The proposed marriage of KN Energy Inc. and Kinder Morgan Inc.has passed federal antitrust review and has been verbally approvedby Colorado regulators, which puts the deal on track to becompleted in the early fourth quarter, the companies said.
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Browne Gives BP Amoco State-of-the Union
Sir John Browne, BP Amoco’s CEO, gave a peek into the integratedenergy giant’s future Thursday as he told analysts in London of aworldwide three-year plan to cut $4 billion in costs, sell $10billion in non-core assets, and boost capital expenditures $26billion. The company’s overall goal is to add six percentage pointsto its return on capital by the end of the three-year period.Browne also announced plans for a shareholder meeting Sept. 1, whenthe merger with Arco will go to a vote.
Altra Throws TransEnergy Into Its Shopping Cart
Not to be outdone by its integrated energy industry brethren,the energy transaction software industry is also conducting itsfair share of consolidation. Altra Energy announced its third majoracquisition of the year last Monday, as the Houston-based softwareprovider entered into a definitive agreement to purchaseTransEnergy. Terms of the deal between the two private companieswere not disclosed, but Paul Bourke, Altra’s CEO, said the combinedcompany’s annual revenue will grow into the $50 to $100 millionrange.
Dominion, CNG Shareholders Approve Merger
Dominion Resources Inc. and Consolidated Natural Gas Co.shareholders approved the merger of the companies to create thelargest fully integrated gas and electric company in the U.S.
Altra Throws TransEnergy into Shopping Cart
Not to be outdone by its integrated energy industry brethren,the energy transaction software industry is also encountering itsfair share of consolidation. Altra Energy announced its third majoracquisition of the year Monday, as the Houston-based softwareprovider entered into a definitive agreement to purchaseTransEnergy. Terms of the agreement between the two privatecompanies were not disclosed, but Paul Bourke, Altra’s CEO, saidthe combined company’s annual revenue will grow into the $50 to$100 million range.
Virginia Gas Co. Explores Strategic Options
Virginia Gas Co., a small integrated natural gas companyoperating in the southwestern tip of Virginia, has selectedOppenheimer Corp. as its financial advisor to conduct an evaluationof the company, its subsidiaries and affiliates, and strategicalternatives available.
Coastal Buys Utah Midstream Assets
Complementing its integrated operations in Northeast Utah andwestern Colorado, Coastal Field Services, Coastal’s midstreamdivision, bought the Bluebell and Altonah gathering systems andprocessing plants located in the Duchesne and Uintah counties ofUtah. Financial terms were not disclosed.
Virginia Gas Co. Explores Strategic Options
Virginia Gas Co., a small integrated natural gas companyoperating in the southwestern tip of Virginia, has selectedOppenheimer Corp. as its financial advisor to conduct an evaluationof the company, its subsidiaries and affiliates, and strategicalternatives available.
FERC Raises Number of Intra-Day Noms to Three
In a move FERC said will “create a more integrated and efficientinterstate pipeline grid,” the Commission adopted standards thisweek that will expand from one to three the number of intra-daynomination opportunities for shippers on all interstate pipelines.The intra-day nomination schedule was proposed by the Gas IndustryStandard’s Board in March, by FERC in a notice of proposedrulemaking in April and this week was made part of the Commission’sregulations with required pipeline implementation by Nov. 2.