Orange

Dallas-based Pioneer Natural Resources Co. has agreed with a subsidiary of Carmeuse Holding S.A. (Luxembourg) to acquire its U.S. industrial sands business, Carmeuse Industrial Sands (CIS), for $297 million, giving it a large supply of sand for hydraulic fracturing (fracking) activities.

A new coalition of 16 community, landowner and business groups — including several construction companies — has organized to convey the message that hydraulic fracturing (fracking) can be performed safely in New York state and would provide jobs and economic growth.

FERC last Tuesday gave environmental clearance to Gold Pass Pipeline LP’s plan to enlarge pipe facilities in Jefferson and Orange counties in East Texas that will support ExxonMobil’s proposed Golden Pass liquefied natural gas (LNG) terminal in Louisiana.

FERC on Tuesday gave environmental clearance to Gold Pass Pipeline LP’s plan to enlarge pipe facilities in Jefferson and Orange counties in East Texas that will support ExxonMobil’s proposed Golden Pass liquefied natural gas (LNG) terminal in Louisiana.

Orange, CA-based Capco Energy Inc. has signed an agreement to acquire for $10.5 million all the outstanding shares of Energy Reserves Group LLC (ERC), a Houston-based private limited liability company engaged in the business of oil and gas production and development. Capco will pay $3.25 million in cash and Capco stock, with the balance in the assumption of bank debt. The acquisition is expected to close within 30 days, pending approval. ERG’s current production is principally located in the Texas Gulf Coast and Wyoming, with production standing at 600 bbl/d and 1,400 Mcf/d. ERG has additional reserves that can be developed from its existing wells. Capco is a 20-year-old public company. In addition to exploration and production, the company’s other business interests are in petroleum marketing and propane distribution.

Southern Energy New York closed a previously announced $480million, 1,776 MW purchase of all Orange and Rockland (O&R)Utilities’ generation assets Thursday. At the same time the dealclosed the Southern Energy subsidiary, which was created with thesole intention of operating these newly-acquired assets, wasted notime in proposing a $390 million, 710 MW expansion to the BowlinePoint Generation Station in Haverstraw, NY.

The New York State Public Service Commission has approved thesale of all electricity generating facilities owned by Orange andRockland Utilities, including a facility owned jointly withConsolidated Edison of New York, to affiliates of Southern Energy,Inc. for $476.3 million. All net proceeds from the sale will beused for the benefit of O&R and Con Edison ratepayers.

The New York State Public Service Commission (NYPSC) approvedthe merger of Consolidated Edison of New York and Orange andRockland Utilities. NYPSC Chairman Maureen O. Helmer said Consumerswill benefit from the strength of the companies’ combinedmanagement and from merger-related savings over the next fiveyears.

Consolidated Edison and Orange and Rockland Utilities passed amilestone on their way to merging with approval of the transactionFriday by the New York Public Service Commission (NYPSC). Themerger also has been approved by the New Jersey and Pennsylvaniaregulators and FERC. Con Ed plans to acquire all O&R’s commonstock for $58.50 per share, or about $790 million. O&R willbecome a wholly-owned subsidiary of Consolidated Edison and willcontinue to operate as a separate company. The utilities areawaiting the approval of the Securities and Exchange Commission andcompletion of the Hart-Scott-Rodino Act review by the U.S.Department of Justice and expect to close the transaction by nextmonth.