IBM Business Consulting Services on Tuesday announced two major outsourcing agreements with Marathon Oil Co. and Williams to take over accounting functions, among other things, to enable the two energy companies to execute their core business plans. Marathon did not announce specific financial details, but Williams’ is worth $320 million, and 460 of its employees will transfer to IBM.
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IBM Nabs Outsourcing Agreements with Williams, Marathon
IBM Business Consulting Services on Tuesday announced two major outsourcing agreements with Marathon Oil Co. and Williams to take over accounting functions, among other things, to enable the two energy companies to execute their core business plans. Marathon did not announce specific financial details, but Williams’ is worth $320 million, and 460 of its employees will transfer to IBM.
BP Energy Nabs Service Contracts For Texas Independent Plants
Texas Independent Energy LP has signed three-year agreements with BP Energy Co. to supply natural gas and energy marketing services for two of the company’s 1,000 MW Texas-based generators. BP Energy will supply gas to the Guadalupe Power Plant near New Braunfels and the Odessa Power plant near Odessa.
Nuevo Nabs Some CA Assets From Texaco
Nuevo Energy, a Houston, TX-based exploration and productioncompany, bolstered its California position Tuesday by paying Texaco$61 million for interests in six oil and gas fields. Includingthese acquisitions, 87% of Nuevo’s total reserves and productionwill be based in California.
SEC Nabs PGE Director for Insider Trading
The Securities and Exchange Commission announced yesterday ithas simultaneously sued and reached settlement with a formerdirector of Portland General Corp. and his friend for insidertrading in connection with the July 1996 merger of the Oregonelectricity company and Enron Corp.