Credit

Berry Petroleum Co. will pay $110 million to purchase more than 130,000 acres of natural gas-rich properties in the Niobrara fields in northeastern Colorado from J-W Operating Co. and other undisclosed sellers. The company, as operator, will have a working interest of approximately 52%.

TXU Energy Co. last Wednesday announced that its plans to form a 50/50 joint venture energy marketing and trading company with Credit Suisse First Boston have been called off (see NGI, May 24). After a detailed review of the proposed venture, the parties were “unable to agree on an economic arrangement that met each side’s strategic objectives,” TXU said.

TXU Energy Co. late Wednesday announced that its plans to form a 50/50 joint venture energy marketing and trading company with Credit Suisse First Boston have been called off. After a detailed review of the proposed venture, the parties were “unable to agree on an economic arrangement that met each side’s strategic objectives,” TXU said.

FERC has dismissed a complaint filed by Cross Timbers Energy Services, Inc. against Transwestern Pipeline after the two parties reached an agreement involving credits for firm shippers whose transportation is interrupted by maintenance.

Fitch Ratings cut the credit ratings of PSEG Energy Holdings to junk Monday because of the company’s weak earnings relative to debt, and the risks inherent in its portfolio of international and financial assets. Fitch cut PSEG Energy Holdings’ senior unsecured ratings to BB, the second highest junk rating, from BBB-minus, and kept a negative outlook on company.

George A. Schreiber, former chairman of Credit Suisse First Boston’s (CSFB) Global Energy Group, has been named president and CEO of Semco Energy and has been appointed to the Semco board. Schreiber replaces Marcus Jackson, who resigned in December after the board determined that new leadership was needed because the company had not reached certain financial goals (see NGI, Dec. 8, 2003).

George A. Schreiber, former chairman of Credit Suisse First Boston’s (CSFB) Global Energy Group, has been named president and CEO of Semco Energy and has been appointed to the Semco board. Schreiber replaces Marcus Jackson, who resigned in December after the board determined that new leadership was needed because the company had not reached certain financial goals (see Daily GPI, Dec. 4, 2003).

Dallas-based Denbury Resources Inc. has retained Credit Suisse First Boston to sell its natural gas-rich offshore operations in the Gulf of Mexico (GOM), which up to now have been the company’s secondary focus. The company targeted June 2004 to complete the sale.

Amerada Hess’ declining production, low reserve replacement and burdensome cost structure, which is among the highest in the industry, prompted Moody’s Investors Service to downgrade the company’s debt to junk status Friday.