Conoco Inc.’s Canadian midstream arm, Conoco Canada Limited,said yesterday it has acquired the bulk of Petro-Canada’s naturalgas liquids (NGL) business, including the fifth largest natural gasprocessing plant in North America, for an undisclosed sum. Closingon the purchase is scheduled to be completed in the second quarterof 2000.
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Enron Has Banner Year; 37% Net Income Hike
Significant strategic changes at Enron, including the sale ofEnron Oil & Gas and planned divestiture of Portland GeneralElectric, made the headlines in 1999, but its traditionaloperations more than carried the company flag.
Enron Has Banner Year; 37% Net Income Hike
Significant changes to Enron’s corporate structure, includingthe sale of Enron Oil & Gas and planned divestiture of PortlandGeneral Electric, made the headlines in 1999, but its traditionaloperations more than carried the company flag. Enron posted awhopping 37% increase in net income to $957 million and an 18% risein earnings per share to $1.18 for the year. Its revenues rose 28%to $40 billion and its marketed volumes jumped 19% to 32 trillionBtue/d. North American gas sales volumes reached 13 Bcf/d up from10.6 Bcf/d while U.S. power sales fell slightly to 380.5 millionMWh from 401.8 million MWh in 1998.
Williams Buys Duke’s Stake in Alliance Pipeline
Williams Gas Pipeline snagged Duke Energy’s 9.8% stake in theAlliance Pipeline partnership yesterday. The transaction bringsWilliams’ total interest in Alliance to 14.6%. Transaction details,including share and unit prices, were not disclosed.
Williams Sells Propane Unit to Ferrellgas
Williams Energy Services said it is selling Thermogas, itspropane distribution company, to Ferrellgas for $432.5 million,including $257.5 million in cash and $175 million through seniorFerrellgas common units, which Williams intends to convert to $175million in cash. The sale is expected to close before the end of1999. Williams plans to redeploy the proceeds into wholesalemarketing and midstream operations.
Williams Sells Propane Unit to Ferrellgas
Williams Energy Services said it is selling Thermogas, itspropane distribution company, to Ferrellgas for $432.5 million,including $257.5 million in cash and $175 million through seniorFerrellgas common units, which Williams intends to convert to $175million in cash. The sale is expected to close before the end of1999. Williams plans to redeploy the proceeds into wholesalemarketing and midstream operations.
Watson Outlines Dynegy’s Power-Driven Future
In reporting record third quarter improvements, including an 88%increase in earnings per share and a 16% increase in net income,Dynegy CEO Chuck Watson yesterday highlighted an aggressive powergeneration plan that will become the “engine for the growth of ourearnings for the future.”
Investor Group Buys MidAmerican Energy Holdings Co.
An investor group including Berkshire Hathaway Inc., a holdingcompany primarily involved in the property and casualty insurancebusinesses, jumped into the energy sector yesterday by purchasingMidAmerican Energy Holdings Co. for over $2 billion. Overall, thetotal enterprise value of the transaction is $9 billion.
Industry Briefs
Crystal Gas Storage Inc. of Shreveport, LA, is reviewing itsoptions, including the possible sale of the company. Theindependent gas storage company hired Goldman, Sachs & Co. toassist with the strategic review and said no transactions arepending. The company said there would be no more announcementsunless and until a deal comes about or the effort is scrapped.Crystal Gas Storage owns and operates, through wholly ownedsubsidiaries, two storage facilities near Hattiesburg, MS, andholds various interests in gas properties, primarily in Arkansasand Louisiana.
Tatham Offshore Subsidiaries File Chapter 11
Tatham Offshore said yesterday that four of its subsidiaries,including Rigco North America LLC, FPS III, FPS V and FPS VI, whichown virtually all the company’s operating assets, filed for reliefunder Chapter 11 in the US Bankruptcy Court for the SouthernDistrict of Texas earlier this week.