Completed

Bolstered by its completed merger with Sonat Inc., El PasoEnergy said yesterday that diluted earnings per share (EPS) rose20% to $1.80 last year, up from $1.50 in 1998. During the fourthquarter, when the Sonat deal was finalized, the company postedearnings of $295 million or 48 cents/share, versus $229 million, or33 cents, during the year-ago period.

El Paso Energy Corp. completed its acquisition of Crystal GasStorage Inc. of Shreveport, LA. Each holder of Crystal Gas Storagecommon stock received $57 per share in cash in a deal worth $224.6million. “The Crystal assets provide the flexibility, highdeliverability, and multiple pipeline interconnects necessary tomeet the gas supply demands of new plants in the competitive powermarket,” said El Paso CEO William A. Wise.

El Paso Energy Corp. completed its acquisition of Crystal GasStorage Inc. of Shreveport, LA. Each holder of Crystal Gas Storagecommon stock received $57 per share in cash. The deal is worth$224.6 million.

Top Washington D.C.-based energy trade associations are listedamong the casualties of Sempra Energy’s and Kinder Morgan Inc.’smove to prune their corporate budgets as they enter the newmillennium.

Kinder Morgan Inc. made several significant moves last week as part of its “back to basics” strategy, which is designed to streamline and increase the efficiency of the businesses acquired through its merger with KN Energy earlier this year (see NGI, July 12, Aug. 9, and Aug. 20). Company officials, however, say they are only midway through this transition, and there have been quite a few changes to their original plans.

Independent power company Calpine Corp. of San Jose, CA,completed its acquisition of 80% of Cogeneration Corp. of America’s(CGCA) common stock for about $146 million. The deal growsCalpine’s gas-fired power production by 20% to 2,476 net megawattsof capacity.

Independent power company Calpine Corp. of San Jose, CA,completed its acquisition of 80% Cogeneration Corp. of America’s(CGCA) common stock for about $146 million. The deal growsCalpine’s gas-fired power production by 20% to 2,476 net megawattsof capacity.

Petro-Canada of Calgary completed the largest land acquisitionprogram in its history as part of its focus on Canadian frontiergas and Grand Banks oil production. The company participated inthree land sales and a major farm-in to acquire new explorationacreage in the Mackenzie Delta, located in the NorthwestTerritories; the Flemish Pass Basin, located on the East Coastoffshore Newfoundland; and on the Scotian Shelf, located offshoreNova Scotia. The program adds 2.7 million acres (1.5 million netacres) to Petro-Canada’s land position.

According to a survey completed last month, most exploration andproduction companies expect steadily rising U.S. oil and gas demandand continued strong prices will lead to increased capital spendingnext year. That’s one finding of Arthur Andersen’s 12th annual U.S.Oil & Gas Industry Outlook Survey.