After years of struggling in recent years to make ends meet in the exploration and production business and indications last December that it was examining alternatives, Enron finally decided to call it quits last week and cut its ties to its production subsidiary, Enron Oil & Gas (EOG). The announced plan would establish EOG as a widely held public company that will be independent of Enron. Analysts and industry personnel applauded the deal, pointing to divergent corporate strategies.
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Articles from Recent
Although ‘Disappointed,’ TriState Sponsors Aren’t Giving Up
While FERC’s recent decision to call a technical conference onTriState Pipeline “obviously was not advantageous for us,” leadsponsor CMS Gas Transmission and Storage isn’t ready “at thispoint” to throw in the towel on the project, a company spokesmansaid.
July 26, 1999
KN Energy Board Hands Reins to Kinder Morgan
Recent basement-dweller KN Energy electrified the energyindustry Friday, announcing what one analyst called the deal of thedecade – a marriage with the brains and bucks of Houston’s KinderMorgan Inc. KN’s Chairman Larry Hall immediately resigned, KinderMorgan Chairman Richard D. Kinder, credited with helping buildEnron’s underpinnings, was named heir apparent, and KN’s stockprice soared nearly 55% in one day.
July 12, 1999
KN Energy Board Hands Reins to Kinder Morgan
Recent basement-dweller KN Energy electrified the energyindustry Friday, announcing what one analyst called the deal of thedecade – a marriage with the brains and bucks of Houston’s KinderMorgan Inc. KN’s Chairman Larry Hall immediately resigned, andKinder Morgan Chairman Richard D. Kinder, credited with helpingbuild Enron’s underpinnings, was named heir apparent. Theannouncement sent KN’s stock price soaring nearly 55% on Friday.
July 12, 1999
GRI: Utilities Trim Costs in Competitive Era
Recent declines in natural gas bills would have been evengreater if it hadn’t been for one-time LDC restructuring charges,according to a Gas Research Institute study. Still LDCs have cutnon-gas costs substantially.
June 22, 1999
July Bucks Recent Trend, Bubbles Higher
Fresh off a 5-cent rally in Wednesday night’s Access session thefutures market bulldozed higher yesterday amid light speculativebuying. July finished its first day as the prompt month up 7.2cents to $2.282, after notching a $2.30 high early Thursdayafternoon. Estimated volume was heavy, with 85,664 contractschanging hands.
May 28, 1999
UtiliCorp Buys Second Missouri Utility in Two Months
UtiliCorp United added another Missouri-based utility to its recent acquisitions last week, buying Empire District Electric Co. in a stock and cash transaction valued at $800 million, including assumption of debt. The purchase comes only two months after UtiliCorp bought St. Joseph Light &Power for $270 million (see NGI, March 8).
May 17, 1999
Senate Bills Aim at Royalty Relief
Sen. Frank Murkowski (R-AK), chairman of the Senate Committee onEnergy and Natural Resources, consolidated several recentlegislative measures and a few new ones into two separate pieces oflegislation last week that could have a wide ranging impact on theexploration and production sector.
May 17, 1999
Funds Buying Lifts Futures to Recent Highs
After pushing the futures market lower into the weekend, thebears were at it again early yesterday as they ushered the Maycontract to its lowest level since last Wednesday. But sellingquickly dissipated, leaving the market exposed to unchecked buying.The May contract finished up 4.5 cents at $2.169 after notching a$2.18 high.
April 20, 1999
Survey: Industry Doubts Canadians Can Fill Pipes
It should come as no surprise to anyone following the gasindustry that a recent survey of companies found the gas world tobe of “two minds” when it comes to supply-demand issues.
April 20, 1999
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