PP&L Resources Inc. announced that it acquired Penn FuelGas, a gas distributor and storage company, in a stock transactionvalued at $133 million. The purchase was the latest step by theutility company to diversify its portfolio of energy products andservices, said PP&L Resources President William F. Hecht.
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UtiliCorp United said its power marketing operations willcontribute positively to second quarter earnings before interestand taxes. Wholesale electricity volumes for the quarter areexpected to be about 24.8 million MWh, up about 112% from the 1997quarter.
Amoco Corp. and Snyder Oil Corp. traded interests in Wyomingproperties to help each company focus its gas operations in theGreen River Basin. Amoco acquired Snyder’s interest in asubstantial portion of the Jonah field in Sublette and Sweetwatercounties. In exchange, Amoco gave Snyder 75% of its interest in theBeaver Creek Unit in Fremont County, WY. Amoco retained 25%interest in Beaver Creek. The deal involved property only.
Amoco’s Hugoton Jayhawk gas processing plant in Ulysses, KS,recently began operations with capability to process 450 MMcf/d andrecover up to 33,000 barrels of gas liquids per day. HugotonJayhawk currently is processing about 400 MMcf/d, of which 280MMcf/d is supplied by Amoco-operated wells.