Royal

Williams outbid Royal Dutch/Shell Group for Barrett Resources Corp. based on “electricity economics, along with fully integrated economics,” Stuart Wagner, a principal with Petrie Parkman told a GasMart/Power 2001 audience last Thursday. He suggested other merchant operators might also be in the market for gas reserves.

Williams outbid Royal Dutch/Shell Group for Barrett Resources Corp. based on “electricity economics, along with fully integrated economics,” Stuart Wagner, a principal with Petrie Parkman told a GasMart/Power 2001 audience Thursday.

For the fifth quarter in a row, the Royal Dutch/Shell group announced record earnings 23% higher than those of a year earlier. Outgoing Chairman Mark Moody-Stuart said higher gas prices, better refining margins and increased liquefied natural gas volumes all contributed to the growth. Net income also set a record.

For the fifth quarter in a row, the Royal Dutch/Shell group announced record earnings 23% higher than those of a year earlier. Outgoing Chairman Mark Moody-Stuart said higher gas prices, better refining margins and increased liquefied natural gas volumes all contributed to the growth. Net income also set a record.

Tulsa-based Williams Cos. Inc. apparently is considering a bid to buy Barrett Resources Corp., the Denver-based independent producer fighting off a takeover bid by Royal Dutch/Shell Group. Williams filed information regarding its interest Tuesday with the U.S. Securities and Exchange Commission after outside individuals were inadvertently connected to a telephonic conference call of Williams board of directors.

Is that an “I told you so” coming from the Barrett Resources board room? Yesterday, Royal Dutch/Shell raised its bid $5 a share for the Denver-based independent, and is now valuing the gas-rich company at $2.01 billion. Shell launched a hostile takeover bid in March for $55 a share, but Barrett had said the offer was too small (see Daily GPI, March 12).

Is that an “I told you so” coming from the Barrett Resources board room? On Thursday, Royal Dutch/Shell raised its bid $5 a share for the Denver-based independent, valuing the gas-rich company at $2.01 billion. Shell launched a hostile takeover bid in March for $55 a share, but Barrett had said the offer was too small (see NGI, March 12). With the new offer of $60 a share on the table, Barrett said it now will take the offer into consideration.

Barrett Resources wasn’t quite ready to circle the wagons onFriday to fight off a hostile takeover bid by Royal Dutch ShellGroup, but it did give Shell the cold shoulder. Barrett said itwould begin an open bidding process to consider proposals from “anumber of qualified parties, rather than commencing negotiationssolely with Shell under artificial deadlines that only serveShell’s interests.”

Defending its hostile takeover attempt for Denver-based Barrett Resources Corp., Royal Dutch/Shell Group’s CEO Walter van de Vijver sent a letter to Barrett’s board of directors Wednesday calling the $55 a share offer a “full and fair value” for the gas-rich independent. Barrett has rejected Shell’s offer and is now considering strategic alternatives (see NGI, March 12). There had been no response by Barrett at the end of last week.