Corporate

Andrew Fastow, whose ingenious off-the-book transactions as CFO of Enron Corp. enriched him while helping to precipitate one of the biggest corporate collapses in history, has been released to a community corrections facility in Houston until he completes his prison sentence in mid-December, according to the Federal Bureau of Prisons. Fastow, now 49, was facing 98 criminal charges but pleaded guilty to two criminal counts and agreed to testify for the government against his former colleagues (see Daily GPI, Sept. 27, 2006). His key testimony led to the convictions of several Enron executives, most notably founder Kenneth Lay and former CEO Jeffrey Skilling, who were convicted on numerous charges in 2006 (see Daily GPI, May 26, 2006). Skilling, convicted on 19 criminal counts, is scheduled to be released from federal prison in 2030; he is appealing. Lay was convicted on 10 criminal counts, but died before sentencing and the convictions were dismissed. Wife Lea Fastow, also a former Enron employee, served a one-year prison term; she continues to live in Houston with the couple’s two children.

A trio of Alaska state senators recently introduced legislation that would extend a corporate income tax break to the operator of a natural gas-to-liquids (GTL) plant, should one be built, to liquefy North Slope gas production for shipment to Lower 48 and/or overseas markets. GTLs could be shipped on the Trans-Alaska Pipeline in combination with crude or separately. The bill (SB 109) recently had its first reading in the senate’s Resources Committee. Sen. Lesil McGuire (R-Anchorage) introduced the legislation; Sens. Tom Wagoner (R-Kenai) and Bill Wielechowski (D-Anchorage) are co-sponsors.

Societe Generale Corporate & Investment Banking last week agreed to purchase some of RBS Sempra Commodities’ North American natural gas and power assets and to hire 130 of its energy traders. Financial details were not disclosed.

Societe Generale Corporate & Investment Banking agreed Tuesday to purchase some of RBS Sempra Commodities’ North American natural gas and power assets and to hire 130 of its energy traders. Financial details were not disclosed.

Standard & Poor’s Ratings Services (S&P) lowered its outlook on Noble Corp. to “negative” from “stable” and affirmed its “A-” long-term corporate credit rating on the drilling company. The ratings agency expressed concern for weakening credit metrics due to delays in permitting wells in the U.S. Gulf of Mexico (GOM).

Although its corporate headquarters hasn’t made an official announcement, in recent months the CEO of Fiat SpA and the Chrysler Group LLC has talked up natural gas vehicles (NGV) as his choice for the kind of clean-fuel vehicles his company eventually plans to introduce in North America.

Although its corporate headquarters hasn’t made an official announcement, the CEO of Fiat SpA and the Chrysler Group LLC in recent months has talked up natural gas vehicles (NGV) as his choice for the kind of clean-fuel vehicles his company eventually plans to introduce in North America.

Koch Pipeline Co. LP Monday said it expects to have corporate approval by year-end to expand its South Texas Crude oil system to serve producers in the Eagle Ford Shale in South Texas.

Enterprise Products Partners LP (EPE), Duncan Energy Partners LP (DEP) and Enterprise GP Holdings LP (EPGP) realigned the boards of the respective general partners to strengthen corporate governance policies. The majority of each board now is composed of nonmanagement directors. The EPGP board is to be helmed by CEO and President Michael A. Creel, Executive Vice President (EVP) A.J. “Jim” Teague and three nonmanagement directors. The DEP board is now composed of President and CEO W. Randall Fowler and four nonmanagement directors. EPE is now run by President and CEO Ralph S. Cunningham, EVP Richard H. Bachmann and five nonmanagement directors. The changes to the boards do not impact the business units’ structures or their strategic focuses, EPE said.