Enterprise Products Partners LP, the second largest publicly-traded midstream energy partnership in the country, reported a strong increase in demand for its energy services in the first quarter, with net income rising to $58.5 million (23 cents/unit), compared with $40.5 million (19 cents) a year earlier.
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Enterprise Sees Strong Demand for Midstream Services
Enterprise Products Partners LP, the second largest publicly-traded midstream energy partnership in the country, reported a strong increase in demand for its energy services in the first quarter, with net income rising to $58.5 million (23 cents/unit), compared with $40.5 million (19 cents) a year earlier.
Sacramento Basin Gas Play in CA Eyed by Independent
Perhaps offering a harbinger of some increased interest for natural gas exploration in California, a publicly held Los Angeles-based independent, Silver Star Energy, Inc., announced Tuesday it will drill a test well in part of the widespread, but mature, dry gas field in the Sacramento Valley of Northern California, between Stockton and Sacramento.
Sacramento Basin Gas Play in CA Eyed by Independent
Perhaps offering a harbinger of some increased interest for natural gas exploration in California, a publicly held Los Angeles-based independent, Silver Star Energy, Inc., announced Tuesday it will drill a test well in part of the widespread, but mature, dry gas field in the Sacramento Valley of Northern California, between Stockton and Sacramento.
CA Officials Say FERC Disclosure on Williams, AES Won’t Kill Settlement
The Federal Energy Regulatory Commission last week publicly released previously confidential reports that detail, through transcripts of recorded telephone calls, how there may have been an attempt by Williams and AES Corp. to withhold power generation capacity from the California market in order to pressure power prices.
Merger-Minded Corporation Seeks 4.9% of Aquila, Dynegy, Mirant and Reliant Resources
Main Street AC Inc., a publicly tradable shell corporation that acquired 15 failing oil and gas partnerships and then reorganized under Chapter 11 of the Bankruptcy Code in January 2000, has tendered a cash offer for up to 4.9% of Aquila Inc., Dynegy Inc., Mirant Corp. and Reliant Resources Inc. at a 25% premium to their closing price Aug. 27.
El Paso Corp. Sends Texas Midstream Assets to EPN Partnership
El Paso Corp. and its publicly owned master limited partnership, El Paso Energy Partners LP (EPN), have entered into a letter of intent for EPN to acquire about 10,677 miles of natural gas transportation assets in Texas for $750 million. El Paso Corp. is selling EPN its EPGT-Texas intrastate pipeline, gathering systems in the Permian Basin and an interest in the Indian Basin gas plant in southeast New Mexico. The transaction is expected to close in the first quarter of 2002.
EPN to Acquire Texas-based Gas Assets from El Paso Corp.
El Paso Corp. and its publicly owned master limited partnership, El Paso Energy Partners LP (EPN), have entered into a letter of intent for EPN to acquire about 10,677 miles of natural gas transportation assets in Texas for $750 million. El Paso Corp. is selling EPN its EPGT-Texas intrastate pipeline, gathering systems in the Permian Basin and an interest in the Indian Basin gas plant in southeast New Mexico. The transaction is expected to close in the first quarter of 2002.
Industry Briefs
UtiliCorp United filed information with the SEC related to its previously announced exchange offer for all of the outstanding publicly held Class A common shares of its 80%-owned subsidiary, Aquila, Inc. Aquila shareholders are being offered 0.6896 shares of UtiliCorp common stock in a tax-free exchange for each outstanding share of Aquila Class A common stock. “We strongly believe that greater shareholder value can be obtained by recombining the financial strength of UtiliCorp with Aquila’s growth strategy,” said UtiliCorp CEO Richard C. Green, Jr. “With its larger asset base, earnings potential and cash flow, the combined company will have more efficient access to capital to take advantage of opportunities we expect to materialize over the next 18 months.” The recent changes in the merchant energy sector, the general economy and the impact of these changes on the capital markets were significant factors in the decision to recombine the two companies, he added. The UtiliCorp exchange offer requires that at least a majority of Aquila’s Class A shares are tendered by Aquila stockholders other than UtiliCorp’s directors and executive officers, and this condition may not be waived. After successful completion of the exchange offer, UtiliCorp has committed to complete a “short-form” merger of Aquila with a UtiliCorp subsidiary. Following the completion of the short form merger UtiliCorp will adopt “Aquila” as its corporate name. Aquila is one of the largest wholesalers of electricity and natural gas in North America. UtiliCorp has total assets of about $11.9 billion and 12-month sales of $42.3 billion.
Industry Briefs
PanCanadian Energy Corp., the new publicly traded parent of PanCanadian Petroleum Ltd., began trading shares Wednesday on the New York Stock Exchange under the symbol PCX and on The Toronto Stock Exchange under the symbol PCE. CEO David Tuer said the Calgary-base company has more than 254 million shares trading on the two North American exchanges. PanCanadian Energy’s core areas are the Western Basin, including land in Western Canada and the United States, the Gulf of Mexico, the United Kingdom, and the East Coast of Canada with its Deep Panuke discovery.