Amerada Hess Corp., a major East Coast gasoline retailer, completed its acquisition of Triton Energy Ltd. by acquiring all of the validly tendered shares of the Dallas, TX-based independent producer. Amerada acquired Triton’s stock at $45/share, bringing the total value of the transaction to $3.2 billion. The deal includes the assumption of $500 million of Triton debt.
Articles from Gasoline
Amerada Hess Corp., a major East Coast gasoline retailer, announced today that it has completed its acquisition of Triton Energy Ltd. by acquiring all of the validly tendered ordinary shares of the Dallas, TX-based independent producer of global oil and natural gas properties.
Although the tight supply/demand situation for gasoline took thespotlight in the Energy Information Administration’s Short-TermEnergy Outlook last week, the EIA was pretty bullish on natural gasas well. The administration has gas demand rising 3.5% this year to22.17 Tcf and 4.1% next year to 23.08 Tcf. It projects a major 22%wellhead price hike this year to an average of $2.56/MMBtu followedby a much smaller rise in 2001 to $2.61. EIA sees dry domestic gasproduction inching up about 1% this year and only about 0.2% in2001. Imports are seen rising 8.3% this year to 3.67 Tcf and 2.7%next year to 3.77 Tcf.