Completed

Northern Border Partners of Houston can thank its recentlycompleted expansion for significant gains in net income andthroughput on Northern Border Pipeline in the second quarter. Thecompany posted a 26% increase in second quarter net income to $20.6million. That compares to $16.4 million for the same period in1998. The increase is primarily attributable to the completion inDecember of Northern Border’s Chicago Project, which increasescapacity by more than 40% and plays a key role in gastransportation to the upper Midwest.

Unocal Corp.’s Spirit Energy 76 unit completed the previously announced trade of most of its Rocky Mountain oil and gas assets to Tom Brown Inc (See NGI March 15, 1999). Unocal received 5.8 million shares of Tom Brown common stock (about 16.5%) and $5 million for the properties. The deal is worth about $76 million. Subject to certain restrictions and conditions, Unocal has the option to increase its stock ownership up to 19.5% through open market purchases. The sale agreement also entitles Unocal to nominate one director to the Tom Brown board.

Unocal Corp.’s Spirit Energy 76 unit completed the previouslyannounced trade of most of its Rocky Mountain oil and gas assets toTom Brown Inc (See Daily GPI March 11,1999). Unocal received 5.8 million shares of Tom Brown commonstock (about 16.5%) and $5 million for the properties. The deal isworth about $76 million. Subject to certain restrictions andconditions, Unocal has the option to increase its stock ownership upto 19.5% through open market purchases. The sale agreement alsoentitles Unocal to nominate one director to the Tom Brown board.

Enogex Inc. completed its acquisition of Transok LLC, a gatherer,processor and transporter of natural gas in Oklahoma andTexas. Enogex, a subsidiary of OGE Energy Corp., announced plans May17 to buy Transok from Houston-based Tejas Gas LLC, an affiliate ofShell Oil Co. for $701 million (See Daily GPI May 18, 1999).

Tennessee said Monday rehab work on the Sun Lateral in westernLouisiana will be completed ahead of schedule and it will resumetaking nominations at all Sun meters for Wednesday’s gas day. Thepipeline had earlier projected that the project would extend untilJuly 9 (see Daily GPI, June 22).

NRG Energy, a wholly-owned subsidiary of Northern States Power,said it has completed the acquisition of Arthur Kill Station andthe Astoria Gas Turbine Sites totaling 1,456 MW of generatingcapacity from Consolidated Edison Co. of New York The 842-MW ArthurKill Generating Station, located on Staten Island, includes twosteam generating units designed to burn gas and oil, as well as a”black start” gas turbine. The 614-MW Astoria Gas Turbine Sites,located in Queens, consist of 20 gas turbines, grouped into 11units. NRG holds 100% interest in the projects.

Altra said last week it completed the previously announcedmerger of the Streamline and Quicktrade electronic energy tradingsystems, achieving a major goal Altra set when it bought Quicktradein January. Altra said the combined package will increaseStreamline user numbers 30% and boost liquidity.

Altra announced earlier this week it has completed thepreviously announced merger of the Streamline and Quicktradeelectronic energy trading systems, achieving a major goal Altra setwhen it bought Quicktrade in January. Altra said the combinedpackage will increase Streamline user numbers 30% and boostliquidity.

CMS Corp.’s marketing division, CMS Marketing, Services and Trading (MST), completed an agreement last Tuesday to purchase a total of 9.3 Bcf of liquefied natural gas (LNG) from the North West Shelf LNG project in Australia for delivery to the CMS Trunkline LNG facility in Lake Charles, LA. Terms of the transaction were not disclosed.