagesover the past five months.

Friday trading completed a pattern of last week’s cash market,substantially mimicking the price movement during the precedingweek: strong at first, leveling off and then softening aroundmidweek, and capped off by a mild rebound for most weekend numbers.

Phillips Petroleum Co. completed its acquisition of ARCO’s Alaskanbusinesses and gained Federal Trade Commission approval of the deal,which became effective retroactive to Jan. 1. The deal was announcedin March (see Daily GPI, March 17).

Quicksilver Resources Inc. last week completed a deal acquiring CMS Energy Corp.’s Michigan gas and oil exploration and production properties, including the stock of Terra Energy Ltd., as well as other smaller interests in Ohio, Kentucky, and Indiana. The deal was announced in January (see NGI Jan. 24).

Quicksilver Resources Inc. completed its acquisition of CMSEnergy Corp.’s gas and crude oil exploration and productionproperties in Michigan, including the stock of Terra Energy Ltd.,as well as other smaller interests in Ohio, Kentucky, and Indiana.The deal was announced in January (see Daily GPI Jan. 20).

The Appalachian Basin consolidation trend continued yesterday asTwinsburg, OH-based North Coast Energy announced it has completedthe purchase of Peake Energy Inc. from North Canton, OH-basedBelden & Blake Corp. for $72.5 million. A spokesman from NorthCoast said the companies have been working on completing this dealfor the past three months. The purchase more than doubles NorthCoast’s production and reserves.

Northern Natural Gas completed repairs and restored serviceWednesday after damage by a third party caused a force majeuresituation Tuesday on its East Leg. Line pressure was reduced andservice was curtailed temporarily downstream of Belleville(Lafayette County, WI).

Equitable Resources completed the previously announcedacquisition of the Appalachian production assets of Statoil Energyfor $630 million. The deal makes Equitable by far the largestproducer in the Appalachian basin with 2.2 Tcf of proven reservesand 12,600 gas and oil wells. Equitable said the acquisition wouldbe immediately accretive to earnings. “The addition of these assetsand resources to Equitable’s Appalachian business represent ahigh-value, low-risk opportunity for improving the overall qualityand efficiency of our production assets,” said Murry S. Gerber,Equitable’s president and CEO. “The benefits of this acquisition gobeyond making Equitable the leading gas supplier in the Appalachianbasin. We now have a dual platform for growth and increasedprofitability by ‘high-grading’ our total Appalachian portfolio.”Statoil’s production assets are contiguous to Equitable’sAppalachian properties and consist of 1.2 Tcf of proven gasreserves and 6,500 natural gas wells in West Virginia, Kentucky,Virginia, Pennsylvania and Ohio.