Directors

Even with the global economic downturn, XTO Energy Inc. said late last week that its board of directors has approved a 2009 capital budget for development and exploration expenditures of $3.3 billion and an additional $500 million has been budgeted for the construction of pipeline infrastructure and compression and processing facilities.

Even with the global economic downturn, XTO Energy Inc. said Thursday that its board of directors has approved a 2009 capital budget for development and exploration expenditures of $3.3 billion and an additional $500 million has been budgeted for the construction of pipeline infrastructure and compression and processing facilities.

Piedmont Natural Gas Co. CEO Thomas E. Skains was elected to serve as chairman of the American Gas Association’s (AGA) board of directors for 2009. Skains joined Charlotte, NC-based Piedmont Natural Gas in 1995, became COO in 2002 and became CEO in 2003. He previously served as senior vice president of Transportation and Customer Services at Transcontinental Gas Pipe Line Corp. and was a corporate attorney in Houston. AGA’s other officers for 2009 will be: Robert C. Skaggs, Jr., CEO of NiSource Inc. (first vice chairman); John W. Somerhalder II, CEO of AGL Resources Inc. (second vice chairman); and David M. McClanahan, CEO of CenterPoint Energy (immediate past chairman).

Piedmont Natural Gas Co. CEO Thomas E. Skains was elected to serve as chairman of the American Gas Association’s (AGA) board of directors for 2009. Skains joined Charlotte, NC-based Piedmont Natural Gas in 1995, became COO in 2002 and became CEO in 2003. He previously served as senior vice president of Transportation and Customer Services at Transcontinental Gas Pipe Line Corp. and was a corporate attorney in Houston. AGA’s other officers for 2009 will be: Robert C. Skaggs, Jr., CEO of NiSource Inc. (first vice chairman); John W. Somerhalder II, CEO of AGL Resources Inc. (second vice chairman); and David M. McClanahan, CEO of CenterPoint Energy (immediate past chairman).

Devon Energy Corp. announced last Wednesday that its board of directors has approved a plan to form a publicly traded master limited partnership (MLP) that will own a minority interest in Devon’s U.S. onshore marketing and midstream business, including natural gas gathering and processing assets in Texas, Oklahoma, Wyoming and Montana.

Devon Energy Corp. announced Wednesday that its board of directors has approved a plan to form a publicly traded master limited partnership (MLP) that will own a minority interest in Devon’s U.S. onshore marketing and midstream business, including natural gas gathering and processing assets in Texas, Oklahoma, Wyoming and Montana.

IntercontinentalExchange Inc. (ICE) said Monday the board of directors of CBOT Holdings Inc. has given the go-ahead to talks with ICE relating to its proposed acquisition of the Chicago Board of Trade parent company.

Following days of silence, Houston Exploration Co. (THX) late Monday said its board of directors has unanimously decided that the unsolicited acquisition proposal by JANA Partners LLC (see Daily GPI, June 23) was not in the best interests of its shareholders. Instead, the independent announced that Lehman Brothers Inc. will help “in exploring a broad range of strategic alternatives to further enhance shareholder value.”

Kinder Morgan Inc. (KMI) said the special committee of its board of directors formed to consider a management-led buyout proposal has retained Morgan Stanley and The Blackstone Group as its financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor.