Morgan Stanley initiated research coverage of Dynegy Wednesday with an “equal weight” rating and a 12-month stock price target of $15. Dynegy shares, it said, have the potential to ratchet up or down in the short term. “At $9 we see $2 to $3 of downside, with $6 to $7 of upside. If Dynegy survives, as we expect it to, the return to investors should be exceptional, in our view.”
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Industry Briefs
Chevron, the Royal Dutch/Shell Group and Schlumberger havebecome equal partners in a new Houston-based company, OpenSpiritCorp., which will offer a standardized software infrastructure forthe energy industry. The initial framework was funded by OpenSpiritAlliance, a three-year-old collaboration of exploration andproduction companies and software vendors that studies ways tobetter develop, deliver and use E&P applications. OpenSpiritCorp.’s vendor-neutral and platform-independent applicationframework is expected to be available before the end of the year.Neil Buckley, former president of U.S. operations for Merak, adivision of GeoQuest, will serve as CEO. More information isavailable at www.openspirit.com.
October 10, 2000
High Prices Hurt Texas, Nation’s Economy
Importing natural gas into Texas? Could the possibility evenexist? Unless the state’s oil patch has a revival in the nextcouple of years, a new study predicts that Texas soon will beconsuming more gas than it produces, pumping up the possibility oftransporting gas into the state that has long boasted its status asthe energy capital of the country.
August 21, 2000
Nicor Jumps onto the Horizon Bandwagon
Nicor Inc. has signed on as an equal partner in the plannedHorizon Pipeline with Kinder Morgan Inc.’s Natural Gas PipelineCompany of America (NGPL), the companies said last week. Thepartners also submitted Horizon’s application to FERC.
February 14, 2000
Nicor Jumps onto the Horizon Bandwagon
Nicor Inc. has signed on as an equal partner in the plannedHorizon Pipeline with Kinder Morgan Inc.’s Natural Gas PipelineCompany of America (NGPL), the companies said. The partners alsosubmitted Horizon’s application to FERC this week.
February 11, 2000
CPUC Cites Dynegy; Urges FERC Keep Caps
Controversial arrangements between pipelines and marketers -similar to the one awarding Dynegy Marketing and Trade sole controlof 1.3 Bcf/d of the remaining unsubscribed capacity on El PasoNatural Gas – could proliferate if FERC should uncap prices in theshort-term capacity market without first ensuring that adequatesafeguards are in place for pipeline customers, Californiaregulators warned.
April 28, 1999
Columbia’s Richard Sees Changing M&A Market
When assessing the market of an acquisition target, allcustomers are not equal, Columbia Energy Group Chairman Oliver G.Richard told a merger and acquisition symposium this week.
February 4, 1999
Columbia’s Richard Sees M&A Changes
When assessing the market of an acquisition target, allcustomers are not equal, Columbia Energy Group Chairman Oliver G.Richard told a merger and acquisition symposium this week.
February 3, 1999
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