Investor

Financier Carl Icahn and his investor coalition have dropped their push to gain two seats on Kerr-McGee Corp.’s board of directors, according to a regulatory filing with the Securities and Exchange Commission.

Investors still don’t believe that higher oil and natural gas prices are sustainable, and they have yet to appreciate the enormous shift in wealth currently flowing in the energy sector, according to Raymond James’ Stat of the Week. However, over the next decade, analysts are forecasting a long-term sector rotation into energy stocks, because the fundamentals are “very bullish” relative to the overall market.

CenterPoint Energy Inc. and Texas Genco Holdings Inc. last week unveiled a definitive agreement for GC Power Acquisition LLC to acquire Texas Genco, a wholesale electric power generation company, for $3.65 billion in cash. The agreement includes a buy-out of Texas Genco’s public shareholders.

Under pressure to rebuild investor confidence in the wake of this year’s oil and gas reserves accounting scandal, Royal Dutch/Shell Group on Thursday announced a $2 billion share buyback. The major also reported strong quarterly operating earnings despite a 16% decline in net income.

Dynegy Inc. has sold its 16% interest in the Indian Basin Gas Processing Plant, located in Eddy County, NM, to a private investor for $48 million. The company’s pre-tax gain will be $36 million.

McMoRan Exploration Co. said during an investor conference last week that it intends to file an application with the U.S. Coast Guard in the first quarter for its proposed Main Pass Energy Hub offshore Louisiana liquefied natural gas (LNG) project. Originally conceived in 2001, the $500 million, 1 Bcf/d LNG terminal at Main Pass Block 299 would be developed at a discontinued sulfur mining operation at one of the largest platform configurations in the Gulf, about 16 miles east of the mouth of the Mississippi River in 210 feet of water (see NGI, Oct. 15, 2001; July 28, 2003). The energy hub would receive, process, store and distribute LNG and natural gas. To date, the company has completed conceptual engineering for the project and intends to file a license application with the U.S. Coast Guard in the first quarter of 2004. It noted that there is significant interest regarding supply and distribution for the project and it is advancing commercial arrangements in parallel with the permitting process.

McMoRan Exploration Co. said during an investor conference Wednesday that it intends to file an application with the U.S. Coast Guard in the first quarter for its proposed Main Pass Energy Hub offshore Louisiana liquefied natural gas (LNG) project.

Fort Worth-based producer Quicksilver Resources Inc. has hired Diane Weaver to direct investor relations. In addition, Weaver’s duties will include oversight of the company’s media relations and community relations activities. She replaces John Gremillion, who has retired. Weaver, who is a certified and licensed public accountant in the State of Texas, has more than 20 years of oil and gas financial, risk management, tax and regulatory experience. She spent 19 years with Union Pacific Resources Group (UPR) prior to its 2000 merger with Anadarko Petroleum Corp. At UPR, Weaver served as manager of regulatory affairs and senior assistant corporate secretary. Recently she was a senior financial reporting accountant for producer XTO Energy, also based in Fort Worth.

Funded by a surcharge on investor-owned utility customer bills, the Portland-based Oregon Energy Trust added natural gas and solar programs to ones for which it will provide incentives and energy efficiency programs to customers of the state’s major private sector utilities — Pacific Power, Portland General Electric and Northwest Natural Gas. The expanded programs for the 18-month-old nonprofit organization started earlier in July.