Divestiture

KeySpan Corp., focusing on its regulated activities in the East, currently is working on the tax aspect of a plan to divest its remaining 56% interest in Houston Exploration Co., an independent E&P company operating in the U.S. with 94% of its reserves in natural gas.

KeySpan Corp., focusing on its regulated activities in the East, currently is working on the tax aspect of a plan to divest its remaining 56% interest in Houston Exploration Co., an independent E&P company operating in the U.S. with 94% of its reserves in natural gas.

Checking off three more asset divestitures last week, El Paso Corp. announced it has completed or announced more than $1.35 billion in sales so far this year, approximately 40% of the company’s recently expanded asset sales goal of $3.4 billion for calendar year 2003.

Checking off two more asset divestitures Monday, El Paso Corp. announced it has completed or announced $1.35 billion in sales so far this year, approximately 40% of the company’s recently expanded asset sales goal of $3.4 billion for calendar year 2003.

Taking yet another step in stabilizing the company’s financials through the divestiture of assets, CMS Energy Corp.’s pipeline subsidiary, CMS Panhandle Eastern Pipe Line Co., said it has entered into a definitive agreement to sell its one-third equity interest in Centennial Pipeline LLC to Centennial’s two other partners for $40 million.

Taking yet another step in stabilizing the company’s financials through the divestiture of assets, CMS Energy Corp.’s pipeline subsidiary, CMS Panhandle Eastern Pipe Line Co., said it has entered into a definitive agreement to sell its one-third equity interest in Centennial Pipeline LLC to Centennial’s two other partners for $40 million.

As part of its broad asset divestiture program to strengthen its balance sheet, El Paso Corp. agreed to sell 600 Bcfe of natural gas reserves in the Uintah Basin, with current output of about 80 MMcf/d, and a Utah natural gas gathering system to Denver-based independent producer, Westport Resources Corp., for $502 million. The transaction is expected to close next month.

Irving, TX-based Magnum Hunter Resources Inc. estimated last week that it will lose about 4 Bcfe of production in the second half of the year from a combination of property divestitures and storm related shut-ins. The company said total production for the month of August 2002 averaged 228.2 MMcfe/d.

Irving, TX-based Magnum Hunter Resources Inc. estimated Tuesday that it will lose about 4 Bcfe of production in the second half of the year from a combination of property divestitures and storm related shut-ins. The company said total production for the month of August 2002 averaged 228.2 MMcfe/d.