North American natural gas producers have watched their fortunes soar and dramatically fall to earth in recent months and some of them, now unable to access bank financing, are doing what they have to do to remain solvent. Independents starved for cash but weighted with healthy assets are forming joint partnerships, selling assets and waiting for what may be the inevitable: a land grab by oil majors flush with cash.
Fortunes
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Aquila Divided Among ‘Hills’ and ‘Plains’
Kansas City, MO-based Aquila Inc. struck two deals last week that, if completed, will bring an end to the 90-year-old company whose fortunes rose and then fell as deregulation swept through the energy patch in the late 1990s. At its peak in 2001, Aquila raked in $36 billion in revenues. But following the collapse of Enron Corp. the company, once known as UtiliCorp United (see NGI, Nov. 12, 2001), was forced to retreat to its utility roots as it sold diversified energy assets to repay debt.
February 12, 2007
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