Exits

Dynegy Inc. has started its effort to unload its communications assets by selling off its European broadband network to an affiliate of London-based Klesch & Company for an undisclosed sum. Klesch is a private equity firm specializing in European restructurings.

Dynegy Inc. has started its effort to unload its communications assets by selling off its European broadband network to an affiliate of London-based Klesch & Company for an undisclosed sum. Klesch is a private equity firm specializing in European restructurings.

Kerr-McGee Corp. Oil & Gas Onshore LP has sold a portion of its West Texas and Oklahoma producing assets for $127 million to Aethon I, LP. The sale includes 16 fields with estimated net production of 4,900 b/d of oil and 7 MMcf/d of gas. Kerr-McGee said proceeds from the sale have been used to reduce debt.

Kerr-McGee Corp. Oil & Gas Onshore LP has sold a portion of its West Texas and Oklahoma producing assets for $127 million to Aethon I, LP. The sale includes 16 fields with estimated net production of 4,900 b/d of oil and 7 MMcf/d of gas. Kerr-McGee said proceeds from the sale have been used to reduce debt.

CMS Energy joined a growing list of former heavyweight energy marketers last Monday, announcing it had terminated speculative trades, and could completely exit wholesale natural gas and power trades in the future. By Friday, El Paso Corp. had also joined the list (see related story). CMS, which had appointed a special committee of its board of directors to investigate the trading practices, said it was committed to preventing questionable business practices. Going forward, CMS will require all employees to complete an ethics program.

CMS Energy could completely exit the wholesale natural gas and power marketplace; however, the company already has terminated speculative trading, CEO Ken Whipple said Monday. And, to prevent questionable business practices going forward, CMS will require all employees to complete an ethics program.

Aquila Inc. said last Thursday it has exited its investment in the Lodi Gas Storage Project in northern California as part of its continuing effort to pull out of non-core businesses and return to its regulated utility roots.

Aquila Inc. said Thursday it has exited its investment in the Lodi Gas Storage Project in northern California as part of its continuing effort to pull out of non-core businesses and return to its regulated utility roots.

Dynegy Inc. disclosed late in the day Friday that it had dismissed six employees and will discipline seven others in its natural gas trading business for violations of company policies. The violations are related to previously disclosed findings by the company that some employees in the marketing and trading unit provided inaccurate information on natural gas trades to various energy publications that compile and report index prices.