Investment

Independent investment research firm Morningstar Inc. named Kinder Morgan CEO Richard Kinder its 2005 CEO of the Year for his “exemplary corporate stewardship” and track record of increasing shareholder value.

New natural gas supply and delivery capability, including import capacity for liquefied natural gas (LNG), along with new investment in renewables and power-related infrastructure, are needed for reliability in New England and to improve competitive markets in the region, a new report released Wednesday concludes.

Investment banker Jefferies & Co. Inc. has raised its projections for 2005 and 2006 Nymex natural gas prices to $7.75/Mcf and $7/Mcf from its previous estimates of $6.80/Mcf and $6.20/Mcf, respectively, in response to the reported damage to energy facilities along the Gulf coast as a result of Hurricane Katrina last week.

Capital spending is on the rise for oil and natural gas producers, and their exploration and production (E&P) investment strategy appears to reflect a continuing sense of optimism in industry fundamentals, and in particular, a strong outlook for cash, Raymond James’ energy analysts said in a new report.

China National Offshore Oil Co. (CNOOC) filed a review request with the Committee on Foreign Investment in the United States (CFIUS) regarding its proposed $18.5 billion purchase of Unocal Corp., less than a day after the House of Representatives voted to block the bid.

SG Corporate & Investment Banking (SG CIB), a division of Paris-based Societe Generale, said it has hired six new natural gas and power traders at its commodity derivatives desk in New York and plans to ramp up its U.S. energy trading business, extending its strong banking position from Europe into the U.S.

The California Clean Energy Fund (CalCEF), a $30 million endowed public benefit investment fund created as part of Pacific Gas and Electric Co.’s Chapter 11 settlement with the state, announced Thursday it plans to give $1 million to establish and maintain what it called “the world’s leading university center on energy efficiency” at a still-to-be-determined university campus in northern California.

Pogo Producing said Friday it is selling its Thailand assets, including about 341 Bcfe of proved reserves, to PTTEP Offshore Investment Co. Ltd and Mitsui Oil Exploration Co. Ltd. for $820 million in cash, which Pogo plans to use to fund acquisitions and capital projects.

Kerr-McGee Corp.’s chemicals unit, New-Co Chemical Inc., has filed an initial public offering (IPO) for up to $300 million in Class A common stock. However, Kerr-McGee still holds an option to sell New-Co if the opportunity arises. The IPO or sale of the chemicals unit was announced earlier this year so the company could refocus its attention on oil and gas exploration and production (see NGI, May 16). About 90% of the chemicals sold by the unit last year were titanium dioxide, according to the company. In the Securities and Exchange Commission filing on the IPO, the Oklahoma City-based producer did not specify how many shares would be offered or the price of the shares. That information is expected to be disclosed in a later filing. The underwriters are Lehman Brothers and JP Morgan. Kerr-McGee said it wants the chemicals unit sold or spun off from the company by the end of the year.