What a difference a year makes. As if anyone wanted to be reminded, it was Oct. 16, 2001 when Enron Corp. released its third-quarter earnings, boasting of continued growth, despite a billion-dollar write-off. Within weeks, that incidental write-off that was barely discussed during a conference call with analysts by then-CEO Ken Lay, eventually would erase the entire company (see NGI, Oct. 22, 2001). Fast forward to one year later, and despite its disappearance, Enron’s once mighty shadow continues to darken the marketplace.
Exits
Articles from Exits
‘Dramatic Turnabout’ on Energy Seen If Jeffords Exits GOP
The rumored exit of Sen. James M. Jeffords (R-VT) from the Republican Party would put the Democrats in majority control of the Senate for the first time since the early 1990s, handing them the chairmanship positions, including the reins over energy-related committees and subcommittees that have jurisdiction over key legislation and appointments.
Hoecker Exits FERC Jan. 18
FERC Chairman James J. Hoecker announced Wednesday during theCommission’s regular meeting that he will be stepping down on Jan.18, leaving only three seats filled on the five-member panel.
Cinergy Exits OH Retail, Slashes Corporate Staff
Cinergy Corp., the owner of Cincinnati Gas & Electric(CG&E), experienced a corporate makeover recently as it soldits nonregulated retail gas marketing unit, Cinergy Resources, toan integrated energy services cooperative called The EnergyCooperative (TEC) for an undisclosed sum and set plans in motion tocut its corporate center staff by more than 50%.
MCN Exits the Appalachian Basin
Putting the finishing touches on a controversial asset sell-offplan, MCN Energy Group Inc. announced last week the sale of itsAppalachian natural gas exploration and production (E&P) andrelated pipeline properties for a total of $180 million.
MCN Exits the Appalachian Basin
Putting the finishing touches on a controversial asset sell-offplan, MCN Energy Group Inc. announced last week the sale of itsAppalachian natural gas exploration and production (E&P) andrelated pipeline properties for a total of about $180 million.
FPL Exits Northeast Retail; PP&L Picks Up Slack
Gas and electricity customers in Pennsylvania and New Jersey -previously served by Florida-based FPL Energy Services – soon willbecome customers of PP&L Energy Plus. PP&L EnergyPlus Co.,the retail marketing arm of PP&L Resources Inc., agreed toserve the customers after FPL Energy Services decided to exit thecompetitive energy markets in the Northeast. Terms of thetransaction were not disclosed.
BP Amoco Exits Oil Production to Focus on Gas
In less than two months, BP Amoco Canada succeeded in unloadingall of its crude oil producing properties in Canada in an effort tolower costs and focus on natural gas, gas liquids andpetrochemicals. The company said last week it signed agreements tosell its heavy oil operations to Canadian Natural Resources andPenn West Petroleum for C$1.6 billion.
BP Amoco Exits Oil Production to Focus on Gas
In less than two months, BP Amoco Canada has succeeded inunloading all of its crude oil producing properties in Canada in aneffort to lower costs and focus on natural gas, gas liquids andpetrochemicals. The company sold the high-cost heavy oil operationsto Canadian Natural Resources and Penn West Petroleum for C$1.6billion. The assets include five major fields, which currentlyproduce a total of 54,300 b/d of oil and liquids and 75 MMcf/d ofgas. About 250 employees will be affected by the sale, but many areexpected to sign on with the two buyers, said Dan Kane, spokesmanfor BP Amoco Canada.
Citizens Exits Distribution, says ‘Hello’ to Telecom
Seeking increased growth opportunities, Citizens Utilities ofStamford, CT, is getting out of the business of distributing gas,electricity and water in order to invest in telecommunications. Thecompany is divesting its Public Services distribution businesses,as well as its wastewater treatment business. As previouslyannounced, Citizens plans to fund $2.3 billion of telephone accessline acquisitions with sale proceeds.