Completing

After completing its review of Oneok’s $1.35 billion purchase of Koch’s natural gas liquids (NGL) assets, Moody’s Investors Service downgraded the ratings of Oneok’s debt to Baa2 from Baa1. Moody’s said that $2 billion of debt securities are affected. The rating outlook is stable.

El Paso Corp. CEO Doug Foshee said Tuesday the company is close to completing a massive restructuring program that has whittled away 18 operating divisions, cut its work force by more than 9,000, reduced debt by nearly $5 billion and sold $5.7 billion in assets over the last couple years. He said El Paso’s two remaining divisions, pipelines and exploration and production (E&P), are well positioned for growth, given strong gas demand, high commodity prices and some internal strategic changes.

Following through on plans announced earlier this year after completing the purchase of Koch’s gas liquids business, Oneok said Monday it sold its oil and gas production operations for $645 million to privately held, Dallas-based TXOK Acquisition Inc. The transaction, which includes 240 Bcfe of reserves in four fields in Oklahoma and Texas, is expected to close in October.

After completing two transactions over the past few days that have expanded its core U.S. holdings, XTO Energy Inc. on Friday upped its 2005 production growth target 2%, and said it now expects oil and natural gas output to be up 23-25% over 2004.

After completing two transactions last week that expanded its core U.S. holdings, XTO Energy Inc. on Friday upped its 2005 production growth target 2%, and now expects oil and natural gas output to be up 23-25% over 2004.

El Paso Corp. made a positive restatement of its 2002 financial results and adjusted its previously reported 2004 results last Monday after completing a review of the way in which it adopted several accounting standards in 2002 associated with investments in certain unconsolidated affiliates.

El Paso Corp. made a positive restatement of its 2002 financial results and adjusted its previously reported 2004 results on Monday after completing a review of the way in which it adopted several accounting standards in 2002 associated with investments in certain unconsolidated affiliates.

Completing the Alaskan natural gas pipeline is key to increasing domestic gas supply, FERC Chairman Pat Wood told a Houston audience on Wednesday. He also predicted that the United States will have at least eight new liquefied natural gas (LNG) facilities by 2008 — but without a new Alaskan pipe and more LNG, “the numbers do not add up” for future U.S. gas demands.

Completing the Alaskan natural gas pipeline is key to increasing domestic gas supply, FERC Chairman Pat Wood II told a Houston audience on Wednesday. He also predicted that the United States will have at least eight new liquefied natural gas (LNG) facilities by 2008 — but without a new Alaskan pipe and more LNG, “the numbers do not add up” for future U.S. gas demands.