Remains

ARCO and BP Amoco shareholders approved the proposed $27 billioncombination of the two companies last week, but the combinationremains subject to the approval of regulatory authorities,including the US Federal Trade Commission (FTC) and the EuropeanCommission. It’s expected to close later in the year. The all-sharedeal will involve the exchange of 0.82 BP Amoco American DepositoryShares (ADS) for each ARCO share.

The screen may have decided to take a breather Monday afterflexing its muscles so impressively last week, but the heated cashmarket showed no signs of settling down. Western quotes stagedtheir by-now-familiar retaking of ground lost over the weekend, andthis time they actually shared in the general bull market by risingin greater amounts than they had fallen on the previous Friday.Eastern points, on the other hand, continued to build on the upwardtrend they had seen all of last week.

Vastar Resources had a far better year in the field than it didin the commodity marketplace, reporting first-quarter 1999 netincome of $19 million, down from $48 million during the firstquarter of 1998. However, Vastar achieved a 24% increase inproduction and continued exploratory success, and is predictingbetter times ahead.

Vastar Resources had a far better year in the field than it didin the commodity marketplace, reporting first-quarter 1999 netincome of $19 million, down from $48 million during the firstquarter of 1998. However, Vastar achieved a 24% increase inproduction and continued exploratory success, and is predictingbetter times ahead.

While most of the Vector Pipeline project remains dormant,Vector Pipeline L.P. recently announced an open season forshort-term firm transportation service from its proposedinterconnect with Michigan Consolidated Gas at Belle River, MI, tothe Union Gas Ltd. system at Dawn, ON. The company also said itexpects final regulatory approval for the entire Chicago-to-Dawnproject from both the Canadian National Energy Board (NEB) and theU.S. Federal Energy Regulatory Commission (FERC) by early April.

“I’ll be out of a job if they keep this up,” said a Westerntrader Wednesday, referring to the lack of volatility in yetanother in a long string of flat cash market performances. He didmanage to find sort of a silver lining: “I can’t make a good or abad deal in this market.”

The sale of Ozark Gas Transmission to an Enogex affiliate hasbeen completed, but it remains to be seen whether the FERC willbless Enogex with the rates it seeks for an interstate pipelinecomposed of the combination of Ozark and its currentlynon-jurisdictional NOARK Pipeline.