Friendly

Rocky Mountains natural gas producer HS Resources Inc. agreed to a friendly merger with Kerr-McGee Corp. yesterday, in a deal that sent the San Francisco-based independent’s stock soaring almost 21%. The deal, which would boost Kerr-McGee’s gas reserves 77%, is a cash-and-stock deal worth about $1.25 billion, with Kerr-McGee also assuming $450 million of the independent’s debt.

Talisman Energy Inc. is poised to become the dominant player in the growing core area of gas-rich Alberta after it set up a friendly agreement last week to purchase cross-town Calgary neighbor Petromet Resources Ltd. for C$806 million in cash and assumed debt. If the deal closes as expected, Talisman would add 72 MMcfe/d to its production base this year and 144 MMcfe/d in 2002.

Talisman Energy Inc. is poised to become the dominant player in the growing core area of gas-rich Alberta after it set up a friendly agreement this week to purchase cross-town Calgary neighbor Petromet Resources Ltd. for C$806 million in cash and assumed debt. If the deal closes as expected, Talisman would add 72 MMcfe/d to its production base this year and 144 MMcfe/d in 2002.

The industry-friendly Texas Railroad Commission would do abetter job of determining the fees the energy companies pay intothe state’s Oilfield Cleanup Fund — but it needs to beef up itsrole in regulating pipelines — according to a report by the TexasSunset Advisory Commission. Some of the criticisms noted areexpected to be corrected in pending proposals at TRC.

The industry-friendly Texas Railroad Commission would do abetter job of determining the fees the energy companies pay intothe state’s Oilfield Cleanup Fund — but it needs to beef up itsrole in regulating pipelines — according to a report by the TexasSunset Advisory Commission. Some of the criticisms noted areexpected to be corrected in pending proposals at TRC.

CapacityCenter.com announced two new services and what it hopesis an improved, user-friendly interface yesterday.

In the energy industry’s version of a pas de deux, France’slargest oil company, TotalFina, and Elf Aquitaine last weekacquiesced to a friendly merger after a two-month tussle over whowould acquire whom.

The draft version of Rep. Joe Barton’s (R-TX) much-anticipatedretail electric legislation that was unveiled last week appears tobe most notable for the two things that were missing from it – arenewable-fuel mandate and a date-certain.

U.S. Generating Co. filed last week at the FERC touting its Caloosa Generating Project as more economically and environmentally friendly than Florida Power & Light’s (FPL) Fort Myers project, at the same time lending support to the recently announced Gulfstream Natural Gas System.