Becoming the latest industry player to attempt to cash in on natural gas market volatility, Fort Worth-based XTO Energy Inc. has hedged 100 MMcf/d of production for 2003 at an average New York Mercantile Exchange (Nymex) price of $4.06/Mcf. A few days ago, Energen Resources Corp. locked in 40 new natural gas contracts in all 12 months of 2003, representing 4.8 Bcf of production at an average Nymex price of $4.10/Mcf.
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DTE Energy, MCN Energy Complete Merger
Positioning itself to become a major regional energy player, DTE Energy last Thursday announced the closing of its approximately $3.9 billion merger with MCN Energy Group. The completion of the merger finishes a process that kicked off in October 1999 (see NGI, October 11, 1999).
DTE Energy, MCN Energy Complete Merger
Positioning itself to become a major regional energy player, DTE Energy yesterday announced the closing of its approximately $3.9 billion merger with MCN Energy Group. The completion of the merger finishes a process that kicked off in October 1999 (see Daily GPI, October 6, 1999).
Talisman’s Petromet Deal Ups Alberta Gas Reserves
Talisman Energy Inc. is poised to become the dominant player in the growing core area of gas-rich Alberta after it set up a friendly agreement last week to purchase cross-town Calgary neighbor Petromet Resources Ltd. for C$806 million in cash and assumed debt. If the deal closes as expected, Talisman would add 72 MMcfe/d to its production base this year and 144 MMcfe/d in 2002.
Talisman’s Petromet Deal Ups Alberta Gas Reserves
Talisman Energy Inc. is poised to become the dominant player in the growing core area of gas-rich Alberta after it set up a friendly agreement this week to purchase cross-town Calgary neighbor Petromet Resources Ltd. for C$806 million in cash and assumed debt. If the deal closes as expected, Talisman would add 72 MMcfe/d to its production base this year and 144 MMcfe/d in 2002.
Stone Energy Poised as Formidable Gulf Player
In a deal that creates a formidable independent in the Gulf ofMexico basin, Stone Energy Corp. will purchase Basin ExplorationInc. in a tax-free, stock-for-stock merger worth $410 million,including the assumption of $48 million in debt. Stone, whichoperates exclusively in the Gulf, will pick up Basin’s sizable 3Dseismic knowledge base in the Gulf and add proven Rocky Mountainassets.
Stone Energy Poised as Formidable Gulf Player
In a deal that creates a formidable independent in the Gulf ofMexico basin, Stone Energy Corp. will purchase Basin ExplorationInc. in a tax-free, stock-for-stock merger worth $410 million,including the assumption of $48 million in debt. Stone, whichoperates exclusively in the Gulf, will pick up Basin’s sizable 3Dseismic knowledge base in the Gulf and add proven Rocky Mountainassets.
Panda is the Latest Player in FL Generation Market
Panda Energy Intl. Inc. paved the way for its entrance into theFlorida generation market last week by announcing that petitionsfor determination of need have been filed with the Florida PublicService Commission to build two 1,000 MW power plants. Both plantswill cost $300 million and are expected to begin commercialoperation in May of 2003.
Duke a Big Player in Latin American Generation
Aiming to be “as strong a company in Latin America as it is inNorth America,” Duke Energy International agreed to exchange $405million for Dominion Resources’ portfolio of hydroelectric, naturalgas and diesel power generation businesses – totaling 1,200 MWgross capacity – in Argentina, Belize, Bolivia and Peru. In thelast week Duke Energy International has pledged to purchase 3,800MW of generation capacity in Latin America in three separatetransactions for about $1.285 billion.
Changing Market Drove Shell to Midstream Gas
Shell Oil has become a significant player in the midstream gasbusiness, but this wasn’t always so. While the company heldmidstream gas assets, they were operated as an adjunct to its oilbusiness. That was until deregulation and new market entrantssuggested to Shell it ought to get into the midstream.