Options

After being an attractive takeover or merger target, the phonelines to Las Vegas-based Southwest Gas Corp. from prospectivesuitors are idle.

After being an attractive takeover or merger target, the phonelines to Las Vegas-based Southwest Gas Corp. from prospectivesuitors are idle, several major lawsuits having been filed overlast year’s failed merger attempts-first with a desired partner andsecond with an unwanted partner.

After exploring its options, Occidental Petroleum Corp. of LosAngeles agreed to sell for C$29.61/share its 29.2% stake inCanadian Occidental Petroleum Ltd. for gross proceeds of C$1.2billion Canadian. Of Occidental’s 40.2 million CanOxy shares, 20.2million will be sold to the Ontario Teachers Pension Plan Board.The remaining 20 million will be sold to CanOxy. Once the deal iscomplete, Occidental will no longer hold an equity interest inCanOxy.

After exploring its options, Occidental Petroleum Corp. of LosAngeles agreed to sell for C$29.61/share its 29.2% stake inCanadian Occidental Petroleum Ltd. for gross proceeds of C$1.2billion Canadian. Occidental expects after-tax net proceeds to beUS$700 million and to report a gain of US$300 million.

It will be a busy day for Georgia’s gas industry today as twoseparate meetings are being held which promise to go a long way indetermining the fate of the bankrupt Peachtree Natural Gas’ 170,000customers.

Western Gas Resources said last week it is weighing its optionsin the wake of a judge’s rejection of its proposed pipeline bypassof Pacific Gas & Electric Co. Administrative Law Judge AndreaBiren recommended regulators approve the gas utility’s motion toreject Western’s application, and reject a contention by Westernthat PG&E was engaging in anti-competitive behavior. Thejudge’s recommendation is scheduled to be considered by theCalifornia Public Utilities Commission Oct. 7.

Western Gas Resources said last week it is weighing its optionsin the wake of a judge’s rejection of its proposed pipeline bypassof Pacific Gas & Electric. Administrative Law Judge AndreaBiren recommended regulators approve the gas utility’s motion toreject Western’s application, and reject a contention by Westernthat PG&E was engaging in anti-competitive behavior. Thejudge’s recommendation is scheduled to be considered by theCalifornia Public Utilities Commission Oct. 7.

Crystal Gas Storage Inc. of Shreveport, LA, is reviewing itsoptions, including the possible sale of the company. Theindependent gas storage company hired Goldman, Sachs & Co. toassist with the strategic review and said no transactions arepending. The company said there would be no more announcementsunless and until a deal comes about or the effort is scrapped.Crystal Gas Storage owns and operates, through wholly ownedsubsidiaries, two storage facilities near Hattiesburg, MS, andholds various interests in gas properties, primarily in Arkansasand Louisiana.

Occidental Petroleum Corp. of Los Angeles is reviewing itsinvestment in Canadian Occidental Petroleum Ltd. and consideringall options, the company said. Oxy’s investment in CanadianOxy ofCalgary dates back to 1971, and Occidental currently owns 40.2million shares, or about 29%, of the company’s outstanding commonshares.