Dallas

Pioneer Natural Resources Co. of Dallas closed a $62.3 millionsale of South Texas gas properties to CNG Producing Co. Proceedswill retire bank debt. Pioneer also agreed to sell a West Texasproperty for $35 million to EnerQuest Oil & Gas of Midland, TX.The property is the last waterflood field operated by Pioneer.Selling the higher-cost field cuts Pioneer’s operating costs. Thetransaction is scheduled to close by the end of the third quarterwith a Jan. 1, 1999 effective date. Pioneer announced the propertysales in June. Pioneer property divestitures in Canada areprogressing as expected, and the company expects to close the lastof several Canadian deals this month. Pioneer has major operationsin the United States, Canada and Argentina.

Enron Energy Services (EES) inked its largest energy management outsourcing contract last Tuesday, as Suiza Food Corp., a Dallas-based manufacturer and distributor of dairy products, agreed to receive comprehensive energy management services at more than 50 manufacturing facilities in 24 states. The contract continues EES’ outsourcing success, marking the fourth major deal in the last five months.

Pioneer Natural Resources Co. of Dallas agreed to sell oil andgas properties in Texas and Canada for about $105 million, whichwill be used to retire Pioneer bank debt.

Pioneer Natural Resources, a Dallas-based independent producer,announced an agreement last week to sell $245 million in oil andgas properties to Prize Energy Co., a Tulsa, OK-based producer.Last month, Pioneer had planned to sell most of these same assetsto Costilla Energy, but Costilla was unable to close the deal (seerelated story this issue). The Prize acquisition is expected toclose June 29 with an effective date of July 1.

Pioneer Natural Resources, a Dallas-based independent producer,announced an agreement Monday to sell $245 million worth of oil andgas fields to Prize Energy Co., a Tulsa, OK-based producer. Lastmonth, Pioneer had planned to sell most of these same properties toCostilla Energy, but Costilla was unable to close the deal. ThePrize acquisition is expected to close June 29 with an effectivedate of July 1.

Dallas-based Texas Utilities Co. is changing its name to TXU,which is also the company’s stock symbol. The action bringstogether divisions and subsidiaries, domestic and international,under one name. TU Electric/Lone Star Gas, the company’s largestdomestic operation, will be renamed TXU Electric & Gas.

Dallas-based Texas Utilities supports a bill to deregulateTexas’ $19 billion electric industry. The proposal was passed lastweek by the House State Affairs Committee by a vote of 13 to 2 andnow goes to the full House for consideration.

Dallas-based Texas Utilities said it supports a bill toderegulate Texas’ $19 billion electric industry. The proposal waspassed Wednesday by the House State Affairs Committee by a vote of13 to 2 and now goes to the full House for consideration.

Aurora Natural Gas of Dallas sold its New England retailbusiness to Select Energy of Berlin, CT, for $26 million. Select isa wholly owned subsidiary of Northeast Utilities.