Restructuring

The California Public Utilities Commission’s (CPUC) approach to restructuring natural gas utility operations in recent years drew praise from the nation’s largest gas distributor, Southern California Gas Co. (SoCalGas), Wednesday at the final session of the two-day LDC Forum — Rockies & West conference in Los Angeles. The praise during a panel discussion on gas buying came from both utility and large end-user perspectives.

With its restructuring “virtually done,” Dynegy Inc. will begin to focus on organic growth and “opportunistic expansion” around its primary power generation businesses in the Midwest and New York, CEO Bruce Williamson said at the company’s annual shareholder meeting on Wednesday.

El Paso Corp. CEO Doug Foshee said Tuesday the company is close to completing a massive restructuring program that has whittled away 18 operating divisions, cut its work force by more than 9,000, reduced debt by nearly $5 billion and sold $5.7 billion in assets over the last couple years. He said El Paso’s two remaining divisions, pipelines and exploration and production (E&P), are well positioned for growth, given strong gas demand, high commodity prices and some internal strategic changes.

Duke Energy and ConocoPhillips completed a restructuring of their ownership in Duke Energy Field Services with Duke Energy receiving, directly and indirectly through its ownership interest in DEFS, $1.1 billion in cash and assets from ConocoPhillips and ConocoPhillips receiving a 19.7% stake in the field services company. The transaction creates an equal 50% share in DEFS for both companies.

ExxonMobil Corp.’s Chairman Lee Raymond assured shareholders Wednesday that they should not expect “radical restructuring” at the world’s largest company, only “boringly consistent results” going forward.

ExxonMobil Corp.’s Chairman Lee Raymond assured shareholders Wednesday that they should not expect “radical restructuring” at the world’s largest company, only “boringly consistent results” going forward.

El Paso Corp.’s exploration and production (E&P) business hit bottom in 2004, but with a complete restructuring, improved drilling results, two bolt-on acquisitions — and a third expected to close this month — the “offense is back on the field,” said CEO Doug Foshee on Thursday.

El Paso Corp.’s exploration and production (E&P) business hit bottom in 2004, but with a complete restructuring, improved drilling results, two bolt-on acquisitions — and a third expected to close this month — the “offense is back on the field,” said CEO Doug Foshee on Thursday.

Anadarko Petroleum Corp. on Wednesday unveiled a “refocused” corporate strategy that will raise $2.5 billion by selling 15% of the company’s year-end 2003 proved reserves and 25% of current oil and gas production — nearly all located in North America. The goal is to deliver higher returns and sustainable 5-9% annual production growth.