Unitil Corp. of Hampton, NH, acquired a minority interest inNorth American Power Brokers Inc. for $3 M in cash, and haslicensed and will deploy North American Power’s Internet-basedtechnology for electricity and gas energy sales to retailconsumers.
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Burlington, ECT to Build Wind River Gathering
Burlington Resources has joined forces with Enron Capital &Trade Resources Corp. in a gas gathering partnership that willserve the Wind River Basin in Wyoming, where processing andtransportation constraints have held back production in recentyears. The two companies have formed Lost Creek Gathering Co.L.L.C. to build a new 124-mile, 24-inch diameter wet gas gatheringheader from the Madden Field in central Wyoming to a processingplant located near Wamsutter, WY.
Burlington, ECT Build Wind River Gathering
Burlington Resources has joined forces with Enron Capital &Trade Resources Corp. in a gas gathering partnership that willserve the Wind River Basin in Wyoming, which has suffered fromprocessing and transportation constraints in recent years.
Unocal Swaps Rockies Assets For Tom Brown Shares
Spirit Energy 76, Unocal Corp.’s U.S. Lower 48 exploration andproduction unit, signed a letter of intent to trade most of itsRocky Mountain oil and gas assets for 5.8 million shares of TomBrown Inc. and $5 million in cash. The total value of the deal wasabout $76 million. Unocal will hold 16.52% of the outstandingcommon stock of Tom Brown based on the number of shares to beissued. The agreement also gives Unocal a seat on Tom Brown’s boardand the option to increase its ownership up to 19.5% through openmarket purchases.
Unocal Swaps Assets For Tom Brown Assets
Spirit Energy 76, Unocal Corp.’s U.S. Lower 48 exploration andproduction unit, signed a letter of intent to trade most of itsRocky Mountain oil and gas assets for 5.8 million shares of TomBrown Inc. and $5 million in cash. The total value of the deal isabout $76 million. Unocal will hold 16.52% of the outstandingcommon stock of Tom Brown based on the number of shares to beissued. The agreement also gives Unocal a seat on Tom Brown’s boardand the option to increase its ownership up to 19.5% through openmarket purchases.
UGI to Shed Utility As Part of Merger Deal
The merger bandwagon continued last week as UGI Corp. announceda proposed deal that would join its retail propane marketingbusiness with the largest marketer and distributor of printing andimaging paper and supply systems. UGI will sell UGI Utilities aspart of the transaction, making it the first company “in recenttimes” to completely shed itself of its utility business. Thecompany says it can take such a dramatic step because, unlike otherutilities, it has another “very distinct” business (propane) thataccounts for about two-thirds of its annual revenues.
PG&E Restructures Operations, Reduces Staff
PG&E Corp. is consolidating overall management of its PacificNorthwest and Texas natural gas operations to gain someefficiencies and prepare for expanding into unspecified marketsthroughout North America. A total of about 100 positions, less than10% of the 1,000-person work force, will be eliminated from PG&EGas Transmission (PG&E GT)-spread equally among the Texas andPortland, OR, operations.
Coastal to Cut 200-300 Staff Positions
Despite record earnings last year, Coastal Corp. CEO David A.Arledge admitted in January that 1999 would be a “challengingyear.” Coastal began to prepare for that challenge last week bystarting a corporate belt-tightening program that will include awork-force reduction.
Mitchell Finishes Job Cuts, Cuts Budget
Mitchell Energy & Development Corp. completed its previouslyannounced work force reduction and set its capital budget. As aresult of the company-wide downsizing and restructuring effort, 235positions have been eliminated, a 21% reduction in totalemployment. With these changes, the company expects annual salaryand benefits costs savings of about $17 million.
Sempra Inks Energy Deal with Lockheed Martin
Sempra Energy has signed a comprehensive multi-million-dollar,five-year deal with Lockheed Martin Corp. to be its exclusiveenergy provider in 26 eastern states. Lockheed Martin expects tofinalize a similar deal for its western facilities with Enron sometime in March, according to Lockheed Martin energy manager SamJohnson.