Kicking off 2002 on a strong note, IntercontinentalExchange (ICE) posted a notional value of trades done on Jan. 9 on its on-line exchange at more than $4.3 billion. The amount marked a 75% increase over December’s daily average of $2.5 billion, which was the record month for the year 2001.
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UtiliCorp/Aquila Merger a Done Deal
Kansas City, MO-based UtiliCorp United has completed its previously announced short-form merger of its Aquila Inc. subsidiary with a UtiliCorp subsidiary. In November 2001, UtiliCorp unveiled its plans to buy back the 20% of its trading and risk management arm, Aquila, that it sold to the public earlier in 2001 and adopt Aquila as its corporate name (see Daily GPI, Nov. 8, 2001).
Earnings Don’t Tell the Story on E&P Stocks
Forecasting exploration and production companies’ stock price performance can be a real headache because it can’t be done by traditional means. According to a new Lehman Brother’s report, it turns out that the key determinants of large and small E&P company share price performance are per share growth in reserves, production and cash flow, rather than historical accounting measures, such as earnings and returns on capital.
Earnings Don’t Tell the Story on E&P Stocks
Forecasting exploration and production companies’ stock price performance can be a real headache because it can’t be done by traditional means. According to a new Lehman Brother’s report, it turns out that the key determinants of large and small E&P company share price performance are per share growth in reserves, production and cash flow, rather than historical accounting measures, such as earnings and returns on capital.
Done Deal: Dynegy, Enron to Merge in $22 Billion Deal
In a deal that began with a phone call from one chairman of the board to another a day after Enron Corp’s third quarter earnings were released, Dynegy Inc. and Enron agreed to merge on Friday in a transaction estimated to be worth about $22 billion. In the process, Enron will lose its once stellar name, while the new company, which will keep the Dynegy trademark, will become the largest energy trading and marketing company in the world, with revenues expected to exceed $200 billion. The combined company also would have about $90 billion in assets. Through the third quarter of 2001, the two companies had gas sales of about 40 Bcf/d and power sales exceeding 500 million MWh, and their combined assets include more than 22,000 MW of generating capacity and 25,000 miles of pipe.
Done Deal: Dynegy, Enron Sign $22 Billion Merger Pact
In a deal that began with a phone call from one chairman of the board to another a day after Enron Corp’s third quarter earnings were released, Dynegy Inc. and Enron agreed to merge on Friday in a transaction estimated to be worth about $22 billion. In the process, Enron will lose its once stellar name, while the new company, which will keep the Dynegy trademark, will become the largest energy trading and marketing company in the world, with revenues expected to exceed $200 billion. The combined company also would have about $90 billion in assets. Through the third quarter of 2001, the two companies had gas sales of about 40 Bcf/d and power sales exceeding 500 million MWh. Its combined assets would include more than 22,000 MW of generating capacity and 25,000 miles of pipe.
Despite Attempted Roadblock, FirstEnergy-GPU Merger a Done Deal
Dismissing an eleventh-hour attempt by a regional utility watchdog organization to hold up its pending merger, Akron, OH-based FirstEnergy Corp. reported last week that it has closed its merger with Morristown, NJ-based GPU Inc. The companies announced that the effective date of the merger was Nov. 7.
GAO: FERC Study of Power Outages ‘Not Thorough Enough’
A study done by FERC last February of California power generation plant outages was “not thorough enough” to justify the agency’s conclusion that the companies it audited were not physically withholding power supply to drive up prices in the state, according to a new report by the General Accounting Office (GAO).
GAO: FERC Study of CA Power Outages ‘Not Thorough Enough’
A study done by FERC last February of California power generation plant outages was “not thorough enough” to support its finding that audited companies were not physically withholding power supply to drive up prices in the state, according to a new report by the General Accounting Office (GAO).
IntercontinentalExchange Merger with IPE Nearly Iced
U.S.-based IntercontinentalExchange’s (ICE) takeover of Europe’s International Petroleum Exchange is basically a done deal, with approval of 89.6% of the shares. As of June 15, ICE’s financial adviser, Goldman Sachs, had received 10.25 million shares of acceptance, and with 90% or more of IPE shares in hand, ICE may exercise its right to acquire the rest of the outstanding shares.