Mitchell Energy & Development Corp. announced it enteredinto a letter of intent to purchase Conoco’s 50% interest in theJameson processing plant and an associated 2,600-mile West Texasgas gathering system for an undisclosed sum. The Permian Basinplant and facilities currently are owned evenly by Conoco andMitchell.
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Mitchell Grows West Texas Presence
Mitchell Energy & Development Corp. announced it enteredinto a letter of intent yesterday to purchase Conoco’s 50% interestin the Jameson processing plant and the associated 2,600-mile gasgathering system for an undisclosed sum. The plant, located in WestTexas, is currently owned evenly by Conoco and Mitchell.
Altra Moves to Bolster European Presence
Setting itself up to enter the deregulating European energymarket, Altra Energy Technologies Inc. announced that Sema Group,an international information technology (IT) and business servicescompany, has agreed to be Altra’s exclusive European distributor.
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Looking to spread its presence in the Gulf of Mexico, OceanEnergy Inc. (OEI) entered into a drilling agreement with DukeEnergy Hydrocarbons, LLC to jointly develop 13 OEI drillingprospects in the outer continental shelf. The Duke subsidiaryagreed to participate with up to 50% non-operating working interestin the program. The two companies anticipate drilling costs willexceed $40 million for the rest of 1999.
Coastal Grows Gulf Presence
Coastal Field Services Co. made a small increase in itsinterests in Gulf of Mexico Mobile Bayarea and gained the companyoption to increase its share significantly more.
Dynegy Bolstering Midwest Presence With Illinova Deal
Dynegy last week said it will pick up a bundle of Midwestgeneration assets to accelerate its energy convergence strategywhen it acquires Decatur, IL-based Illinova Corp. The combinedcompany will be called Dynegy and will own/control more than 15,000MW of gross domestic generating capacity, average more than 9 Bcf/dof gas sales, and serve more than 950,000 retail customers.
Pennaco to Expand Powder River Presence
Pennaco Energy increased its capital expenditure budgetWednesday from $18.4 million to $26.5 million in a move intended tocapture the “hottest domestic onshore play” in the country. All ofthe revised budget will be invested in Powder River Basinoperations.
Illinova Continues Building Retail Operation
Illinova Energy Partners (IEP) purchased another niche retailmarketing operation last week to bolster its presence in keyderegulating markets. The company, which has added EMC GasTransmission in Michigan and Equitable Resource Marketing inIndiana during the last six months, purchased Tempe, AZ-basedQuality Energy Services (QES) to gain a foothold in thesoon-to-be-deregulated Arizona energy market.
Illinova Continues Building Retail Operation
Illinova Energy Partners (IEP) purchased another niche retailmarketing operation yesterday to bolster it presence in keyderegulating markets. The company, which has added EMC GasTransmission in Michigan and Equitable Resource Marketing inIndiana during the last six months, purchased Tempe, AZ-basedQuality Energy Services (QES) to gain a foothold in thesoon-to-be-deregulated Arizona energy market.
ONEOK Grabs Koch’s OK Gathering, Processing
ONEOK Inc. is building up its midstream presence by agreeing toacquire all the Oklahoma midstream gas gathering and processingassets of Koch Midstream Enterprises for $285 million in cash.