A judge in Tarrant County, TX, has dismissed four lawsuits against XTO Energy in which plaintiffs alleged that XTO, now a unit of ExxonMobil Corp., shortchanged them in lease payments.
Relating
Articles from Relating
Texas Senate Passes Barnett Shale-Related Legislation
The Texas Senate passed two bills relating to natural gas production in the Barnett Shale on Tuesday. Both were sponsored by Sen. Wendy Davis (D-Fort Worth).
CBOT Board Gives Go-Ahead to ICE Talks
IntercontinentalExchange Inc. (ICE) said Monday the board of directors of CBOT Holdings Inc. has given the go-ahead to talks with ICE relating to its proposed acquisition of the Chicago Board of Trade parent company.
Industry Briefs
In response to the Energy Policy Act of 2005, the Bureau of Land Management (BLM) has published changes to oil and gas regulations relating to lease acreage limits and lease reinstatements. A new set of regulations expands the types of lease holdings that are exempt from acreage limits and extends the time for companies to file a lease reinstatement from 15 months to 24 months. The reinstatement provision applies to leases terminated after Aug. 8, 2005. The Mineral Leasing Act of 1920 limits the amount of acreage a federal oil and gas lessee may hold in any one state to 246,080 acres and exempts certain types of acreage holdings from the leasing acreage limit. Section 352 of the Energy Policy Act expands the list of exempted acreage to include producing leases and leases committed to communitization agreements, in which oil and gas operators jointly administer multiple leases for operational and production purposes as if they were one. This section of the new energy law also exempts from acreage limits those leases for which royalty was paid in the preceding calendar year.
NorthWestern Reports ’05 Earnings Increase; Merger Due Diligence Ongoing
South Dakota-based NorthWestern Corp. saw consolidated net income rise $55.2 million for 2005 when special items relating to its Chapter 11 filing are excluded. Gross margin growth at all four operating segments and decreased interest expense were credited.
Nymex Extends Force Majeure to October 2005 Natural Gas Contract
The New York Mercantile Exchange Inc. (Nymex) said Tuesday that its prior declaration of force majeure relating to all remaining delivery obligations in the September 2005 Nymex Division natural gas futures contract will continue to remain in effect. In addition, the exchange has determined to declare force majeure for the October 2005 natural gas contract, which expires Wednesday.
KeySpan Offers Remaining Shares of Houston Exploration for Sale
A KeySpan Corp. affiliate announced Friday it is offering all of its remaining 6,580,392 shares of common stock of the Houston Exploration Co., equating to a 24% interest, in a public offering, completing KeySpan’s plan announced more than a year ago to sell out of the E&P company it founded in the 1980s and focus on regulated assets in the East.
KeySpan Offers Remaining Shares of Houston Exploration for Sale
A KeySpan Corp. affiliate announced Friday it is offering all of its remaining 6,580,392 shares of common stock of the Houston Exploration Co., equating to a 24% interest, in a public offering, completing KeySpan’s plan announced more than a year ago to sell out of the E&P company it founded in the 1980s and focus on regulated assets in the East.
People
Dynegy Inc. has named Layne J. Albert as vice president – tax. In this capacity, Albert will be responsible for all tax matters relating to the company and its business segments. He will report to CFO Nick Caruso. Albert, 38, has more than 12 years of tax and tax-related experience and most recently was vice president of taxes with Encompass Services Corp., where he was employed for the past five years. Albert also has worked for Tenneco Inc., Ernst & Young LLP and Chamberlain, Hrdlicka, White, Williams and Martin, a Houston-based law firm. Albert earned a bachelor’s degree in Business Administration – Accounting from the University of Texas at Austin, a doctorate of jurisprudence from South Texas College of Law and a master’s degree in Laws in Taxation from the University of Houston.
Reliant Adds Nevada Power Plant, MW Purchase
Reliant Energy Power Generation Inc. said it is buying the 150MW Sunrise Power Plant in Las Vegas and a 222 MW power purchaseagreement relating to three adjacent gas turbine generation unitsknown as Sun-Peak from Sierra Pacific Resources for $33 million.The deal, which is subject to regulatory approvals, gives Reliantabout 372 MW of generation capacity. In addition, Reliant andSierra Pacific subsidiary Nevada Power entered into a short- termpower supply agreement.