El Paso Corp. has rescheduled a special meeting to vote on its merger with Kinder Morgan Inc. (KMI) to Friday (March 9) from Tuesday (March 6). The change was made to allow shareholders additional time to consider and and possibly recast their vote following the Delaware Chancery Court opinion rendered in Case No. 6949-CS (see Daily GPI, March 2). Delaware Chancellor Leo Stine said he would not stop El Paso shareholders from voting on the proposed takeover by KMI but he said they likely had cause to file lawsuits because the merger was “tainted by disloyalty” and “disturbing” behavior by El Paso CEO Doug Foshee and Goldman Sachs Group Inc. In addition, since El Paso mailed its definitive proxy statement for the special meeting in late January, the company has agreed to sell the exploration and production business, EP Energy Corp., to affiliates that include Apollo Global Management LLC and Riverstone Holdings LLC, a deal that is tied to the KMI merger (see Daily GPI, Feb. 27). According to proxy solicitor MacKenzie Partners Inc., as of March 2 about 70% of El Paso’s outstanding shares had been voted in connection with the KMI transaction, with more than 98.5% voting in favor of the proposal to adopt the merger agreement. The special meeting is to be held at 9 a.m. CT at the Hyatt Regency Houston, 1200 Louisiana St., Houston.
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Transportation Notes
Tennessee lifted a systemwide Imbalance Warning Saturday. The pipeline also rescheduled a line abandonment project for the 523M-7300 and 523M-7600 lines offshore Louisiana to Wednesday through Oct. 4. The work, which will require suspension of flows at four Vermilion meters, previously was set for last Saturday through Oct. 2.
Laser Abandons Public Utility Plans; Peregrine, Pentex Move On
Laser Northeast Gathering Co. LLC is abandoning its efforts to have a proposed gathering system in northeast Pennsylvania classified as a public utility with the Pennsylvania Public Utility Commission (PUC).
Transportation Notes
Gulf South Pipeline Co. LP said it has rescheduled its unplanned pipeline maintenance on Index 130 (Kosciusko 30″) in Lawrence County, MS. Originally planned to begin on April 14, the work is now set to begin on May 17 and continue for approximately three days. The pipeline does not anticipate any effect on customers.
Transportation Notes
With temperatures in the mid 90s being forecast for Florida Monday, Florida Gas Transmission issued an Overage Alert Day for customers in its market area. The tolerance for negative daily imbalances was set at 20%.
Transportation Note
Texas Eastern Transmission rescheduled the outage of its Main Pass system for Monday because of Claudette. Nominations and production entering the system will be cut to zero. A third-party production platform operator is removing its platform from the system at the upstream end of the 24-inch diameter mainline. The entire system will be removed from service to accommodate the work and required piping modifications. Tetco will be unable to receive production from any meter located upstream of Venice on the Main Pass System for eight to 12 days.
Williams Delays 3Q Report for Planned Asset Sales
Citing negotiations regarding some planned asset sales, Williams rescheduled its third-quarter earnings report for November to coincide with its Nov. 14 deadline to file its 10-Q with the Securities and Exchange Commission.
Transportation Notes
Nominations exceeded capacity at NOVA’s Eastern Gate Tuesday,causing a restriction of about 270 MMcf/d, or 46% of IT capability.
Transportation Notes
Florida Gas Transmission rescheduled maintenance betweenStations 12 and 13 in northern Florida for April 1-2. The project,which will limit market area deliveries to about 1.15-1.25 Bcf/d,will replace 120 feet of 36-inch pipe under Highway 331. Itoriginally had been planned for last Christmas Day but waspostponed due to colder weather in the market area (see Daily GPI,Dec. 23, 1999).
Transportation Note
El Paso has rescheduled maintenance at its Roswell (NM) Station,which was postponed last week (see Daily GPI, Aug. 31), for today and Thursday. It willcut San Juan Crossover capacity by 30 MMcf/d.
