Directors

When they meet on Thursday, the Unocal Corp. board of directors may put an end to rumors about whether they will continue to support the $16.8 billion cash-and-stock merger offer from Chevron Corp. or throw their support behind an $18.5 billion all-cash offer from the China National Offshore Oil Corp. (CNOOC). A shareholder vote on Chevron’s offer is less than a month away, and Chevron and CNOOC were said to be sweetening their bids to seal a deal.

The NorthWestern Energy Board of Directors has voted unanimously to reject the unsolicited proposal made over a week ago by a coalition of municipal entities to take over the company — which emerged from bankruptcy last year — through a stock buyout, the company said in a Thursday morning press release. By later the same day the coalition had issued its own press release saying it was undeterred.

Financier Carl Icahn and his investor coalition have dropped their push to gain two seats on Kerr-McGee Corp.’s board of directors, according to a regulatory filing with the Securities and Exchange Commission.

Duke Energy’s board of directors last Thursday said it approved a plan to buy back up to $2.5 billion in common stock over the next three years, which will be funded in part by the sell-off of nearly 20% of the company’s ownership interest in Duke Energy Field Services LLC (DEFS) to partner ConocoPhillips, the sale by DEFS of the general partner of TEPPCO Partners LP to EPCO Inc. subsidiary Enterprise GP Holdings LP, and the sale of 2.5 million TEPPCO limited partner units to EPCO and affiliates.

Duke Energy’s board of directors said Thursday it has approved a plan to buy back up to $2.5 billion in common stock over the next three years, which will be funded in part by the sell-off of nearly 20% of the company’s ownership interest in Duke Energy Field Services LLC (DEFS) to partner ConocoPhillips, the sale by DEFS of the general partner of TEPPCO Partners LP to EPCO Inc. subsidiary Enterprise GP Holdings LP, and the sale of 2.5 million TEPPCO limited partner units to EPCO and affiliates.

Former Sen. Don Nickles of Oklahoma has been elected to the board of directors of Oklahoma City-based Chesapeake Energy Corp. for a term expiring in 2005, after which he will stand for re-election by Chesapeake’s shareholders. Nickles retired from the Senate after 24 years at the end of 2004. His election increases the size of Chesapeake’s board to eight members.

The board of directors of ConocoPhillips said Friday that they have approved the company’s 2005 cash capital expenditures budget of approximately $6.9 billion, a majority of which is earmarked for the company’s Exploration and Production (E&P) and Midstream segments.

The board of directors of ConocoPhillips said Friday that they have approved the company’s 2005 cash capital expenditures budget of approximately $6.9 billion, a majority of which is earmarked for the company’s Exploration and Production (E&P) and Midstream segments.

The board of directors of ConocoPhillips said Friday that they have approved the company’s 2005 cash capital expenditures budget of approximately $6.9 billion, a majority of which is earmarked for the company’s Exploration and Production (E&P) and Midstream segments.