Tag / Grew



First Auctioned Nuke Changes Hands

Entergy Nuclear grew its nuclear fleet with the first U.S.competitive bid purchase of a nuclear plant. Entergy bought PilgrimStation, a 670-megawatt reactor in Plymouth, MA, from Boston Edisonfor $81 million. The deal closed less than eight months after thecompanies agreed to transfer ownership.

July 14, 1999

Apache More than Doubles Gas, Oil Production with Shell Deal

Apache Corp. dramatically grew its asset base and shiftedattention away from its poor first quarter financial performancelast week by buying 22 fields in the Outer Continental Shelf of theGulf of Mexico (GOM) from Shell for $715 million and one millioncommon shares of stock. The acquisition will go into effectretroactive to March.

May 3, 1999

Apache Pays $715 M for 22 of Shell’s GOM Fields

Combating its poor first quarter performance, Houston-basedApache Corp. dramatically grew its asset base Thursday, paying $715million and transferring one million common shares of stock toShell in exchange for 22 fields in the Outer Continental Shelf ofthe Gulf of Mexico (GOM). Apache expects the transaction to add 20cents/share of value in 1999. The acquisition will go into effectretroactive to March 1.

April 30, 1999

Midcoast Buys Texas Gathering Systems

Midcoast Energy Resources Inc. grew its Texas asset base withthe acquisition of two gathering systems in two separate dealsworth a combined $4.55 million. Midcoast bought the Mendotagathering pipeline and processing plant from Seagull Energy Corp.for $3.75 million in cash. The Mendota facilities are in RobertsCounty, TX, and include about 35 miles of gathering pipeline, a 10MMcf/d cryogenic gas processing plant and compression facilitieswith a combined 2,400 horsepower. The system gathers gas from morethan 70 active wells and has a total throughput of 7,200 Mcf/d. TheMendota pipeline is located adjacent to the Anadarko system, whichMidcoast purchased from El Paso Energy Corp. in September 1998, andMidcoast plans to integrate the operations of the Mendota andAnadarko systems. Also as part of the transaction, Seagull hasdedicated production from all of its existing acreage in the areato Midcoast for the next five years.

January 5, 1999

El Paso Energy Grew Earnings 16%

El Paso Energy’s two pipelines combined lost $2 million, but thecompany still turned in improved earnings. Third quarter earningswere 43 cents/diluted share, an increase of 16% from 37 cents in Q31997.

October 26, 1998

Dynegy Grew Margins in Second Quarter

Dynegy CEO Chuck Watson attributed his company’s improved secondquarter performance to stronger margins in the wholesale gas andelectric businesses despite weaker margins in the company’s liquidsbusiness.

July 30, 1998

Enron Sees Robust 2Q Wholesale Growth, EES Losses

Enron deliveries of energy commodities grew 47% from the secondquarter of last year, including a 10% increase in gas deliveriesand a more than 100% increase in power marketed. However, resultsof the gas pipeline group and exploration and production were offslightly, and the retail business, Enron Energy Services (EES),lost more money than it did a year ago.

July 15, 1998

Study: Bulk Power Market Grew 15% Last Year

Bulk power transactions in 1997 increased significantly over1996 levels, pointing to the continued emergence of a competitivewholesale power market, according to Metzler Services’ 1997operating data and statistics for the electric utility industry.

July 9, 1998
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