Profitable

With buyers said to be lined up with unsolicited offers, Anadarko Petroleum Corp. announced last week it will unload profitable subsidiary Anadarko Canada Corp. for an undisclosed price. In 2005, the Canadian subsidiary provided 11% of Anadarko’s total proved reserves. Analysts expect the unit to fetch more than $4 billion.

With buyers said to be lined up with unsolicited offers, Anadarko Petroleum Corp. late Wednesday announced it will sell profitable subsidiary Anadarko Canada Corp. for an undisclosed price. In 2005, the Canadian subsidiary provided 11% of Anadarko’s total proved reserves.

John W. Somerhalder II, who guided El Paso Corp.’s one consistently profitable business in the past four turbulent years — the natural gas pipeline unit — will leave the company effective April 30, the company said Wednesday. No reasons were given for his departure.

Now more than a year out of Chapter 11 bankruptcy, what its CEO called “the new NRG Energy” Wednesday reported it was profitable in the fourth quarter and all of 2004 ($18.1 million, or 18 cents/diluted share for the fourth quarter, and $185.6 million, or $1.85/diluted share overall in ’04), including a $60 million mark-to-market gain associated with “financial electricity sales executed during the fourth quarter.”

John W. Somerhalder II, who guided El Paso Corp.’s natural gas pipeline unit — the one consistently profitable business in the past four turbulent years — will leave the company effective April 30, the company said Wednesday. No reasons were given for his departure. Daily GPI May 14, 2003 March 13, 2003

San Diego-based Sempra Energy, which two years ago appeared to have a profitable niche selling energy services to large commercial/industrial customers, is looking to sell off that part of its nonutility businesses unless there is turnaround by the end of this year, Sempra CEO Steve Baum told the Deutsche Bank Electric Power Conference in New York City Tuesday.

San Diego-based Sempra Energy, which two years ago appeared to have a profitable niche selling energy services to large commercial/industrial customers, is looking to sell off that part of its nonutility businesses unless there is turnaround by the end of this year, Sempra CEO Steve Baum told the Deutsche Bank Electric Power Conference in New York City Tuesday.

David Tuer, the former CEO of PanCanadian Energy Corp., who helped lead the company toward its profitable spinoff as North America’s largest independent producer, is taking the reins of a small investor group to transform a bankrupt Calgary-based pharmaceutical research company into an oil and gas enterprise — with a particular focus on natural gas.

David Tuer, the former CEO of PanCanadian Energy Corp., who helped lead the company toward its profitable spinoff as North America’s largest independent producer, is taking the reins of a small investor group to transform a bankrupt Calgary-based pharmaceutical research company into an oil and gas enterprise — with a particular focus on natural gas.