CNG Sets Sights on Production Activities in 1999

In the aftermath of selling its bulk energy marketing arm,Consolidated Natural Gas (CNG) said it plans to shift its focus toCNG Producing, its New Orleans-based E&P arm, which willsignificantly increase over-all oil and gas production next year asthree key offshore pipeline projects come into operation. Much ofthe increase is expected to come from its production activities inthe Gulf of Mexico.

August 11, 1998

Sempra Buys CNG’s Wholesale Gas Portfolio for $48M

Consolidated Natural Gas Co. followed through on its plan toexit wholesale energy marketing yesterday by selling its gasmarketing operations, including supply, sales, storage andtransportation agreements, to Sempra Energy for $48 million.

July 22, 1998

ConEd Buying O&R Utilities for $790 Million

Consolidated Edison and Orange and Rockland Utilities agreed tomerge with ConEd acquiring all the common stock of O&R for$58.50 per share in a deal worth about $790 million. O&R wouldbecome a wholly owned subsidiary of ConEd. The transaction would beaccounted for as a purchase and is expected to be accretive toConEd’s earnings per share after the first year.

May 12, 1998

CNG Earnings Hit By Wholesale Exit

As expected, Consolidated Natural Gas’ (CNG) decision to exitthe wholesale marketing business showed up in first quarterresults. Warm weather and lower wellhead prices also took some ofthe blame for the reduced earnings. CNG reported 1998 first quarteroperating income down $35 million, or about $0.31/share. Net incomewas down $94 million, or $0.92/share.

May 1, 1998

Citing Thin Margins, CNG Abandons Wholesale Market

Consolidated Natural Gas (CNG) blamed thin margins for its exitfrom wholesale marketing and trading to focus on retail. The shiftin strategy comes on the heels of the March announcement CNG willtake a $20 to $25 million loss in Energy Services to close outelectricity positions. The move could herald the beginning of amarketer shakeout, noted one analyst.

April 22, 1998

Winter Home Energy Consumption Down

Consolidated Natural Gas Co.’s CNG Energy Index calculatedresidential heating and cooling energy needs averaged 7.7% belownormal for the country over the winter heating season (Nov. 1-March31). There were wide variations across the country, however, withabove normal energy needs in the Southwest and Lower MississippiValley.

April 7, 1998

Industry Briefs

Consolidated Edison announced it plans to sell two-thirds (5,500MW) of its New York City electric generation plants in an auctionstarting this summer. Its plants will be divided into threebundles. Each bundle will include a major generating facility-theRavenswood Generating Station in Long Island City, the AstoriaGenerating Station in Astoria, or the Arthur Kill Station on StatenIsland-and gas turbine generating facilities in Queens andBrooklyn. The company plans to sell two of the bundles throughauction and retain the remaining bundle, which has not yet beenidentified. It expects to receive authorization from the New YorkState Public Service Commission (PSC) by July 1. The auctionprocess would begin later that month, with the winning bidders tobe announced in January 1999.

March 3, 1998
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