Rocked by investor concerns that have led to a liquidity crunch — and a drop in share value of almost 88% in a year — AES Corp. has approved a plan to massively restructure its operations, including a 41% cut in capital expenditures, a move to distance its exposure in Latin America, and withdrawing from electricity trading. AES’s share price plunged from $10/share on Feb. 13 to just above $4 on Friday in reaction to its Venezuela exposure, which forced CEO Dennis W. Bakke to sell almost seven million of his 32 million shares of stock on a margin call to prop up a $36 million personal loan. Two other officers also sold 400,000 shares because of margin calls.
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Republic Resources’ Revenue-Generating Assets Sold to Reduce Debt
To eliminate more than $7.7 million in future obligations, junior independent Republic Resources Inc. said Friday it would sell the oil and gas assets it holds in Louisiana and Texas — all of its revenue-generating assets — to Harken Energy Corp. in a stock trade. Harken has agreed to exchange 2.6 million shares of its common stock for the assets and enter into a Contingent Payment Agreement to evaluate the unproved assets or exploratory prospects in the properties.
Williams to Trim Work Force by 450
Williams says it plans to offer early retirement packages to approximately 450 employees, or about 4% of its worldwide work force, in order to eliminate the duplication in its human resources, information technology and finance departments.
Williams to Trim Work Force by 450
Williams says it plans to offer early retirement packages to approximately 450 employees, or about 4% of its worldwide work force, in order to eliminate the duplication in its human resources, information technology and finance departments.
FERC Grants PD for Tuscarora Lateral, Approves Northern Abandonment
The Federal Energy Regulatory Commission (FERC) last week issued a favorable preliminary determination on non-environmental grounds to Tuscarora Gas Transmission’s Wadsworth Lateral, a 14.2-mile pipeline extension and associated facilities that would increase Tuscarora’s transportation capacity by 95,912 Dth/d. The lateral would extend from Tuscarora’s mainline in northern Washoe County, NV, to an interconnect with Pauite Pipeline in Nevada.
FERC Grants PD for Tuscarora Lateral, Approves Northern Abandonment
The Federal Energy Regulatory Commission (FERC) has issued a favorable preliminary determination on non-environmental grounds to Tuscarora Gas Transmission’s Wadsworth Lateral, a 14.2-mile pipeline extension and associated facilities that would increase Tuscarora’s transportation capacity by 95,912 Dth/d. The lateral would extend from Tuscarora’s mainline in northern Washoe County, NV, to an interconnect with Paiute Pipeline in Nevada.
Peoples Becomes a Producer With $18 M Purchase
Chicago-based Peoples Energy decided to eliminate the middle manlast week, purchasing an interest in 25 oil and natural gasproducing wells in South Louisiana and the Texas Gulf Coast regionfrom NBB Energy Partners LLP. The $18 million purchase makesPeoples Energy an operator of oil and gas properties for the firsttime in its history, with complete production responsibilities forthe purchased wells.
Peoples Becomes a Producer with $18 M Purchase
Chicago-based Peoples Energy decided to eliminate the middle manthis week, purchasing an interest in 25 oil and natural gasproducing wells in South Louisiana and the Texas Gulf Coast regionfrom NBB Energy Partners LLP. The $18 million purchase makesPeoples Energy an operator of oil and gas properties for the firsttime in its history, with complete production responsibilities forthe purchased wells.
Dominion Will Cut 700 Jobs this Year
Dominion Resources said yesterday it will eliminate 700 jobs asa result of its merger with Consolidated Natural Gas. About half ofthe employees affected already have left, the company said. The jobcuts and improved efficiencies created by the merger are expectedto save the company at least $75 million in 2000.
Dominion Will Cut 700 Jobs this Year
Dominion Resources said last week it will eliminate 700 jobs asa result of its merger with Consolidated Natural Gas. About half ofthe employees affected already have left, the company said. The jobcuts and improved efficiencies created by the merger are expectedto save the company at least $75 million in 2000.