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FERC Reinstates Procedures for Producer Tax Credits

FERC yesterday issued a final rulemaking that reinstates itsauthority to make well determinations so that qualified producerscan obtain Section 29 tax credits for high-cost, hard-to-find gasproduced from certain wells and formations.

July 13, 2000

Industry Briefs

The members of the New York Mercantile Exchange voted 97.5% infavor of a demutualization plan yesterday that will make the exchangethe first in New York to convert from a not-for-profit membershipstructure under New York law to a for-profit organization underDelaware law (see Daily GPI, May 5). Thedemutualization plan calls for the equity in the exchange to remainwith the seat-owners of its Nymex Division. “Today’s approval, is justthe first step in repositioning the Exchange as a 21st centurybusiness enterprise that will create and pursue profitable newopportunities, react rapidly and decisively in an increasinglycompetitive marketplace, and explore interest by outside investors,”said Exchange Chairman Daniel Rappaport. The plan has already receivedapproval from the Securities and Exchange Commission and the Exchangeanticipates approval shortly from the Commodity Futures TradingCommission. It is also seeking a favorable tax ruling from theInternal Revenue Service. A new stock-holding company named NymexHoldings, Inc., will be formed to own all of the economic interestsand most of the voting control in the for-profit membershipcorporation. Each existing Nymex Division membership will be convertedinto one share of common stock in Nymex Holdings. The Exchange is thelargest physical commodity exchange in the world, with volume reachingclose to 110 million contracts in 1999.

June 21, 2000

Gas Futures Poised to Retest Record Levels

Gas futures climbed to their second highest settlement ever onFriday and appear poised to make that final push this week to theplace where no near-month contract has gone before. What will lifebe like if near-month futures rise above $4.60 (or $4.62, if youuse the prior Nymex Access high of December 1996)?

June 19, 2000

Apache Pays $300 M for Properties in Texas

Living up to a commitment to make 2000 the “year of the drillbit,” Apache Corp. said last week it will acquire long-livedproducing properties in the Permian Basin and South Texas for morethan $300 million in a definitive agreement with Collins & WareInc., based in Midland, TX.

June 19, 2000

CNRL Offers C$1.6B for Ranger

Ranger Oil Ltd.’s board of directors has announced that afteralmost three months of unacceptable bids, it is ready to make arecommendation to its shareholders to sell all of its outstandingshares to another Calgary-based producer. Canadian NaturalResources Ltd. made an offer that Ranger’s board of directors couldnot refuse.

June 16, 2000

Apache Pays $300 M for Properties in Texas

Living up to a commitment to make 2000 the “year of the drillbit,” Apache Corp. said yesterday it will acquire long-livedproducing properties in the Permian Basin and South Texas for morethan $300 million in a definitive agreement with Collins & WareInc., based in Midland, TX.

June 15, 2000

Sempra Energy Makes Big Push in Energy Services

It is becoming increasingly obvious that San Diego-based SempraEnergy is going to make a full-court press in its nonutilitybusiness units, seeking to get one-third of its earnings from thosebusinesses collectively in less than three years, according to itssoon-to-be CEO Steve Baum, the current president and COO. To hitthe earnings goal, Sempra’s nonutility businesses need to approach$275 million in collective profits, Baum told employees recently.

May 29, 2000

Sempra Energy Makes Big Push in Energy Services

It is becoming increasingly obvious that San Diego-based SempraEnergy is going to make a full-court press in its nonutilitybusiness units, seeking to get one-third of its earnings from thosebusinesses collectively in less than three years, according to itssoon-to-be CEO Steve Baum, the current president and COO. To hitthe earnings goal, Sempra’s nonutility businesses need to approach$275 million in collective profits, Baum told employees recently.

May 23, 2000

Dynegy, Amoco Seek Stiff Penalties for Affiliates

The calls for FERC to make changes to Order 497’s pipelineaffiliate abuse regulations got louder late last week, as Dynegyand Amoco filed some suggested remedies in response to the resultsof an April technical conference on four negotiated parking andlending (PAL) agreements between Koch Gateway and its affiliateKoch Energy Trading (KET).

May 9, 2000

Removal of Tax Credit Restriction Sought

Major and independent gas producers last week commended FERC fortaking steps to reinstate its authority to make well determinationsso that qualified producers can obtain Section 29 tax credits forhigh-cost gas wells. But they urged the Commission to extend thedetermination process to all qualifying wells, irrespective ofwhether the wells were spudded and/or recompleted pre-Jan. 1, 1993or whether they were recompleted after Dec. 31, 1992.

April 17, 2000