Rumored

If El Paso were to sell ANR Pipeline, as has been rumored since early October, it probably would fetch about $2.7 billion in after-tax proceeds, said CreditSuisse analyst Carl Kirst. El Paso hasn’t commented on the rumors, but Kirst said the demise of the Continental Connector project, which would have fed gas into ANR, competition and low growth prospects in ANR’s upper Midwest market area make such a deal “conceivable.”

If El Paso were to sell ANR Pipeline, as has been rumored since early October, it probably would fetch about $2.7 billion in after-tax proceeds, said CreditSuisse analyst Carl Kirst. El Paso hasn’t commented on the rumors, but Kirst said the demise of the Continental Connector project, which would have fed gas into ANR, competition and low growth prospects in ANR’s upper Midwest market area make such a deal “conceivable.”

Interest in Unocal Corp. appears to be growing, with yet another oil major rumored to be in the hunt, sources told the Wall Street Journal. The newspaper reported last week that Eni SpA, headquartered in Rome, Italy, is “taking a hard look” at bidding for the El Segundo, CA-based producer.

Interest in Unocal Corp. appears to be growing, with yet another oil major rumored to be interested in a possible bid, sources told the Wall Street Journal. The newspaper reported that Eni SpA, headquartered in Rome, Italy, is “taking a hard look” at bidding for the El Segundo, CA-based producer.

Rumors of a possible Securities and Exchange Commission (SEC) inquiry, credit ratings downgrades and dire analyst forecasts pummeled El Paso Corp.’s share price last week, after the Houston-based company revised its proved oil and gas reserves downward by 41%. After beginning the week at $8.81, El Paso shares were hovering just above $7 a share on Friday.

Within days of a Democratic senator releasing her hold on a Republican FERC nominee, the Senate on Friday voted to confirm two new commissioners to the Federal Energy Regulatory Commission. In addition, there were unconfirmed reports the White House may re-nominate sitting Commissioner William Massey to another five-year term. If so, it would be the first time since the summer of 2001 that all five seats on the Commission were filled.

Dynegy Inc. is close to selling the largest natural gas storage asset in Europe, its undersea storage facility Rough, which is located off the northeastern coast of Great Britain, according to Reuters sources. Dynegy, then set to blaze a trail through Europe, paid more than $600 million for Rough and a large package of storage and pipeline assets from UK-based BG Group plc last year (see Daily GPI, Nov. 29, 2001).

New York-based J.P. Morgan Chase & Co., one of Enron Corp.’s biggest creditors and rumored to be in the running to make a bid for the company, on Tuesday sued its former business partner for more than $2.1 billion. The lawsuit was filed in the U.S. Bankruptcy Court in New York on behalf of itself and related parties, claiming it has rights to some of Enron’s assets, including accounts receivable, commercial paper, cash and other property not protected in the Chapter 11 reorganization.

The White House publicly confirmed yesterday what has been rumored for months — that Commissioner Pat Wood III will be the next chairman of the Federal Energy Regulatory Commission.