One day after concluding its purchase of Sonat Inc., El PasoEnergy Corp. completed its after-merger corporate restructuring.Through normal attrition, early retirement and 607 layoffs, thework force has been pared down from 5,500 to 4,575, the companysaid Tuesday. The action is part of a company-wide plan toimplement the optimal corporate organization for the future, ElPaso said, and the company expects to save in excess of $100million in the first full year after the merger due to thesemeasures.
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Swing prices continued their downhill slide Friday, succumbingto the normal drop in weekend demand, a softer screen and lack offresh storm news. Except for Midwest citygates, where a warmingtrend was developing, virtually all eastern points fell by a dimeor more. Waha and the Permian Basin also experienced dime-plusdeclines, but other western points tended to fall only a nickel orso. Sources attributed the West’s relative firmness to heavy airconditioning and agricultural load in California and other states.
NOVA returned to its normal +10/-10% tolerance range for dailyimbalances Friday after having changed the range to +2/-18%Wednesday. The two-day change was made in order to reduce linepackto target levels, which was necessary before proceeding withmaintenance on Schrader Creek Compressor Station, NOVA said.
Trading in El Paso Energy stock was nearly triple normalactivity Friday, thanks to a rumor the company was acquiring SonatInc. Sonat share trading was more than five times the usual volumeas well. Friday El Paso closed down 2 15/16 at 35 _. Sonat closedup 3 1/16 at 30 3/16. El Paso’s 52-week range is 24 11/16 to 393/8, and Sonat’s 52-week range is 23 9/16 to 45.