Doubling

Anadarko Petroleum Corp. is doubling up its Rocky Mountain exploration and production presence this year, announcing it would budget more than $131 million toward an aggressive strategy to find and develop new natural gas and coalbed methane sources. The Houston-based company also plans to grow its Canadian natural gas business, announcing plans to invest $380 million in drilling and development.

Anadarko Petroleum Corp. is doubling up its Rocky Mountainexploration and production presence this year, announcing yesterday itwould budget more than $131 million toward an aggressive strategy tofind and develop new natural gas and coalbed methane sourcesthere. E&P will target some of the nearly eight million acrespicked up in the Union Pacific Resources merger last year (see DailyGPI, July 17, 2000).

In announcing a 46% increase in third quarter profits led by adoubling of earnings from the company’s nonregulated operations, ElPaso CEO William Wise said last week he expected the company’sacquisition of PG&E Gas Transmission Texas to win finalapprovals from the Federal Trade Commission and the Texas AttorneyGeneral’s office “literally any moment now.” He also said theCoastal merger still is expected to be completed in the fourthquarter.

In announcing a 46% increase in third quarter earnings yesterdayled by a doubling of earnings from the company’s nonregulatedoperations, El Paso CEO William Wise said he expected the company’sacquisition of PG&E Gas Transmission Texas to win finalapprovals from the Federal Trade Commission and the Texas AttorneyGeneral’s office “literally any moment now.” He also said theCoastal merger still is expected to be completed in the fourthquarter.

OGE Energy Corp. subsidiary Enogex Inc., announced plans toexpand its Harrah Gas Processing Plant in eastern Oklahoma County,doubling the plant’s capacity to 38 MMcf/d. The expansion at Harrahis expected to be complete and in service by January 2001.

Doubling its presence in the U.S. utility market, the United Kingdom’s National Grid Group Plc agreed last week to buy Niagara Mohawk Holdings Inc. for $8.9 billion in cash, stock and assumed debt. The U.K. power producer plans to merge Niagara with two Massachusetts utilities acquired earlier this year, boosting its U.S. customer base to more than 3.2 million.

Duke Energy Field Services (DEFS) is planning on doublingnatural gas processing capacity at its Roggen plant northeast ofDenver because of an increase in gas production. The company willexpand its working capacity from 25 MMcf/d to 55 MMcf/d over thecourse of the next year. Natural gas liquids would rise from 2,100b/d to over 4,300 b/d the company said.

Duke Energy Field Services (DEFS) is planning on doublingnatural gas processing capacity at its Roggen plant northeast ofDenver because of an increase in gas production. The company willexpand its working capacity from 25 MMcf/d to 55 MMcf/d over thecourse of the next year. Natural gas liquids would rise from 2,100b/d to over 4,300 b/d the company said.

Directed by strong gas, power and liquids operations, DynegyInc. reported yesterday a 56% increase in 4Q99 net income to $45.1million and a 50% increase in 1999 recurring net income to $146.1million. In addition to that good news, the Houston-based companyalso said its merger with Illinova Corp., should be complete byearly February.