Exiting

Sempra Exiting Gas-Fired Merchant Power Market

With its natural gas and power unit showing red ink in the face of historically low wholesale gas and electricity prices, Sempra Energy is in the process of exiting the merchant power sector where it has been selling off nonrenewable assets, CEO Debra Reed said Tuesday during a quarterly earnings conference call with financial analysts.

November 8, 2012

Commodities Unit Weighs on Sempra Earnings

The recently announced sales of its assets in a joint venture (JV) trading operation helped Sempra Energy to achieve one of its key goals for 2010 — exiting the commodities trading business — and the jettisoning of the money-losing segment, along with $1.8-1.9 billion in proceeds that the San Diego-based company expects from the sale, foreshadow brighter days ahead, according to CEO Donald Felsinger.

November 15, 2010

Commodities Unit Weighs on Sempra Earnings

The recently announced sales of its assets in a joint venture (JV) trading operation helped Sempra Energy to achieve one of its key goals for 2010 — exiting the commodities trading business — and the jettisoning of the money-losing segment, along with $1.8-1.9 billion in proceeds that the San Diego-based company expects from the sale, foreshadow brighter days ahead, according to CEO Donald Felsinger.

November 10, 2010

Industry Briefs

Houston-based Ultra Petroleum Corp. is exiting the international arena to focus its “full attention” on its legacy asset in the Pinedale Anticline field, CEO Michael D. Watford said. Ultra agreed to sell Sino-American Energy Co., which represents all of its interests in Bohai Bay, China, to SPC E&P (China) Pte Ltd. for $223 million. The reserve volumes sold represent all of Ultra’s international assets and comprise about 1% of its year-end 2006 proved reserves. The sale is expected to close in 4Q2007. Even with the sale of the international assets, Watford said Ultra still expects to deliver more than 20% organic production growth in 2008 and 2009.

September 28, 2007

Cameron LNG Gets Nod to Move Up Interim Send-Out Expansion

FERC last Tuesday approved Cameron LNG LLC’s request to move up an interim expansion of its liquefied natural gas (LNG) terminal facility, which is under construction in Hackberry, LA.

July 16, 2007

Energy Transfer, Heritage Propane Combine, Buy Stakes from TECO, Atmos, AGL, Piedmont

Affiliates of TECO Energy, Atmos Energy, Piedmont Natural Gas and AGL Resources are exiting the propane business and selling their interests in Heritage Propane Partners LP, which has agreed to a $980 million merger transaction with Texas natural gas midstream operator Energy Transfer. The propane asset sales are expected to net the utilities a total of $130 million. Each of the sellers said the asset didn’t fit well with their core regulated utility operations.

November 10, 2003

Analysts Question Dynegy’s Future After 3Q Losses, ChevronTexaco Write-Downs

Dynegy Inc. reported a devastating third-quarter loss of $1.8 billion ($4.92/share) last Wednesday, warned of more writedowns in the fourth quarter, failed to offer any earnings guidance going forward, and finally stunned investors and analysts with no conference call to explain.

November 4, 2002

ChevronTexaco’s 3Q News Could Map Future of Dynegy Alliance

Dynegy reported a devastating third-quarter loss of $1.8 billion ($4.92/share) on Wednesday, warned of more writedowns in the fourth quarter, failed to offer any earnings guidance going forward, and finally stunned investors and analysts with no conference call to explain. To make matters even worse, the once-formidable alliance between Dynegy and ChevronTexaco appeared notably strained Wednesday, and negotiations were under way to terminate lucrative natural gas sales contracts now scheduled through August 2006.

October 31, 2002

AEP Exiting Speculative Trading, Asset-based Optimization New Focus

Speculative energy trading is history for American Electric Power (AEP), which said Thursday that the company will instead focus on asset-based energy trading and marketing geographically — wherever it has facilities — becoming more conservative, more cost efficient, more cash-wise and less growth oriented.

October 25, 2002

CornerStone Looks for Buyer, Takes Charge for Exiting Marketing

CornerStone Propane Partners LP is waiting for a buyer and several have expressed interest, but the company also is formulating a fall-back plan in case a sale or merger doesn’t materialize. The company said last week that it has shut down its wholesale natural gas marketing operations, which were conducted by Coast Energy Group (CEG).

February 11, 2002
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