Packages

Nearly a dozen CEOs of large U.S.-based publicly owned oil and gas companies earned some of the biggest compensation packages in the country last year, according to preliminary data compiled by Equilar, an executive compensation data firm.

Chesapeake Energy Corp.’s co-founder and CEO Aubrey McClendon officially stepped out of the batter’s box Monday, but there’s no permanent replacement and no timetable on when a successor will be named, said acting CEO Steven Dixon. However, operations are running “smoothly,” despite some constraints in the Utica Shale.

Encana Corp. last week checked off more items on its “to do” list after agreeing to sell two packages of properties, including a C$920 million deal to sell two natural gas processing plants that service the Cutbank Ridge area to Veresen Inc.

Noting it has made some “minor tweaks” to its portfolio of public-sector bond financing packages, the Southern California Public Power Authority (SCPPA) executive director said Tuesday that none of the authority’s renewable and other energy projects currently being pursued have been affected by the subprime mortgage market meltdown that continues to adversely affect some of its counterparties. Standard & Poor’s Ratings Services (S&P) reiterated double-A level credit ratings for SCPPA.

The Houston Exploration bought about 79 Bcfe of Gulf of Mexico gas reserves in two asset packages on Wednesday from an undisclosed company for a total of about $145 million.

Just when the embezzlement scandal that landed the former president of the Natural Gas Supply Association (NGSA) in prison two years ago was becoming a faint memory, two lawsuits have been filed in Superior Court in the District of Columbia that accuse the producer trade group’s current president, R. Skip Horvath, of “financial misconduct” and violating internal control procedures.

Just when the embezzlement scandal that landed the former president of the Natural Gas Supply Association (NGSA) in prison two years ago was becoming a faint memory, two lawsuits have been filed in Superior Court in the District of Columbia that accuse the producer trade group’s current president, R. Skip Horvath, of “financial misconduct” and violating internal control procedures.

Guardian Pipeline said it bought five engine compressor packagestotaling 22,225 hp to provide natural gas compression on its141-mile, 660 MMcf/d pipeline in Illinois and Wisconsin. Itpurchased the compressors from Compressor Systems, Inc. of Midland,TX. Combined, the compressors will be capable of delivering up to750 MMcf/d of gas on Guardian. “Guardian Pipeline is continuing tomake steady progress. This purchase agreement for a major equipmentcomponent keeps Guardian on track to meet its scheduled in-servicedate of November 2002,” said George Hass, Guardian project manager.A final Federal Energy Regulatory Commission (FERC) decision on theGuardian Pipeline is expected by early 2001. In June, FERC issued aPreliminary Determination that the pipeline is in the publicinterest, subject to the outcome of its environmental review, andin July, FERC staff issued a favorable Draft Environmental ImpactStatement on the project. In addition, the Public ServiceCommission of Wisconsin made a preliminary determination on theproject in October, accepting the economics of a Wisconsin Gaslateral pipeline, which will connect Guardian with Wisconsin Gas’distribution system. Guardian will transport gas frominterconnections with Alliance, Northern Border, Midwestern, andNGPL at the Chicago hub near Joliet, IL, to northern Illinois andsouthern Wisconsin markets starting in November 2002. Its sponsorsinclude CMS, WICOR and Viking Gas.