The Woodlands, TX-based Mitchell Energy & Development Corp. is attracting interest from potential buyers, according to founder and CEO George Mitchell, 81. Mitchell, speaking to reporters following the company’s annual meeting Wednesday, would not confirm nor deny that the company is considering offers. “We’ll see what happens,” he said.
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Bandwidth Trading Offers Gas, Power Parallels
As bandwidth trading moves from idea to reality, its evolution is looking more like the development of trading in the power and natural gas markets, according to Nick Cioll, senior vice-president for trading operations at RateXchange. Cioll spoke yesterday at NGI’s GasMart/Power 2001 conference in Tampa, FL. Cioll was joined by Louis Hunsucker, a bandwidth trader with Williams Communications, on a panel called “The Complete Utility: Adding Broadband.”
Industry Briefs
Dominion Resources Inc. yesterday announced that it is joining CME North American Merchant Energy as a partner in the proposed development of an electric generation facility near the village of Dundee in Monroe County, MI. If the 800 MW, natural gas-fired project is completed, it would represent an investment of more than $300 million in Monroe County. An executive with Dominion noted that the ultimate timeline for developing the facility and beginning commercial operations will be contingent on several studies that the new partnership will carry out before proceeding.
Mitchell CEO To Reduce Ownership to Under 50%
George Mitchell, the philanthropic-minded CEO and majority stakeholder of The Woodlands, TX-based Mitchell Energy & Development Co., is putting 4.5 million of his company shares on the block to improve the company’s liquidity and reduce his ownership to under 50%. The secondary offering would leave the 82-year-old with 22.9 million shares — about 45.5% of the independent company he founded.
Mitchell CEO To Reduce Ownership to Under 50%
George Mitchell, the philanthropic-minded CEO and majority stakeholder of The Woodlands, TX-based Mitchell Energy & Development Co., said this week he is putting 4.5 million of his company shares on the block to improve the company’s liquidity and reduce his ownership to under 50%. The secondary offering would leave the 82-year-old with 22.9 million shares — about 45.5% of the independent company he founded.
BJ, Precision Get Burgos Basin Deal
BJ Services and Precision Drilling were awarded a major fielddevelopment contract by Petroleos Mexicanos (Pemex). The projectentails the drilling and completing of 240 gas wells in the BurgosBasin, which covers more than 21,000 square miles and is located inthe northeastern part of Mexico near Camargo.
BJ, Precision Get Burgos Basin Deal
BJ Services and Precision Drilling were awarded a major fielddevelopment contract by Petroleos Mexicanos (Pemex). The projectentails the drilling and completing of 240 gas wells in the BurgosBasin, which covers more than 21,000 square miles and is located inthe northeastern part of Mexico near Camargo.
Phillips Replaces 1,128% Of 2000 Production
Phillips Petroleum Co. reported last week that it replaced1,128% of its 2000 worldwide oil and natural gas production at anaverage preliminary finding-and-development (FD) cost of $2.39/Boe.Subtracting acquisitions and sales, the company still replaced 515%of its 2000 worldwide production.
Phillips Replaces 1,128% of 2000 Production
Phillips Petroleum Co. reported yesterday that it replaced1,128% of its 2000 worldwide oil and natural gas production at anaverage preliminary finding-and-development (FD) cost of $2.39/Boe.Subtracting acquisitions and sales, the company still replaced 515%of its 2000 worldwide production.
Florida Panel Backs Merchant Plant Development
A special commission formed by Florida Gov. Jeb Bush isrecommending the state break up its monopoly utilities and pave theway for competition in the power generation market by doing awaywith certain laws and amending others.