Operating

Virginia Gas Co. Explores Strategic Options

Virginia Gas Co., a small integrated natural gas companyoperating in the southwestern tip of Virginia, has selectedOppenheimer Corp. as its financial advisor to conduct an evaluationof the company, its subsidiaries and affiliates, and strategicalternatives available.

June 7, 1999

Midcoast Targeting Canadian Midstream

Midcoast Energy subsidiary Midcoast Canada Operating Corp.bought the Calmar gas treating plant and gathering system inAlberta from Probe Exploration Inc. for C$20 million (US$13.2million). The company has its sights on similar acquisitions in thefuture.

March 26, 1999

Anderson Departing Duke Energy for BHP

Paul Anderson is leaving the post of president and chiefoperating officer of Duke Energy, a position he assumed when Dukebought PanEnergy, to become managing director and CEO of BrokenHill Pty. Ltd. He will relocate to Australia. Anderson announcedthe move two days after Duke announced it was selling two-thirds ofPanEnergy – the Panhandle Eastern and Trunkline pipelines – to CMSCorp.

November 9, 1998

Phillips, Ultramar Make Refining Joint Venture

Ultramar Diamond Shamrock and Phillips Petroleum signed a letterof intent to combine all of the operating assets of UltramarDiamond Shamrock and the North American refining, marketing, andtransportation (RM&T) operations of Phillips into a jointventure company named Diamond 66. The deal will not affect Phillipsnatural gas activities, a spokeswoman said.

October 9, 1998

Baker Hughes Earnings Off, Cutting Jobs

Baker Hughes said operating earnings before one-time charges forthe third calendar quarter will be roughly half of the 36cents/share Wall Street consensus. Baker Hughes, which merged withWestern Atlas last month , said continuing declines in activity inthe Western Hemisphere, emerging softness in several EasternHemisphere markets and modest price erosion due to activitydeclines are the reason.

September 28, 1998

Low Oil Prices Prompt ARCO Job, Budget Cuts

Atlantic Richfield Co. (ARCO) told employees it will lay offworkers and cut its operating budget in anticipation of continuedlow oil prices. No details on the number of job cuts or where theywould be made were available. A company spokesman told NGI ARCOshould have a plan in place by mid to late October. ARCO has about20,000 employees, all but about 3,500 of them in the United States.

September 28, 1998

MarketSpan Changes Name to KeySpan

After three months operating as MarketSpan Corp., the companyformed by the merger of Brooklyn Union Gas parent KeySpan Energyand Long Island Lighting and Power, has decided to change its nameto KeySpan Energy. CEO Robert B. Catell said the decision was madebecause of KeySpan’s superior name recognition in its serviceterritory. The company will trade on the New York Stock Exchangeunder the symbol KSE.

September 14, 1998

MarketSpan Changes its Name to KeySpan

After three months operating as MarketSpan Corp., the companyformed by the merger of Brooklyn Union Gas parent KeySpan Energyand Long Island Lighting and Power, has decided to change its nameto KeySpan Energy. CEO Robert B. Catell said the decision was madebecause of KeySpan’s superior name recognition in its serviceterritory. The company will trade on the New York Stock Exchangeunder the symbol KSE.

September 11, 1998

AGL Resources Posts Third-Quarter Losses

AGL Resources Inc., parent of Atlanta Gas Light (AGL) posted anet loss of $1.2 million for the third quarter ended June 30,compared with a gain of $1.4 million for the year-earlier quarter.

August 11, 1998
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