After completing its merger with The Coastal Corp., El PasoEnergy Corp. announced that it has completed restructuring andterminated 1,650 employees from the combined company’s approximate16,500 employee work force. Of the employees let go, 585 willremain with the company until their current assignment iscompleted, but none later than June 30. El Paso also announced thatadditional employees left voluntarily, and 1,635 workers opted forthe early retirement package. Employees that were not retained areeligible for full severance benefits, including a cash paymentbased on term of service. El Paso said that staff reductions tookplace everywhere the company does business. High employeeconcentration areas such as Colorado Springs, Detroit, El Paso andHouston were hardest hit by the cutbacks. Reductions ocurred in allbusiness units at all levels of the company, El Paso said.
Merger
Articles from Merger
Long Term Contract Losses Spur Beau Canada Merger with Murphy
Weighed down by misplaced hedges and long term fixed pricecontracts, Beau Canada Exploration Ltd. has sold out to Murphy OilCorp., one of its partners in the development of the hot Ladyfernprospect in northern Alberta and British Columbia, for a totalprice of US$255 million.
Dominion Unloads $948M in Commercial Loans
As part of its house cleaning following its merger withConsolidated Natural Gas, Dominion Resources announced Friday thatit has agreed to sell to GE Capital Commercial Finance $948 millionin commercial loans held by First Source Financial, a unit of itsDominion Capital subsidiary.
Industry Briefs
Stamford, CT-based Energy East Corp. said yesterday that its mergerwith CTG Resources Inc. is close to completion (see Daily GPI, Oct. 19, 1999; July 1, 1999) and an exchange of shares orcash is expected soon. Based on preliminary results, ChaseMellonShareholder Services, which is acting as exchange agent, will adjustthe cash portion Energy East’s offer by a factor of 0.99. In exchangefor each share of CTG common stock, CTG shareholders had the option toreceive either $41 in cash or a number of shares of Energy East commonstock valued at $41. Energy East expects ChaseMellon to begindistributing cash and stock soon. Questions regarding the exchange maybe directed to ChaseMellon at (888) 581-9932.
Dynegy, CMS Merger Unlikely Says Analyst
As much as CMS Energy Corp. might wish it to be true, the rumorthat Dynegy Corp. may acquire it just doesn’t fit the profile ofwhat the energy marketer has been on a path to do recently,according to a Houston financial analyst who currently tracksDynegy for investors.
Shareholders Favor FPC, CP&L Merger
With 96% voting in favor, Florida Progress Corp. (FPC) shareholdersin St. Petersburg, FL yesterday approved the acquisition of theircompany by CP&L Energy, following the lead of CP&L’sshareholders who had given their approval on Wednesday (see Daily GPI,Aug. 17).
GTI Details Technological, Production Trends
A report released last week by the newly named Gas TechnologyInstitute (created by the merger of GRI and the Institute of GasTechnology) predicts that technological advances will increase theeconomic lower-48 resource base by 250 Tcf and Canadian recoverableresources by 125 Tcf.
GTI Details Technological, Production Trends
A report released yesterday by the newly named Gas TechnologyInstitute (created by the merger of GRI and the Institute of GasTechnology) predicts that technological advances will increase theeconomic lower-48 resource base by 250 Tcf and Canadian recoverableresources by 125 Tcf.
Industry Briefs
The BP Amoco and Atlantic Richfield Co. (ARCO) merger isofficially complete. BP Amoco will deliver to former ARCO holders,for each share of common stock owned, 1.64 American depositaryshares (ADS) of BP Amoco. Alternatively, if properly elected, ARCOcommon stock holders can receive BP Amoco ordinary shares. Cashwill be paid for fractional share interests. BP Amoco ADSs trade onthe New York Stock Exchange and other North American exchangesunder the symbol BPA with one ADS representing six ordinary sharestraded on the London Stock Exchange. Existing BP Amoco ADR holdersand existing ARCO preference stock holders do not need to take anyaction with respect to this transaction.
Industry Briefs
Exxon Mobil satisfied another condition required by the FederalTrade Commission in its approval of the merger of the two companiesby selling Mobil Alaska Pipeline’s 3% interest in the Trans AlaskaPipeline System to a unit of The Williams Companies, Inc. Terms ofthe sale were not disclosed. ExxonMobil Pipeline will retain its20% interest in the 800-mile pipeline system, which transports onemillion barrels per day of crude oil from Prudhoe Bay on thestate’s North Slope to the Port of Valdez in the south. The stakeadds to Williams’ presence in Alaska, which currently includes apetroleum refinery in North Pole that receives crude oil from theTrans Alaska Pipeline System, a distribution terminal at the Portof Anchorage, 28 retail petroleum convenience stores and aninterest in an air cargo transfer facility at AnchorageInternational Airport.
