Exchange

Y2K was not an issue yesterday for traders in the natural gaspit at the New York Mercantile Exchange as they seamlessly made theswitch from the December 1999 contract to the January 2000contract. They did, however, have some unfinished business to takecare of. After opening at $2.33, January rumbled 9 cents higher tofill in the chart gap created by December, between the Nov. 19 lowof $2.39 and the Nov. 22 high of $2.35. But before any talk of asustained rally could circulate-bears, armed with fresh forecastscalling for above-normal temperatures-were successful in all butcompletely erasing those early morning gains. At the closing bellthe January contract was up just 2.2 cents to finish at $2.352.

California’s two government-created, private sector nonprofitcreatures of electric industry restructuring, the power exchange(PX) and grid operator (ISO), continued enhancement of theiroperations with an eye toward becoming regional entities withinfluence through the 12-state Western Systems Coordinating Council(WSCC) and parts of Canada and Mexico.

California’s two government-created, private sector nonprofitcreatures of electric industry restructuring, the power exchange(PX) and grid operator (ISO), continued enhancement of theiroperations with an eye toward becoming regional entities withinfluence through the 12-state Western Systems Coordinating Council(WSCC) and parts of Canada and Mexico.

Burlington Resources Inc. this week filed updated pro forma financial information with the Securities and Exchange Commission (SEC) regarding its pending acquisition of Poco Petroleums Ltd. to include third quarter results of combined operations. Shareholders of Calgary-based Poco yesterday approved the C$2.6-billion takeover that would create North America’s fourth-largest gas producer.

Burlington Resources Inc. this week filed updated pro formafinancial information with the Securities and Exchange Commission(SEC) regarding its pending acquisition of Poco Petroleums Ltd. toinclude third quarter results of combined operations. Shareholdersof Calgary-based Poco yesterday approved the C$2.6-billion takeoverthat would create North America’s fourth-largest gas producer.

The Public Utility Commission of Ohio (PUCO) filed a statementwith the federal Securities and Exchange Commission (SEC)supporting the merger of Dominion Resources Inc. and ConsolidatedNatural Gas Co. The PUCO told the SEC that the agency wouldcontinue to exercise jurisdiction over the regulated activities ofThe East Ohio Gas Co., CNG’s gas distribution company in Ohio, andthat the merger would have no impact on its ability to protect theinterests of Ohio ratepayers. The PUCO’s approval is not needed,but the commission conducted a review at the request of East OhioGas.

Chevron has agreed to transfer all of its oil and gas assets inUtah’s Uinta Basin to Shenandoah Energy, a new company created byThe Chandler Company, in exchange for an equity ownership interestin Shenandoah and an undisclosed amount of cash. Shenandoah alsowill acquire all of Chandler’s stock. The transactions will have aneffective date of July 1, and are expected to close by Nov. 30,subject to certain conditions and approvals.

ARCO shareholders approved the company’s proposed $27 billioncombination with BP Amoco. The all-share deal will involve theexchange of 0.82 BP Amoco American Depository Shares (ADS) for eachARCO share. BP Amoco’s shareholder meeting to vote on thecombination is scheduled for Wednesday in London. The combinationremains subject to the approval of regulatory authorities,including the US Federal Trade Commission (FTC) and the EuropeanCommission. The companies currently are working to close thetransaction later in the year.

Dominion Resources Inc. and Consolidated Natural Gas Co. (CNG)have agreed to sell CNG’s Virginia Natural Gas (VNG) distributionsubsidiary in exchange for Virginia regulators’ support for theirproposed merger.