Exits

Tulsa-based Williams said Thursday it had completed the sale of its Alaska business interests, completing its exit from the petroleum refining and marketing business.

With the April futures contract terminating with a whimper instead of a wail, market-watchers were forced to turn their attention Monday to other things such as the current natural gas storage situation, including estimates for this week’s report. The April futures contract closed its doors for good Monday at $5.365, down only three cents on the day. Of more significance, the contract’s trading range for the session was incredibly tight at just 5.5 cents.

Adding its name to the growing list of companies that have exited the North American energy marketing and trading business, German super-utility RWE AG said last week that RWE Trading Americas — a subsidiary of RWE Trading GmbH — will exit the market before the end of the year.

Adding its name to the growing list of companies that have exited the North American energy marketing and trading function, German super-utility RWE AG said Tuesday that RWE Trading Americas — a subsidiary of RWE Trading GmbH — will exit the market before the end of the year.

Marathon Oil Corp. and its Canadian subsidiary sold their entire upstream interests in Western Canada to Husky Oil late last month for $588 million, or about $8.50/boe. The deal was part of Marathon’s strategy announced earlier this year to sell off more than $700 million in non-core, low return assets in order to pay down debt, strengthen its balance sheet and acquire assets with higher returns and better cash flow.

Marathon Oil Corp. and its Canadian subsidiary have sold their entire upstream interests in Western Canada to Husky Oil for $588 million, or about $8.50/boe. The deal is part of Marathon’s strategy announced earlier this year to sell off more than $700 million in non-core, low return assets in order to pay down debt, strengthen its balance sheet and acquire assets with higher returns and better cash flow.

Dynegy informed the trade press Tuesday of its decisions to stop reporting natural gas, liquids and power pricing information for index calculations and to exit the Committee of Chief Risk Officers, which has been developing guidelines for price reporting and indexing. The main reason for its decisions, Dynegy said, was its reorganization, particularly its plan to exit third-party energy marketing and trading, which is substantially complete.

NUI Corp. reported higher earnings from continuing operations for both the most recent six month period and the most recent quarter (NUI’s second quarter in fiscal 2003), but the company announced its intention to exit the retail energy marketing business.

NUI Corp. reported higher earnings from continuing operations for both the most recent six month period and the most recent quarter (NUI’s second quarter in fiscal 2003), but the company announced its intention to exit the retail energy marketing business.