Founder

EnCana Corp. founder Gwyn Morgan announced that he will step down as CEO and president of the company at the end of the year. Morgan said he will remain executive vice chairman of the company for 2006, working mainly as an advisor for the new president and CEO, Randall K. Eresman, who currently is COO of the company.

In a financial sale announced Oct. 7 by Albuquerque-based PNM Resources, a state of Washington-based investment company controlled by Microsoft’s billionaire founder Bill Gates added to its holdings as the largest single shareholder in PNM. The transaction involved PNM Resources issuing $100 million of equity-linked securities, known as “Hybrid Income Term Security Units (HITS).”

In a financial sale announced Friday by Albuquerque-based PNM Resources a state of Washington-based investment company controlled by Microsoft’s billionaire founder Bill Gates added to its holdings as the largest single shareholder in PNM. The transaction involved PNM Resources issuing $100 million of equity-linked securities, known as “Hybrid Income Term Security Units (HITS).”

Magnum Hunter Resources (MHR) Chairman Gary C. Evans, who started the company with $1,000 nearly 20 years ago and built it into a $1.8 billion asset portfolio, announced Thursday that he will retire next April to focus on family life and to allow the company to “take it to the next level.” Until April, Evans plans to remain president and CEO and a director, and he will hold a board seat after retiring.

Magnum Hunter Resources (MHR) Chairman Gary C. Evans, who started the company with $1,000 nearly 20 years ago and built it into a $1.8 billion asset portfolio, announced last week that he will retire next April to focus on family life and to allow the company to “take it to the next level.” Until April, Evans plans to remain president and CEO and a director, and he will hold a board seat after retiring.

Dynegy Inc.’s founder and former CEO Chuck Watson last week settled his severance claims with the company for $22 million, according to a filing with the Securities and Exchange Commission. Watson, who had been seeking $28.7 million, resigned in May 2002 following a disastrous merger attempt with Enron Corp. (see NGI, June 3, 2002).

Dynegy Inc.’s founder and former CEO Chuck Watson has received $22 million in exchange for terminating his severance claims, the company said Wednesday in a Securities and Exchange filing (SEC). Watson, who had been seeking $28.7 million, resigned in May 2002 following a disastrous merger attempt with Enron Corp. (see Daily GPI, May 29, 2002).

A private equity firm controlled by Microsoft Corp. co-founder Paul Allen will most likely be buying Houston-based midstream operator Plains Resources Inc. after two of its major investor groups agreed to back the firm’s bid.

With prices spiking on Monday and then crashing lower Tuesday and Wednesday, this week has been a microcosm of the frenetic trading activity of the past four months, leaving traders yearning for the holiday weekend and the calming effect they hope will come with the shoulder months of September and October. After gapping lower at the opening bell Wednesday, the September contract cascaded lower throughout the session to finish at $3.288, down 19.5 cents for the session, but up 39.8 cents over the course of its month-long tenure as prompt contract. For an expiration day, volume in the gas pit was light, with an estimated 126,596 contracts changing hands.